Eurasian Development Bank approves green and social debt instruments framework.
The Eurasian Development Bank (EDB) has approved its new Green and Social Debt Instruments Framework, designed to ensure the implementation of sustainable development projects.
The new framework commits the EDB to implementing best sustainable development practices, setting out the objectives and remit for green and social bond issues, as well as the objectives and scope for raising finance through other forms of borrowing in capital markets, including bilateral and syndicated loans, repos, and derivative instruments.
The EDB is paying strong attention to green projects and in particular renewable energy projects, which must meet ESG criteria and requirements.
In developing its green and social project portfolio, it is guided by the intended impact of sustainable environmental and social development and defines such projects in accordance with the International Capital Market Association’s (ICMA) principles, as well as other international and national standards and taxonomies.
To facilitate more sustainable development, the EDB has set up an internal ESG platform in line with global best practices in sustainability, encompassing new policies and procedures that meet all the requirements for responsible finance and sustainable development.
Daniyar Imangaliyev, vice chairman of the EDB management board set out why this is important for the future, saying: “The Bank intends to develop ESG funding and has already planned a number of new debt issues, including green, social and adaptation ones with listings in domestic and international capital markets and expects significant investor demand.”