Sustainable Bond Framework

ROC's Project Evaluation and Selection Process Cyprus will coordinate a Sustainable Bond Working Group to review projects nominated by government departments and prepare for annual reporting Project Nomination by ministries with project oversight NM Review of Expenditures to ensure alignment with eligibility criteria PDMO NM 1 5 Initial Project Evaluation and Selection 3 4 Initial Screening in consultation with nominating ministries Detailed Review Eligibility Decision of shortlisted projects by interministerial group and updating of Eligible Expenditures Register PDMO SFWG PDMO SFWG PDMO Public Debt Management Office NM Nominating Ministries SFWG Sustainable Bond Working Group Ongoing Review and Preparation for Annual Reporting Replacements If needed-following steps 1 to 4 detailed above PDMO SFWG NM 6 7 8 Framework Update Reporting If needed-integrating substantial new developments on the allocation of proceeds and corresponding impacts PDMO PDMO SFWG NM PDMO Public Debt Management Office NM Nominating Ministries SFWG Sustainable Bond Working Group Roles and responsibilities throughout the ongoing review process ✓ PDMO reaches out to nominating ministries to reconfirm allocated projects have not changed materially & remain in compliance with established criteria If necessary, all parties work together to reallocate proceeds to replacement projects ✓ PDMO reviews Framework annually, makes amendments (with SFWG oversight) as required, & procures an updated SPO if needed ✓ Prior to annual allocation/impact reporting, Cyrpus PDMO reaches out to nominating ministries to confirm final spend and impact KPIs, before procuring external review/SFWG signoff and publishing Interministerial Sustainable Finance The SFWG is chaired by the Public Debt Management Office senior lead for sustainable debt finance, and also includes representatives from the following ministries: • Ministry of Finance (officials responsible for budget planning) • Working Group (SFWG) Ministry of Agriculture, Rural Development and Environment • Ministry of Energy, Commerce and Industry Ministry of Labour and Social Insurance/Deputy Ministry of Social Welfare • Ministry of Transport, Communications and Works

View entire presentation