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VALUABLE EXPERIENCE OF COOPERATION

Representative of Bailyk Finance visited Mongolia to study their experience in establishing a “Green” Finance Corporation

Mubara Jamalova, Operations Director of Bailyk Finance Company, as part of a country delegation, visited Mongolia in June to study their experience in creating a Green Financial Corporation. The delegation included all interested parties: representatives of state organizations – the Ministry of Finance of the Kyrgyz Republic, the Ministry of Economy and Commerce of the Kyrgyz Republic, the Presidential Administration of the Kyrgyz Republic, the Union of Banks (UBK), as well as representatives of 3 commercial banks and 2 microcredit companies of the country. It should be noted that the study tour was initiated by the Ministry of Economy and Commerce of the Kyrgyz Republic and the Union of Banks of Kyrgyzstan with the support of the initiative of five UN agencies PAGE (Partnership for Action on Green Economy).

The need to create an analogue of the Mongolian “Green” Financial Corporation in Kyrgyzstan is dictated by the possibility of obtaining cheap and long-term resources from the Green Climate Fund in order to increase energy efficiency, reduce dependence on traditional energy sources and reduce greenhouse gas emissions in Kyrgyzstan. In this regard, in order to increase “green” investments, an effective transition to sustainable banking and financial practices, a working group will be created that will develop a national sustainable financing system taking into account ESG aspects.

“Bailyk Finance is one of the few microfinance companies in Kyrgyzstan that has been implementing green finance development initiatives over the past 7 years. The main areas of financing are projects to improve the energy efficiency of our clients’ homes and renewable energy sources. As a result, more than 24,000 families have improved their living conditions by making their housing more sustainable and energy efficient, which has reduced heating costs, and as a result, reduced carbon dioxide emissions into the atmosphere by 150,000 tons. Participation in this trip was very informative and productive. Our Company has received a large amount of information that will be used in further work.” – Mubara Jamalova noted following the results of the trip.

It should be noted that Bailyk Finance MCC is one of the first companies in Kyrgyzstan to develop the Sustainable Finance Strategy until 2025 (ESG Strategy), which demonstrates its commitment to environmental, social and corporate governance criteria.