SQB Publishes the First-year Results of the Green and Sustainable Bond

Tashkent, Uzbekistan, July 28, 2025 – Since the Sanoat Qurilish Bank (SQB) initial issuance in the Capital Market under Reg. 144A, the bank presents the Sustainability Bond Allocation and Impact report. This report details how the funds raised through the bond have been allocated to Green and Social initiatives in Uzbekistan, as well as the impact of the financed projects in line with the ICMA Harmonised Framework and their contribution to the UN Sustainable Development Goals (SDGs). 

In July 2024, SQB, with support from GGGI, issued an internationally verified Sustainability Bond equivalent to USD 400 million and 2.25 trillion UZS on the London Stock Exchange.  GGGI delivered technical advice and expertise to SQB in developing the enhancement of the bond framework and supporting the SPO process.  

A year later, in July 2025, SQB presented the Sustainability Bond Allocation and Impact report. The report reveals that during its first year, the sustainable bond financed 30 projects under five uses of proceeds, achieving annual energy savings of 121,431.91 MWhe, reducing carbon dioxide emissions by 16,237.16 tones, serving 5,821,200 passengers annually, generating 220.43 MWh of solar energy, and enhancing energy monitoring through the installation of 800,603 smart meters. This supports the Uzbekistan contribution to the United Nations Sustainable Development Goals (SDGs): 7 (Affordable and Clean Energy), 11 (Sustainable Cities and Communities), and 13 (Climate Action). 

GGGI collaborated with Sustainable Fitch to review the SQB Report. The conclusion of the Second Party review stated that the SQB Use of proceeds allocations are in line with the issuance framework and that the reported impacts are aligned with the ICMA Harmonised Framework for Impact Reporting. Moreover, the report mentions that the projects financed through the bond have made a direct contribution to the UN Sustainable Development Goals (SDGs). 

GGGI remains dedicated to supporting Uzbekistan’s green economic transition by strengthening its sustainable finance ecosystem, advancing clean energy and low-emission infrastructure, and enhancing institutional capacity to achieve the country’s climate and development goals.