Investor Presentaiton
Navarra is a sustainable region
SUSTAINABILITY BOND
FRAMEWORK - Process
Management of Proceeds
The proceeds of any Sustainable Finance instrument signed under this framework will be allocated to eligible budgetary programmes in the General
Budget of Navarra, corresponding to the fiscal year of the Sustainable Finance instrument signed. The total expenditures required for the eligible
programmes will equal or exceed the net Sustainable Finance instrument proceeds. This will ensure compliance even when eligible programmes or
budgets are impacted unexpectedly.
The proceeds from any Sustainable Finance instrument will be directly allocated to the eligible projects at settlement or value date. In the event the
whole proceeds cannot be allocated at value date, Navarra will temporarily invest the unallocated funds in any form of cash or liquidity position or
time deposits with banks, or other forms of available short-term liquid investment in safe that do not involve GHG intensive activities nor controversial
activities. This event would be monitored by the Financial Department of Navarra.
Navarra has internal systems in place to track proceeds of its Sustainable Finance instruments, and to account for all eligible programmes. Thus, the
Committee will monitor and prevent any such double counting in allocation of proceeds.
In the case of any selected eligible program becomes ineligible or has been cancelled, Navarra will re-allocate the proceeds of the Sustainability
instrument to another eligible programme.
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Nafarroako Gobernua
Gobierno de NavarraView entire presentation