CEB_Social_Inclusion_Bond_Framework_Second_Party_Opinion_March_2022_revised

As part of the Second-Party Opinion, Sustainalytics assessed the following: • The Framework’s alignment with the Social Bond Principles 2021, as administered by ICMA; • The credibility and anticipated positive impacts of the use of proceeds; and • The alignment of the issuer’s sustainability strategy and performance and sustainability risk management in relation to the use of proceeds. [...] Sustainalytics’ Opinion Section 1: Sustainalytics’ Opinion on the Council of Europe Development Bank Social Inclusion Bond Framework Sustainalytics is of the opinion that the Council of Europe Development Bank Social Inclusion Bond Framework is credible and impactful, and aligns with the four core components of the SBP. [...] Sustainalytics highlights the following elements of the Framework: Use of Proceeds: - The eligible categories - Social Housing, Education and Vocational Training, Health and Social Care, and MSME Financing for the Creation and Preservation of Viable Jobs - are aligned with those recognized by the SBP. [...] • Project Evaluation and Selection: - CEB’s Project Management Unit of the Loans and Social Development Directorate oversees the internal process for evaluating and selecting projects in conformity with the political and social aims of the Council of Europe. [...] Furthermore, Sustainalytics believes that the Council of Europe Development Bank Social Inclusion Bond Framework is aligned with the overall sustainability strategy of the Bank and that the social use of proceeds categories will contribute to the advancement of the UN Sustainable Development Goals 3, 4, 8 and 11.