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Housing Development Corporation Ltd (HDC) SPO Provided by V.E

V.E, part of Moody’s ESG Solutions, has provided a Second Party Opinion (SPO) on Housing Development Corporation Ltd’s Sustainability Bond Framework. The Framework has been designed to govern the issuance of HDC’s Sustainability Bonds. The net proceeds of the Bonds will exclusively finance or refinance, in full or in part, eligible projects/assets related to Green Buildings, Renewable Energy, Energy Efficiency, Sustainable Water and Wastewater Management, Affordable Housing, Affordable Basic Infrastructure, and Socioeconomic Advancement and Employment Generation.

V.E assigned a Second Party Opinion (SPO) on the sustainability credentials and management of the Framework. V.E is of the opinion that this Framework is aligned with the four core components of the Green Bond Principles 2018 and the Social Bond Principles 2020.

We express a limited assurance on the contribution of the Eligible Projects/Assets to sustainability. The potential positive Impact of the Eligible Projects/Assets on environmental and social objectives is considered to be robust. HDC’s identification and management of the environmental and social risks associated with the Eligible Projects/Assets are considered limited.

HDC is a 100% state owned enterprise established in 2001 that undertakes and manages the overall planning and building of the reclaimed city of Hulhumalé in Maldives.

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 Housing Development Corporation Ltd’s Sustainability 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.

For more information visit Moody’s ESG hub at



Moody’s ESG Solutions:

Lisa Stanton
MD-Global Sales Lead/ESG
+1 (415) 874-6000

Media inquiries:

Tim Whatmough
+33 (153) 303-385

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