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Project Details


Republic of Uzbekistan SDG Bond Framework Second-Party Opinion (2021)


Republic of Uzbekistan

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds

Education; Water/waste water management; Health; Access to essential services; Clean transport; Pollution prevention and control; Natural resources/land use management; Conservation;



Evaluation Date

Jul 2021

Evaluation Summary

Sustainalytics is of the opinion that the Republic of Uzbekistan SDG Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, and Social Bond Principles 2021. This assessment is based on the following: 


The eligible categories for the use of proceeds – Access to Education, Sustainable Water and Wastewater Management and Flood Defense Systems, Access to Essential Health Services, Delivery of Essential and Clean Transportation Services, Pollution Prevention and Control, Sustainable Management of Living Natural Resources and Land Use (Terrestrial and Aquatic), Clean and Efficient Energy Production and Consumption – 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, 9, 11, 13 and 15.


The process for evaluation and selection will be overseen by the Public Debt Department (the “PDD”) of Uzbekistan’s Ministry of Finance (the “MoF”). Ultimately, final approval of projects will be provided by the SDG Coordination Council which was set up as part of Uzbekistan’s Agenda 2030 and is led by the country’s Deputy Prime Minister. Sustainalytics considers the project selection process to be in line with market practice. 


Uzbekistan’s MoF will be responsible for managing the proceeds via an SDG Bond Register. Uzbekistan intends to fully allocate proceeds within 24 months following each bond issuance. Pending full allocation, proceeds will be deposited in the Treasury. This is in line with market practice. 


Uzbekistan intends to report on allocation of proceeds via an Allocation Report on the MoF’s website annually while bonds remain outstanding. In addition, the Issuer may report on relevant impact metrics via an Impact Report. Sustainalytics views the allocation and impact reporting as aligned with market practice.