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Damu Fund lists first green bonds on AIX

11 August 2020 13:55

NUR-SULTAN. KAZINFORM - The Astana International Exchange has announced that the Entrepreneurship Development Fund Damu in cooperation with the United Nations Development Programme (UNDP) aimed at reducing the risks of investments in renewable energy sources has registered and issued green finance bonds on AIX in the amount of KZT200mln with a maturity of 36 months, Kazinform cites the Exchange’s press service.

The coupon rate is 11.75%. This placement is the first listing of securities that comply with the green principles in AIX’s Green Bond Rules and the first listing of green bonds in Kazakhstan. AIFC Green Finance Center has provided full support of the project and an external review in the form of Second Party Opinion which is based on the assessment of the alignment of Issuer’s Green Bond Framework with the AIX Green Bonds Rules and ICMA (International Capital Market Association) Green Bond Principles.

The offering proceeds will be placed with second-tier banks and microfinance organizations for further financing of small-scale RES investment projects undertaken by small and medium businesses within the Damu Fund’s green financing framework. Interest payable by the approved borrowers to Damu Fund under the programme will be partially subsidized by the UNDP. UNDP will also provide technical support to Damu Fund in evaluation and selection of eligible RES investment projects. BCC Invest JSC acts as a lead manager of the green bond offering by Damu Fund on the AIX.

«We are delighted to welcome our first green bond issuer. We hope that the listing of securities of Dam Fund in compliance with AIX’s Green Bond Rules will serve as an example for other organizations that need to raise funds to develop a green economy,» said CEO of AIX, Tim Bennett.

In her turn, CEO of Damu Fund, Gaukhar Buribayeva said that the listing of green bonds on the AIX is an important step of Damu Fund in the implementation of the strategy of «green» financing and support for micro, small and medium-sized businesses.

«We hope that this issuance will serve as an incentive for the development and financing of RES and energy efficiency projects. If there is demand for green financing the Damu Fund will be happy to consider the possibility of additional issuance of green bonds to invest in such projects,» she added.

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