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APICORP’s Green Bond Framework SPO Provided by V.E

V.E has provided a Second Party Opinion (SPO) on APICORP’s Green Bond Framework. The framework has been designed to govern the issuance of Green Bonds. The framework has been designed to exclusively finance or refinance, in part or in full, projects falling under three Green Project Categories, namely: renewable energy, pollution prevention and control, green buildings.

V.E assigned a Second Party Opinion (SPO) on the sustainability credentials and management of APICORP. V.E is of the opinion that this Framework is aligned with the four core components of the ICMA’s Green Bond Principles 2021 (“GBP”). We express an advanced assurance on the contribution of these bonds to sustainability. The potential positive impact of the Green Project Categories on environmental objectives is considered to be advanced. APICORP’s identification and management of the environmental and social risks associated with the Green Project Categories are considered robust.

APICORP was created by 10 countries in the MENA region in 1975 as a multi-lateral development financial institution that provides financing solutions to the Arab energy industry. These include equity investments and debt financing as well as advisory services and industry research. APICORP also extends support to non-Arab ventures that bring a direct benefit to Arab economies.

The other company details V.E has produced more than 380 second-party opinions on sustainable financing operations in Europe, Africa, Americas and Asia. We are a Climate Bonds Standard Approved Verifier.

Click here to view V.E’s SPO on APICORP’s Green Bond Framework.



Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody’s Investors Service (MIS) and Moody’s Analytics (MA) to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

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