The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reviewed disaster risk financing and capital market cooperation at a meeting between Chair Madina Abylkassymova and Asian Development Bank (ADB) Vice President Yingming Yang. Discussions covered support and technical assistance for a comprehensive disaster preparedness and resilience financing program. Existing catastrophe insurance work involving the World Bank and ADB aims to establish a mandatory, socially oriented system for insuring citizens’ homes. Both sides identified a need to cooperate on establishing and developing a bond guarantee fund. The agency’s previously outlined 2030 capital market program envisages partial guarantees to improve businesses’ access to bond financing. The meeting also addressed Islamic finance and regional capital market integration. The agency seeks continued training programs for staff and market participants, alongside support for regional integration and alignment with standards of the Islamic Financial Services Board and the Accounting and Auditing Organization for Islamic Financial Institutions.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan discusses disaster insurance and a bond guarantee fund with ADB
Kazakhstan’s Agency for Regulation and Development of the Financial Market discussed disaster risk financing and capital market cooperation with the Asian Development Bank. Existing catastrophe insurance work aims to establish a mandatory system for insuring citizens’ homes. Both sides identified a need to cooperate on a bond guarantee fund and discussed Islamic finance and regional capital market integration.