Mid-November saw the debut of gender bonds in Kyrgyzstan, the UN informed via press release. The project was the product of collaboration between UN Women Kyrgyzstan, the Bank of Asia, the Institute for Economic Policy Research of the Kyrgyz Republic, the Green Finance Centre of the Astana International Financial Centre (AIFC GFC), the Kyrgyz Stock Exchange, and the financial firm “Senti.”
Gender bonds are low-interest loans created specifically to help women-owned companies expand. The Bank of Asia was the country’s first bank to issue gender-specific bonds. In addition to advancing gender equality, women’s rights, and economic empowerment, gender bonds seek to enhance the welfare and standard of living of women.
The National Program to Support and Develop Women’s Entrepreneurship in the Kyrgyz Republic for 2022–2026 and the National Gender Strategy on Achieving Gender Equality by 2030 both benefit from the gender connections, according to UN Women Country Representative Ulziisuren Jamsran in Kyrgyzstan.
“This initiative will give special attention to women entrepreneurs from suburban and rural areas and different regions of Kyrgyzstan who can bring huge dividends to the community, as women’s economic empowerment and sustainable economic growth are mutually reinforcing processes,” Jamsran underscored.
In a public auction, 82,000 gender bonds for 1,000 KGS each were offered. Their entire bond value is 82,000,000 KGS, and their three-year circulation duration. Within the first hour of trading, 25% of the gender bonds (20,500,000 KGS) were bought, mostly by the business sector.
The Bank of Asia shareholder Lee Jong Beck, the Accumulative Pension Fund of Kyrgyzstan, Jumabek Salymbekov, CEO of World Class Bishkek Nadira Kasymova, insurance provider Jubilee Kyrgyzstan, and the association “Dordoi” were among the first purchasers.
