Doscredobank. Kyrgyzstan’s future is in green economy development

Doscredobank became the first bank in Kyrgyzstan to implement the project of the Green Climate Fund (GCF) – the world’s largest climate fund established to respond to the global challenge of climate change. The presentation of the unique project for the country took place in Bishkek.

Doscredobank, as a modern financial institution, has decided to contribute to the fight against climate change, to improve the environmental situation in the country by initiating various environmental projects and civil initiatives.

“The Green Climate Fund supported the application of Doscredobank and provided technical assistance on the implementation of international standards of sustainable development in the operational processes of the bank”, - noted Cholpon Eshberdieva, Chairwoman of the Management Board of Doscredobank.

Professor David Annandale, Senior Partner at DDA International Consulting Ltd., working under contract with Agrer SA, became the project consultant.

The representatives of the Ministry of natural resources, ecology and technical supervision, the National bank, the Ministry of finance, the Ministry of economy and commerce, commercial banks and microfinance organizations, partner international organizations, UNDP, AmCham, AIFC Green Finance Center and others attended the meeting.

Professor David Annandale told about the requirements that commercial and financial companies must comply with in order to be accredited by the Green Climate Fund.

First of all, this is compliance with environmental and social standards, the foundations and requirements of gender policy.

“It is important to remember that the organization does not support projects or programs that unnecessarily harm the environment, vulnerable communities, or women, or programs that lead to poverty, social inequality, or gender discrimination”, said Professor David Annandale.

• The technical assistance project for Doscredobank was launched as part of the Doscredobank DCB Green Banking Program, aimed at the introduction and launch of environmentally friendly technologies in all regions of Kyrgyzstan.

“Participation in the Green Climate Fund project will allow us in the future to have direct access to the fund resources. This will give us more opportunities to finance green projects such as sewage treatment plants, renewable energy sources, ecotourism, clean agriculture, electric vehicles, energy saving projects, green mortgage”, said Chairman of the Board of Directors of Doscredobank Bakyt Nariman uulu at the presentation.

The Green Climate Fund was set up in 2010 at the 16th Conferences of Parties to the United Nations Framework Convention on Climate Change with the participation of the governments of 194 countries. Its main objective was to help reduce greenhouse gas emissions in developing countries, combat the negative effects of migration, and adapt vulnerable communities to the inevitable effects of climate change.