The Agency and the European Bank for Reconstruction and Development signed a Memorandum of Understanding and Cooperation
During the plenary session of the Foreign Investors’ Council, Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, Madina Abylkassymova, held a meeting with European Bank for Reconstruction and Development (EBRD) President, Odile Renaud-Basso.
The meeting focused on discussing the creation of conditions for promoting gender equality principles in the financial market, as outlined in the Women's Entrepreneurship Finance Code (WE Finance Code), initiated by the World Bank in 2023 in Marrakesh.
To further strengthen cooperation, the parties signed a Memorandum of Understanding and Cooperation on the WE Finance Code program to fund women entrepreneurs.
The WE Finance Code is a multilateral international initiative aimed at enhancing data collection on small and medium enterprises disaggregated by gender and using this data to develop gender-sensitive policies in entrepreneurship.
The Women’s Entrepreneurship Finance Code is implemented based on a joint partnership organized by the World Bank, which aims to address financial and non-financial barriers faced by women-led companies.
The meeting also covered the current state of the financial market, key legislative and regulatory reforms adopted in the banking sector, insurance, and the securities market.
The parties noted the positive results of the EBRD's technical assistance programs, including the implementation of ESG principles in the financial sector, development of the distressed assets market, and the liberalization of requirements for opening foreign subsidiary banks and their branches. For further collaboration, the parties discussed expanding technical cooperation on developing a new banking law.
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