Uzbekistan Industrial and Construction Bank (SQB) and the Global Green Growth Institute (GGGI) signed a Memorandum of Understanding on cooperation in green investments.

In accordance with this, GGGI expands the Bank’s financial capacity and contributes to creating an agricultural financing mechanism for 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 their consequences”, said Farrukh Abdurakhmonov, Deputy Chairman of the SQB Board. “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 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, and an agreement was reached on improving the concept of sustainable financing and supporting the issue of green bonds planned for 2024-2025.

During the negotiations, it was noted that this memorandum would be an essential factor for the Bank in applying the Paris Agreement.

UzA