ASTANA – Kazakhstan is taking new steps in sustainable finance, with regional institutions beginning to explore social and green bonds as tools for development. The Aktobe Social-Entrepreneurship Corporation (SEC) debuted on Sept. 4 its first social bond on the Astana International Exchange (AIX) with proceeds directed toward projects that create jobs and strengthen food security in the region.
Photo credit: AIFC press service
The issuance was independently reviewed by the AIFC Green Finance Centre (GFC), the region’s leading sustainable finance hub, which confirmed compliance with the International Capital Market Association’s (ICMA) Social Bond Principles.
The issuance marks the first social bond – and the first ESG-themed bond – to be issued by a socio-entrepreneurial corporation in Kazakhstan. It highlights Aktobe corporation’s commitment to green development, the integration of ESG principles into its operations, and the use of market-based instruments to finance impactful projects.
Manas Gizhduaniyev. Photo credit: AIFC press service
“We are currently discussing potential green and social bond issuances with other social-entrepreneurial corporations of our country to replicate this model across multiple regions of Kazakhstan, adapting it to local priorities such as rural healthcare, clean water access, education infrastructure, and SME support. The goal is to create a national pipeline of green and social projects to attract both domestic and foreign impact investors,” AIFC Green Finance Centre CEO Manas Gizhduaniyev said in an interview for this story.
Kazakhstan is positioning itself as a regional hub for resilient finance, seeking to integrate ESG practices across diverse sectors of the economy. And it should be noted, the demand for sustainable projects remains strong, and Kazakhstan can use this moment to attract attention with new regional initiatives.
“It must be admitted that global labelled bond issuance during the first half of this year has fallen by more than $100 billion compared to 2024. During the first half of 2025, some $449.7 billion in labelled bonds was issued, compared with $574.1 billion for the same period in 2024, with a drop off in issuance across the board. This is the result of many factors, including the geopolitical landscape, the U.S. withdrawal from the Paris agreement, high interest rates and other factors,” Gizhduaniyev said.
However, at the same time, the Green Finance Centre continues to receive requests from international investors for purchasing labelled bonds in local and regional markets.
“Moreover, Kazakhstan has committed to reducing its environmental impact and achieving carbon neutrality by 2060. Such changes, including the industrial, energy and utilities sectors, require significant investment, which can be found in the green finance sector. Therefore, we continue to work on their development in Kazakhstan as this market has significant prospects,” he said.
