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Kyiv, Ukraine, August 7, 2020
—IFC, a member of the World Bank Group, signed a cooperation agreement today with Ukraine’s National Securities and Stock Market Commission to help boost climate finance in the country. This initiative is part of IFC’s broader strategy to mobilize more sustainable finance to Ukraine.
IFC will work with the National Securities and Stock Market Commission to introduce green finance standards in the country, with a focus on green bonds. IFC’s experts will also advise on how to foster implementation of good environmental, social, and governance (ESG) practices that can help companies operate more sustainably, improve access to capital, mitigate ESG risks, and safeguard against mismanagement. The aim is to contribute to development, as increased access to capital encourages new investments, boosts economic growth, and generates employment opportunities.
Timur Khromaev, Chairman of the National Securities and Stock Market Commission, said: “The Ukrainian capital market should become part of the global capital markets and our work aims to help develop this potential. Together with our international partners, we will work on policies to introduce green finance standards in Ukraine, mainly through green bonds, the ESG disclosure guidelines and regulations. I am optimistic that successful introduction of such instruments will provide opportunities for the Ukrainian market to attract financial resources.”
To support Ukraine’s progress in sustainable finance in line with international good practice, the National Securities and Stock Market Commission has recently joined the IFC-supported Sustainable Banking Network (SBN) — a community of financial sector regulatory agencies and banking associations from 40 emerging markets committed to advancing sustainable finance. The SBN and IFC will work with the National Securities and Stock Market Commission to design a sustainable finance roadmap, develop a regulatory framework, and provide technical guidance on developing green and climate finance products as well as implementing good ESG standards and practices.
Jason Pellmar, IFC Regional Manager for Ukraine, Belarus, and Moldova, said: “IFC’s extensive global experience has proven that investments providing environmental benefits are not only more ecologically sustainable but also more commercially sound. The development of green finance is gaining momentum throughout the world. By working with our partners, we are bringing our global expertise in green finance along with good environmental, social, and governance practices to create more opportunities for the sustainable growth of Ukraine’s private sector.”
The initiative will be led by IFC’s Green Finance program in partnership with the Federal Ministry of Finance of Austria and IFC’s Promoting Investment through Integrated Environmental, Social, Governance Standards Program in Europe and Central Asia in partnership with the Swiss State Secretariat for Economic Affairs SECO.
IFC—a sister organization of the World Bank and 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 2019, we invested more than $19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
Established in 2012, the Sustainable Banking Network (SBN) is a voluntary community of financial sector regulatory agencies and banking associations from emerging markets committed to advancing sustainable finance. The first global network of its kind focused on sustainable finance at market level, SBN represents 40 countries and US$43 trillion (86 percent) of the total banking assets in emerging markets. SBN members are committed to moving their financial sectors towards 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 serves as Secretariat and Technical Advisor, assisting members to share knowledge and access capacity building that helps them design and implement national sustainable finance initiatives. For more information, visit
For more information about the project’s development partners, please visit:
The Federal Ministry of Finance of Austria:
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