Second-Party Opinion Download

Nederlandse Waterschapsbank N.V. has developed the NWB Bank Social Bond Framework dated July 2025, under which it intends to issue social bonds. The Bank will use the bond proceeds to provide low-cost loans to registered social housing associations in the Netherlands for financing projects under one 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.

NWB Bank intends to provide financing to housing associations to fund the construction, renovation and management of social rental homes under the Netherlands’ SGEI housing scheme.1,2 The SGEI housing scheme targets a broad segment of the population, including households with relatively high incomes. However, it includes financial advantages to ensure affordability for low-income households, and provisions to ensure that socioeconomically vulnerable groups are prioritized. These include lower rent caps for low-income households and young individuals (up to age 23), as well as priority allocation to vulnerable groups with an urgent need for housing that would not be met in the private market. Additionally, the majority of social rental housing has been occupied by low-income households in recent years. A portion of the housing units may be allocated to households that are above the relevant income threshold and demonstrate social vulnerability through the prioritization system.

Overall, investments under this category will strongly contribute to improving access to affordable housing for the low-income households and vulnerable population in the Netherlands.