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Government of Andorra’s SPO provided by V.E

Government of Andorra SPO

Vigeo Eiris (V.E) provides SPO for the Government of Andorra’s Green, Social, and Sustainability Bond Framework

London | Paris – April 22, 2021


V.E, a Moody’s affiliate, has provided a Second Party Opinion (SPO) for the Government of Andorra’s Green, Social, and Sustainability Bond Framework. The framework has been designed to contribute to Andorra’s Horizon 2023 plan for resilience and sustainability, supporting the recovery from the COVID-19 pandemic. The framework has seven green and five social eligible categories of expenditures. These cover renewable energy, low carbon transport, circular economy, climate adaptation, access to health and education, employment generation, digital inclusion and more.

“This sovereign issuance covers a variety of project categories and demonstrates the extent to which a bond framework can help implement sustainability practices. As a public institution, this serves as an example for the work that is being done within Europe to provide a more sustainable and green recovery from the pandemic”, said Juliette Macresy, Executive Director of Issuer Business.

V.E considers that the Framework is aligned with the Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines. We have provided an advanced level of assurance on the contribution of these bonds to sustainability, our highest level, thanks to the detail provided on the definition and eligibility criteria of eligible expenditures.

V.E’s SPOs on sustainability credentials help market participants secure financing through sustainable bonds and loans, strengthen issuers’ and projects’ credibility, and give investors confidence. To date, V.E has provided more than 330 SPOs – including award-winning and pioneering missions – on sustainable financing operations in over 30 countries. V.E has provided SPOs for the following sovereign issuers: France, Italy, Chile, Ecuador, Egypt, Mexico and the Hong Kong SAR.

Click here to learn more about Andorra’s Bond Framework.

V.E’s full Second Party Opinion is available below in PDF format.


For more information on this SPO and V.E’s Sustainable Finance solutions:

Savannah Rowe
Communications Assistant

Ana Colazo
Global Lead of Sovereign SPOs

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