Translated with AI
Tajikistan has launched a project to issue quasi-sovereign bonds, aimed at developing the securities market and introducing "green" financial instruments. This was reported by the Agency for Securities and Special Registration of the Ministry of Finance of the Republic of Tajikistan.
As noted, the measures are being implemented in accordance with the instructions of the Minister of Finance of the Republic of Tajikistan, Kahhorzoda Faiziddin Sattor, and under the leadership of the First Deputy Minister of Finance, Majidi Yu.Kh., as well as in order to fulfill the instructions of the President of the Republic of Tajikistan, Emomali Rahmon, set out in his Address to the Majlisi Oli of December 16, 2025.
This includes developing the capital market, introducing green financial instruments, creating a transparent secondary market, and preparing and adopting a Capital Market Development Strategy. To address these challenges, the Agency for Securities and Special Registration of the Ministry of Finance has begun implementing the necessary measures.
One of the key initiatives is the implementation of the First Quasi-Sovereign Bond Program in the Republic of Tajikistan. The project is being implemented in collaboration with the Global Green Growth Institute (GGGI), the UN Regional Coordination Office (UN RCO), and the Global Trust Fund on Sustainable Finance Instruments (GTF).
The program is specifically designed for state-owned joint-stock companies and large state-owned enterprises. Selected joint-stock companies will be the first to issue thematic government bonds, using the proceeds to invest in climate change adaptation and the implementation of the Sustainable Development Goals.
In addition, the project creates a favorable ecosystem for future issuances of green, social and sustainable bonds.
It is also noted that on February 13, 2026, S&P Global Ratings affirmed the long-term sovereign credit rating of the Republic of Tajikistan at the level of “B/B” and improved the outlook from “stable” to “positive”, which contributes to the improvement of the investment climate and the attraction of foreign capital.
The following companies are participating in the program: Tajik Aluminum Company OJSC, Tajikhimprom OJSC, Dushanbe International Airport OJSC, Khujand International Airport OJSC, Bokhtar International Airport OJSC, Tajik Air OJSC, and the Tajik Railways State Unitary Enterprise.
It is noted that these companies and enterprises, acting as the first issuers of bonds, will play a key role in the implementation of the quasi-sovereign project.
