Project Details
Project
Côte d’Ivoire Sustainable Bond Framework Second-Party Opinion 2021
Client
Republic of Côte d’Ivoire
Project Type
Sustainability Bond/Loan
Industry Group
Sovereign
Use of Proceeds
Access to essential services; Affordable basic infrastructure; Employment generation; COVID-19 Response;
Location
Côte d'Ivoire
Evaluation Date
Jul 2021
Evaluation Summary
Sustainalytics is of the opinion that the Côte d’Ivoire Sustainable Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2020, Green Loan Principles 2021, and Social Loan Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories – Access to Basic Infrastructure, Access to Basic Services, Employment and Competitiveness, Promotion of a resilient and inclusive post-COVID-19 recovery, and Environment and Sustainable Development – are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 3, 4, 6, 7, 8, 9, 11, 13, and 15.
PROJECT EVALUATION / SELECTION
Côte d’Ivoire’s internal process in evaluating and selecting projects is overseen by an inter-ministerial ESG Committee led by the Ministry of Economy & Finance, and more precisely by the Debt Management Office. As part of the country’s budget process, the projects will be assessed in regard to the country’s sustainable development strategy and the eligibility criteria set in the Framework. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
The Treasury oversees the management of proceeds. Côte d’Ivoire will attempt to fully allocate the proceeds within 24 months after issuance. Pending full allocation, proceeds will be deposited in the Treasury’s Special Account. This is in line with market practice.
REPORTING
Côte d’Ivoire intends to report on allocation of proceeds on the websites of the Debt Management Office and/or of the Ministry of Budget, on an annual basis, until full allocation. In addition, Côte d’Ivoire may report on relevant impact metrics. Sustainalytics views Côte d’Ivoire’s allocation and impact reporting as aligned with market practice.