Abstract
The current trend and activity of development banks is to attract and allocate resources for sustainable financing, which takes into account the consequences for the environment, social sphere and corporate governance. The framework of sustainable bonds is part of the broad agenda of the UN Global Compact to continue to provide private capital for sustainable development. The aim is to inspire key players in the investment value chain to create a market for investments with sufficient scale, liquidity and diversification to attract large institutional investors and finance a wide range of private and public sector activities. The potential for expanding the market for sustainable development bonds is very significant, although their share in the global volume of debt instruments does not exceed 1%. National development banks are able to be leaders in issuing green, social and sustainable bonds to finance projects that meet the interests of society. These institutions can play a more active and effective role if governments clearly articulate their mandate to achieve the goals of sustainable development. Allocation of resources will be possible subject to the adoption of a national strategy for sustainable financing, which provides for the attraction of resources in capital markets, joint financing of projects with private banks, strengthening cooperation with international donors. The national development banks (NDB), in contrast to international or multilateral development banks, better identifies the needs and gaps of the national economy for financial resources. Compared to commercial banks and investment funds, they have a greater potential for risk-taking than financial intermediaries, providing long-term financing in local currency. Also, the NDBs are able to raise resources in international and local capital markets cheaper than private institutions, but this requires the preparation and implementation of a mechanism for issuing bonds, reporting on global standards
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