April 4, 2024 – The Sustainable Banking and Finance Network (SBFN) is pleased to announce the official commencement of its collaboration with the National Bank of Tajikistan (NBT). In a working session held on April 2, the Chairman of the National Bank of Tajikistan, Tolibzoda Firdavs, engaged in discussions with representatives of SBFN and the International Finance Corporation (IFC) regarding the goals and expectations of NBT’s membership in SBFN.
During the meeting, the parties expressed their confidence that this strategic partnership reaffirms NBT’s commitment to support the integration of environmental, social, and governance (ESG) considerations into financial sector operations in Tajikistan.
With a membership comprising 90 financial regulators and banking associations from 69 countries across emerging markets and developing economies (EMDEs), SBFN serves as a critical platform for knowledge exchange and capacity building in sustainable finance. It provides access to collective knowledge, experience and thought leadership in designing and implementing national sustainable finance initiatives. SBFN members are committed to moving their financial sectors towards sustainability, with the twin goals of (1) Improving the management of ESG risks – including climate risks – across the financial sector, and (2) Increasing capital flows to activities with positive environmental and social impacts, including climate change mitigation and adaptation.
As part of IFC’s Integrated Environmental, Social, and Corporate Governance (ESG) Advisory Program in Europe and Central Asia, supported by the Swiss Government, IFC is committed to promoting ESG and sustainable finance best practices.
Mr. Farrukh Sultonov, IFC Country Officer for Tajikistan, emphasized the significance of this milestone: “By becoming a part of SBFN, a global platform for financial sector regulators, the National Bank of Tajikistan gains access to a wealth of resources and expertise, and opens a gateway to initiatives that advance sustainable finance at national, regional and global levels.”
The National Bank of Tajikistan is the central bank of the Republic of Tajikistan and serves as the primary regulatory authority for monetary policy and financial oversight in country, playing a crucial role in steering the country’s financial sector towards sustainability. Actively engaged in implementing the Strategy for the Development of the Green Economy 2023-2037, NBT aligns its efforts with the objectives of the Paris Agreement, contributing to meeting the country’s decarbonization goals and demonstrating a firm commitment to addressing climate change and fostering resilient and inclusive economic growth.
Mr. Tolibzoda Firdavs Nazrimada, Chairman of NBT noted: “In support of its strategic priorities, NBT is collaborating with relevant ministries and agencies in the country, with international financial institutions and development partners to promote the sustainable development and green finance in the financial market of the Republic of Tajikistan”.
“Through our collective efforts, we strive to positively impact the financial sector landscape, assisting NBT in accelerating sustainable and green financing, and improving the financial sector’s ESG practices”, said Rong Zhang, SBFN Global Coordinator.
The National Bank of Tajikistan joined SBFN in December 2023 and its membership represents a significant milestone in the country’s journey towards building a more resilient and sustainable financial sector.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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About SBFN
Established in 2012, the Sustainable Banking and Finance Network (SBFN) is a voluntary community of financial sector regulators, central banks, ministries of finance, ministries of environment, and industry associations from emerging markets committed to advancing sustainable finance. The first global network of its kind focused on sustainable finance at market level, SBFN comprises 90 member institutions representing 69 countries and at least US$68 trillion (92 percent) of the total banking assets in emerging markets, as of March 2024. SBFN members are committed to moving their financial sectors toward sustainability, with the twin goals of improved environmental and social risk management (including disclosure of climate risks) and increased capital flows to activities with positive climate, environmental, and social impact. IFC, part of the World Bank Group, is SBFN’s Secretariat and knowledge partner, assisting members to share knowledge and access capacity building to support the design and implementation of national sustainable finance initiatives. For more information, visit https://www.sbfnetwork.org.
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