Second-Party Opinion Download

The government of Czechia has developed the Czech Republic Social Finance Framework dated August 2025, under which it intends to issue bonds, debt private placements and obtain loans to fund projects in Czechia in four social categories.

We have assessed the overall Sustainability Contribution of the Framework as Significant, based on the average Sustainability Contribution of the Framework’s four use of proceeds categories. As per our methodology, we have applied equal weighting across categories. 

The government of Czechia intends to finance expenditures in Access to Essential Services: Healthcare, Access to Essential Services: Education and Vocational Training, Socio-economic Advancement and Empowerment: Social Inclusion and Affordable Basic Infrastructure. Within the healthcare category, social care institutions target specific vulnerable groups with substantial unmet needs while expenditures related to healthcare facilities and medical equipment target the entire population. Although such general targeting does not focus on those who are most in need, they are nevertheless expected to make a significant contribution to improving access to healthcare services. Regarding education, some of the expenditures will target vulnerable populations and will be affordable and accessible to all or to the applicable target population. Therefore, these expenditures will significantly contribute to enhancing equitable access to education across Czechia.

Regarding social inclusion, access to essential facilities and services will be enhanced either through financial support or by ensuring they are provided free of charge to all or to the applicable target population. These expenditures are expected to make a strong contribution to supporting inclusive access to infrastructure, capital and social services across Czechia. The affordable basic infrastructure category includes expenditures to improve transportation and water management infrastructure, and restore infrastructure impacted by natural disasters. Although transportation infrastructure-related expenditures are not exclusively focused on areas with no or substantially inadequate access, expenditures within this category are nevertheless expected to make a significant contribution to improving access to basic infrastructure overall. 

We have assessed the Framework as Aligned with the Social Bond Principles 2025 and Social Loan Principles 2025.