JSC Development Bank of Kazakhstan (a subsidiary of Baiterek Holding, hereinafter – DBK or “the Bank”) has become the first institution in the country to be accredited by the Green Climate Fund (GCF) as a National Direct Access Entity.
The Green Climate Fund is the world’s largest international climate finance organisation established to support developing countries in achieving their nationally determined contributions (NDCs) under the transition to a low-carbon economy.
The Ministry of Ecology and Natural Resources of the Republic of Kazakhstan nominated the Bank for GCF accreditation in January 2024. The Bank subsequently carried out extensive work to meet the GCF’s rigorous standards and to create the necessary conditions for attracting concessional financing for low-carbon development projects.
“The Development Bank of Kazakhstan has become the first national direct access institution to the GCF. This is an important milestone for our country, as it will enable the implementation of large-scale environmental and climate initiatives directly with the GCF. Accreditation opens up new opportunities for mobilising investments in sustainable projects aimed at reducing greenhouse gas emissions, enhancing energy efficiency, developing renewable energy sources and adapting to climate change,” said Yerlan Nyssanbayev, Minister of Ecology and Natural Resources of the Republic of Kazakhstan.
The GCF accreditation represents recognition of the Bank’s compliance with international standards of sustainable finance and environmental and social risk management. This status grants Kazakhstan direct access to GCF resources through its national financial institution, creating new opportunities to scale up investment in sustainable projects.
“We are pleased to welcome the Development Bank of Kazakhstan as an Accredited Entity of the Green Climate Fund. The accreditation of Kazakhstan’s first Direct Access Entity (DAE) opens new opportunities to partner for impact and increase access to climate finance. This new partnership also strengthens GCF's commitment to working with national development banks as part of the Fund’s overall goal to strengthen country ownership of climate action,” Achala Abeysinghe, the Director of Investment Services at Green Climate Fund
The accreditation will enable the Bank to design and implement GCF-financed programmes in Kazakhstan’s priority sectors such as renewable energy and infrastructure, focused on climate mitigation and adaptation. The use of blended finance instruments will help attract private capital and scale up investments in sustainable projects.
“Accreditation by the GCF is a strategic step for Kazakhstan in mobilising concessional climate finance. It will facilitate the implementation of sustainable projects, mitigate risks for private investors, and accelerate the development of initiatives in renewable energy, industrial decarbonisation and sustainable infrastructure. We look forward to fruitful cooperation with the GCF in achieving our national priorities,” emphasised Marat Yelibayev, Chairman of the Management Board of DBK.
At the next stage, the Development Bank of Kazakhstan, together with the National Designated Authority and sectoral partners, will proceed to form its first portfolio of projects for submission to the GCF Board. Special attention will be given to projects with high climate significance, strong environmental and social impact, and transparent mechanisms for monitoring and reporting.
