Sovereign Use of Proceeds Framework underscores commitment to developing sustainable finance market, Treasury says
The National Treasury has announced the publication of its Sovereign Use of Proceeds Framework, together with the accompanying Second Party Opinion.
The publication of the framework underscores the National Treasury’s commitment to developing South Africa’s sustainable finance market and mobilising capital towards economic growth and climate resilience.
This framework was developed with the support of investment banking firms Rand Merchant Bank (RMB) and JP Morgan, together with their empowerment partners financial advisory and investment company Theza Capital and investment firm Capital Link.
It establishes the basis for the potential issuance of thematic sovereign funding instruments, including green bonds and defines eligible categories, governance arrangements, and reporting principles for use-of-proceeds instruments aligning with international sustainable finance principles.
Any issuance under the framework remains subject to internal-readiness processes, including the confirmation of a robust pipeline of eligible expenditures, operational reporting systems, and the establishment of appropriate governance structures.
Subject to these conditions, Treasury may issue rand- and dollar-denominated instruments in line with its broader funding strategy, prevailing market conditions and investor demand.
Treasury also plans to broaden the framework to include sustainability-linked financing, creating flexibility to access both project-based and performance-linked instruments over time.
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