Today Bank of Asia CJSC carried out the second issue of social bonds for 100 million KGS and held an official ceremony of signing an agreement on purchase and sale of target “social bonds” between State Development Bank of the Kyrgyz Republic OJSC and Bank of Asia CJSC.
The agreement between the Bank of Asia and the State Development Bank is an important part of the Cooperation Agreement within the framework of the Program of the State Development Bank of the Kyrgyz Republic “Targeted financing through the Kyrgyz Stock Exchange”. According to the agreements, the State Development Bank of the Kyrgyz Republic OJSC purchased 80% of the total issue of 100,000,000 (one hundred million) KGS. Insurance Company Jubilee Kyrgyzstan and Insurance Company “Kyrgyzstan” CJSC purchased social bonds for 1,000,000 KGS each.
Recall, in November 2022, Bank of Asia became the first bank-issuer of gender bonds in Kyrgyzstan. The purpose of the second issue of social bonds is to support small medium-sized businesses, women entrepreneurs and improve the welfare of entrepreneurs.
Chairperson of the Board of Bank of Asia CJSC Atakishieva Zemfira:
“We at Bank of Asia are proud that our social bonds have become an important tool to support socially important projects in Kyrgyzstan. Our partnership with the State Development Bank of the Kyrgyz Republic confirms our commitment to sustainable development and improving the quality of life of our citizens. We actively support the principles of ESG (Environmental, Social and Corporate Governance) and are confident that supporting these principles will be the foundation for a successful future”.
Meder Temirbekov, Chairperson of the Board of the State Development Bank OJSC:
“The State Development Bank has expressed its intention to stimulate the development of the securities market by providing financial organizations with access to low-cost resources to further provide loans to end borrowers at below-market interest rates. The State Development Bank of the Kyrgyz Republic is confident that investing in social bonds of Bank of Asia CJSC not only contributes to the achievement of our strategic goals, but is also an important contribution to the welfare of our citizens and sustainable development of the country. We look forward to further cooperation and are confident in the successful future of our joint projects”.
President of Kyrgyz Stock Exchange CJSC Medet Nazaraliev:
“KSE welcomes the Bank of Asia 2 social bond issue, which demonstrates best practice in raising sustainable capital, and the State Development Bank of the Kyrgyz Republic as a strategic institutional investor of the issue. Such joint projects contribute to a significant increase in the potential of capital market development and attraction of financing in socially important areas, as a consequence, contribute to the development of the system of sustainable financing in the Kyrgyz Republic”.