Côte d’Ivoire Sustainability-Linked Financing Framework

Sustainalytics is of the opinion that the Côte d’Ivoire Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2024 and Sustainability-Linked Loan Principles 2025. This assessment is based on the following:

• Selection of Key Performance Indicators Côte d’Ivoire Sustainability-Linked Financing Framework defines the following KPIs: i) share of renewable energy, excluding hydropower, in total installed on-grid and off-grid electricity capacity; ii) gross forest cover increase, excluding plantations; and iii) gross forest cover loss. Sustainalytics considers KPIs 1, 2.1 and 2.2 to be strong based on their materiality, relevance, scope of applicability and comparability to external benchmarking where applicable.

• Calibration of Sustainability Performance Targets Sustainalytics considers the SPTs to be aligned with Côte d’Ivoire’s sustainability strategy. Sustainalytics further considers SPTs 1.1 and 1.2 to be moderately ambitious based on the country’s improvement over past performance and SPTs 2.1 and 2.2 to be ambitious based on the country’s improvement over past performance and its performance against countries in the same region.

• Financial Characteristics Côte d’Ivoire has linked the financial characteristics to the achievement of the SPTs, namely an interest rate step-up for failing to achieve SPTs 1.1 and 2.1, and an interest rate step-down for achieving SPTs 1.2 and 2.2. The achievement of or failure to achieve the respective SPTs will trigger the specified coupon rate changes.

• Reporting Côte d’Ivoire commits to report on the progress of the KPIs on an annual basis in its annual reports, made public by the Ministry of Finance and Budget in case of bond issuances or otherwise made available to lenders for the loans. Côte d’Ivoire commits to disclose relevant information that may affect the KPIs, such as updates to national and international commitments, sector policies and guidance, updates to the Framework governance and implementation plans

• Verification Côte d’Ivoire commits to have external limited assurance conducted against each SPT for each KPI at least once a year.

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