The Government of Tajikistan advances the issuance of the First Quasi-Sovereign Thematic Bond

The event launched the Interdepartmental Working Group (IWF) established under the leadership of the Ministry of Finance to guide the development of Tajikistan's first labelled thematic bond, and brought together senior government officials, development partners and technical experts.

The main objective of the meeting was to introduce the new working group and brief participants on the thematic bond development process and the path ahead, building on Tajikistan's updated Nationally Determined Contributions and its National Development Strategy to 2030, both of which call for substantial investment in climate and sustainable development priorities. 

Opening the meeting, H.E. Mr. Nematullo Hikmatullozoda, Assistant to the President of the Republic of Tajikistan on Economic Issues, stated: "Achieving sustainable economic growth and fulfilling our international climate commitments require innovative financial instruments and effective interagency coordination. The issuance of Tajikistan's first thematic bond will demonstrate our commitment to international sustainable finance standards, strengthen investor confidence, and contribute to achieving our long-term national development objectives."

H.E. Mr. Faiziddin Qahhorzoda, Minister of Finance of the Republic of Tajikistan, noted: "The Ministry of Finance considers the development of sustainable finance to be one of the key strategic priorities for modernizing the country's financial system. We are committed to establishing a transparent, internationally aligned framework for thematic bond issuance that reflects the best global practices and supports the country's national development priorities."

Ms. Parvathy Ramaswami, United Nations Resident Coordinator, noted that Tajikistan is championing vital reforms to strengthen its financial sector, increase transparency, launch and utilize diverse investment instruments needed for long-term inclusive economic growth, social inclusion, and sustainable development.

Mr. Srinath Komarina, Program Manager, Sustainable Finance Instruments at the Global Green Growth Institute, and Mr. Kavitha Ariyabandu, Sustainable Finance Officer Asia at the Global Green Growth Institute thanked the Government of Tajikistan, Ministry of Finance, UN Resident Coordinator Office and all partners for support and active engagement in advancing sustainable finance in Tajikistan. They highlighted on the GGGI's partnership with the Government of Tajikistan towards the issuance of thematic bonds, which  is delivered through GGGI's Global Trust Fund on Sustainable Finance Instruments (GTF), funded by the Government of Luxembourg. 

Mr. Komarina mentioned that the GGGI has supported governments and corporates across emerging markets mobilize capital through innovative sustainable finance solutions. Tajikistan's efforts to develop its first thematic bond represent a significant milestone in the country's capital market evolution and sustainable development journey. We look forward to working closely with the Government of Tajikistan to apply global best practices, attract investor confidence, and channel finance toward the country's climate, resilience, and development priorities.

Participants discussed how labelled thematic bonds can help mobilize domestic and international capital markets to help close this financing gap and diversify the country's sources of financing. The session concluded with an open discussion on national sustainable finance priorities and the next steps identified to commence the technical activities in preparation for the first quasi-sovereign labeled bond issuance of the Republic of Tajikistan.