United Nations and the Government of Tajikistan initiate discussions on development of Capital Market and Green Bonds in Tajikistan

The event was opened by Ms. Nigina Abdurakhmonzoda - Director of the Agency for Securities Market Development and Special registration of the Ministry of Finance, who highlighted the main priorities in the development of capital market in Tajikistan. Mr Hamza Malik, Director of the Macroeconomic Policy and Financing for Development Division, ESCAP; Ms Parvathy Ramaswami, UN Resident Coordinator in Tajikistan and Mr Sattorzoda Jamshed, Deputy Head of the Department of Public Debt and Investment Attraction of the Ministry of Finance of the Republic of Tajikistan delivered welcoming remarks.

Over 30 stakeholders from the public and private sectors attended the meeting, including representatives from the Ministry of Finance of the Republic of Tajikistan, the National Bank of Tajikistan, financial institutions, businesses, and development partners.

Parties reviewed the necessary steps that regulators, issuers, investors, and policymakers must take to build a green bond market in Tajikistan, leveraging ESCAP’s regional experience and technical assistance it has provided to countries in Asia-Pacific in the issuance of green bonds. The participants also discussed developing a regulatory framework aligned with international best practices. They underlined the importance of strengthening the domestic capital market in Tajikistan and scaling up financing for development. 

It was noted that Tajikistan’s financing needs to address climate change, including meeting its nationally determined contributions (NDCs) are significant. Thematic bonds, such as green bonds, can help developing countries to mobilize investments for green and sustainability initiatives.

Mr Majidi Yusuf Khairullo, Deputy Minister of Finance of the Republic of Tajikistan, in his closing remarks, thanked ESCAP and UN Resident Coordinator’s Office for organizing this meeting and expressed his hope for continued collaboration with the UN system to build a vibrant capital market in Tajikistan. 

Over the course of this year, the Agency for Securities Market Development of the Ministry of Finance will collaborate with ESCAP to further develop green bonds and capital markets in line with green and sustainable finance principles. A key area of this collaboration will be identifying opportunities and overcoming barriers for Tajikistan to issue green bonds through technical assistance and capacity-building of national stakeholders.