KICB successfully issued and placed KGS 1.3 Billion Sustainability Bonds with IFC
Kyrgyz Investment and Credit Bank (KICB) successfully placed Sustainability Bonds in the amount of 1.3 billion soms. All bonds were fully subscribed by the International Finance Corporation (IFC), a member of the World Bank Group.
This bond issuance is an important step in the implementation of KICB's ESG policy, aimed at integrating the best international practices in the field of environmental, social and corporate governance.
The proceeds from the placement of Sustainability Bonds will be used to provide long-term financing in national currency for sustainable environmental and social projects, as well as support for small businesses, entrepreneurs and socially vulnerable groups, including women.
The international rating agency Standard & Poor's confirmed that the concept of sustainable financing framework developed by KICB aligns with international standards and the Principles of Green and Social Bonds of the International Capital Market Association (ICMA). ICMA is a leading organization developing recommendations for the transparent and responsible issuance of green and social bonds.
For over 20 years, KICB and IFC have successfully collaborated on financing initiatives supporting business financing, microfinance for low-income households, women entrepreneurs, which has a positive impact on the economic sustainability of the country. This agreement further strengthens the long-standing partnership between KICB and IFC and enhances access to finance for vulnerable groups and small business.
It is worth noting that KICB is the first bank in Kyrgyzstan to successfully issue its own bonds back in 2013, and continues to develop the local securities market with a strong focus on sustainability principles.
About KICB
Kyrgyz Investment and Credit Bank (KICB) is one of the leading commercial banks in the Kyrgyz Republic, with a strong focus on innovation, responsible finance and sustainable development. Established in 2001, KICB included into top largest banks of Kyrgyzstan. The authorized capital of the Bank is USD 23 million. The shareholders of the bank are the Kyrgyz Republic, Aga Khan Fund for Economic Development (AKFED) and Habib Bank Limited (HBL).
About IFC
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. IFC supports private sector growth to improve lives and reduce poverty through sustainable investment and advisory services.