The Partnership for Action on Green Economy (PAGE) Blue Finance Initiative supports the Government of Kazakhstan in building a financial architecture for the issuance of blue bonds and in unlocking blue finance to support the country's transition to a sustainable, ecologically-centred water economy.

Kazakhstan faces significant water scarcity, ageing water infrastructure, and growing environmental pressure on the Aral Sea, the Caspian Sea and Lake Balkhash. Having already developed a green taxonomy, Kazakhstan is now seeking to replicate this experience for blue finance instruments (blue bonds, blue loans, blue guarantees) that can mobilize private capital for water- and marine-related investments.

Project objectives:

1. Analyse the economic, financial and political environment to determine the demand and feasibility for establishing blue finance in Kazakhstan;

2. Develop a national Blue Taxonomy aligned with international standards;

3. Support a pilot issuance of blue bonds, including securing a second-party opinion.