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Republic of Benin SDG Bond Framework SPO Provided by V.E

V.E, part of Moody’s ESG Solutions, has provided a Second Party Opinion (SPO) on the Republic of Benin SDG Bond Framework. The Framework has been designed to finance the Republic of Benin’s expenditures that contribute to achieving the Sustainable Development Goals (SDGs). The SDG Bond Framework clearly describes twelve eligible categories that cover relevant environmental and social objectives, such as access to water, access to clean energy, education, health, decent housing, connectivity, and biodiversity conservation, among others. These twelve categories are likely to contribute to 15 of the 17 UN Sustainable Development Goals.

We assigned a Second Party Opinion (SPO) on the sustainability credentials and management of the Republic of Benin SDG Bond Framework. V.E is of the opinion that this Framework is aligned with the Green and Social Bond Principles 2021, and with best practices identified by V.E. We express an advanced assurance on the contribution of these bonds to sustainability. The potential positive impact of the eligible expenditures on environmental and social objectives is considered to be advanced, thanks to detailed descriptions, selection and exclusion criteria, and the relevance of expenditures to contribute to the social and environmental objectives of Benin.

According to the Sovereign Sustainability Rating © last updated by V.E in June 2021, Benin received a rating of 59/100 which indicates an overall robust sustainability performance. Benin ranks 82nd out of 178 countries rated in our global sovereign sustainability rating, and 2nd out of eight WAEMU countries rated by V.E. 

To date, V.E has provided more than 370 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 to date: United Kingdom, France, Italy, Chile, Ecuador, Egypt, Mexico and Andorra, among others. We are a Climate Bonds Standard Approved Verifier.

Find our full SPO on Benin’s SDG Bond Framework here and by PDF download below.



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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