Second-Party Opinion Download

IG Development Georgia LLC has developed the IG Development Georgia Green Bond Framework dated September 2025, under which it intends to issue a green bond to fund projects in Georgia in one environmental category. 

We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the Sustainability Contribution of the Framework’s single use of proceeds category. 

IG Development Georgia intends to finance and refinance environmental expenditures in Green Buildings, with a focus on the construction of three commercial buildings in Georgia. These buildings have achieved or are expected to achieve the globally recognized EDGE Advanced certification, which will place them among the best performing in Georgia in terms of energy efficiency. However, the criteria do not require the buildings to be fossil fuel-free in relation to on-site energy generation, a key consideration for achieving net zero emissions in the building sector by 2050. Nevertheless, the financed expenditures are expected to substantially reduce emissions from the buildings sector and contribute to its decarbonization. 

We have assessed the Framework as Aligned with the Green Bond Principles 2025.