Uzpromstroybank and the Global Green Growth Institute: new memorandum of understanding on green investments

A memorandum of understanding on cooperation in the field of green investments was signed between Uzpromstroybank and the Global Green Growth Institute (GGGI).

In accordance with it, GGGI expands the financial capacity of the Bank and contributes to the creation of an agricultural financing mechanism in the Republic of Karakalpakstan.

Funds raised by the international institute will be used to finance projects of farms in the region, small and medium-sized businesses in the agro-industrial sector.

- “The purpose of the memorandum is important in that it is aimed at reducing the threats associated with global climate change and its consequences,” said Farrukh Abdurakhmonov, Deputy Chairman of the Board of Uzpromstroybank JSCB. – This is inextricably linked with the “green” policy promoted by our Bank and the activities of GGGI. The funds developed in cooperation with the organization will serve to improve environmental conditions and, at the same time, the lifestyle of the population of Karakalpakstan, in particular, increase the volume of cultivation and processing of agricultural products, and create new jobs.

In addition, based on the document, general areas of cooperation were identified, an agreement was reached on improving the concept of sustainable financing, as well as supporting the issue of “green” bonds planned for 2024–2025.

During the negotiations, it was noted that this memorandum will serve as an important factor for the Bank also in the scope of application of the Paris Climate Agreement. For reference. The Global Green Growth Institute (GGGI) is an international intergovernmental organization established as part of the United Nations Conference on Sustainable Development, held on June 20, 2012 in Rio de Janeiro (Brazil). The head office is located in Seoul (South Korea).

The goal of the organization is to promote sustainable economic growth through the development of a “green” economy in countries developing under conditions of climate change and choosing a market economy. GGGI also supports member states on social stability and inclusion.

The Bank's Information Service