Industrial Development Fund JSC (part of the Baiterek NMH JSC group) has successfully completed its debut issue of social bonds with a maturity of 3 years on the AIX exchange.
The funds raised as part of the issue will be used to purchase ambulances for further provision to the akimats of Akmola and Kyzylorda regions, in order to improve social infrastructure and the quality of medical care in the region.
The process of issuing social bonds was imolemented in strict accordance with the principles of social bonds established by the International Capital Markets Association (ICMA). An external assessment in the format of "Second Party Opinions" was provided by the AIFC Green Finance Centre, confirming the compliance of this placement with high standards of sustainable financing.
"Our debut listing on the AIX exchange confirms the Fund's commitment to the development of socially responsible investments. The funds raised during this issue will be used to improve the medical infrastructure in Akmola and Kyzylorda regions, which in turn will improve the quality of life of citizens," said Ibrasheva Zhanar Shatyrkhanovna, Deputy Chairman of the Board of Industrial Development Fund JSC.
According to the external assessment provided, the Industrial Development Fund demonstrates an excellent level of management, distribution of attracted funds, selection of projects, quality of management of attracted funds, reporting and disclosure of information on ongoing projects of social importance.
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The AIFC Green Finance Centre, being the only organization accredited by international methodological centres in Central Asia for the verification of sustainable financial instruments, actively contributes to the development of the sustainable finance market in the region. Currently, the GFC works closely with issuers to issue sustainable bonds on the following stock exchanges: AIFC Exchange (Kazakhstan), Kazakhstan Stock Exchange (Kazakhstan), Tashkent Stock Exchange (Uzbekistan), Central Asian Stock Exchange (Tajikistan), Baku Stock Exchange (Azerbaijan) and Kyrgyz Stock Exchange (Kyrgyz Republic).
Industrial Development Fund JSC is a subsidiary of Development Bank of Kazakhstan JSC and is part of the structure of Baiterek National Management Holding JSC, with a credit rating of Ba1 (Moody's). The Fund's activities are aimed at supporting domestic enterprises and the development of the manufacturing industry by financing projects with a high socio-economic effect.
