Africa-Press – Senegal. The State of Senegal published Wednesday in Dakar a framework document for sustainable financing for the mobilization of funds on the international capital market and from international donors, announces a press release from the Ministry of Finance and of the Budget forwarded to the APS.
« This reference document will enable the State of Senegal to mobilize funding on the international capital market and from international donors. The eligibility criteria may also be used as a reference by local authorities, as well as by public companies under the control or supervision of a ministry”.
The text informs that « Senegal is the first country to articulate the logic of means and results by combining financing in the format earmarked and/or indexed to performance », stressing that this reference document will allow Senegal to « combine or alternate earmarking of funds and indexing of financing characteristics to official sustainable development targets ».
He explains that “among the ten categories of expenditure eligible for earmarking funds, seven (7) are social and three (3) environmental. Access to basic infrastructure and services, including education, stands out as a priority ».
Through this approach, « Senegal demonstrates the innovative nature of its funding management, as well as its commitment to the Sustainable Development Goals (SDGs). This approach paves the way for new partnerships between public issuers and private investors in the achievement of these universal objectives”, mentions the text.
The funding framework released today has already been independently reviewed by Moody’s ESG Solutions rating agency.
« It has found this financing framework to be compliant with the Principles for Green and Social Bonds for the earmarked portion and compliant with the Sustainability Principles for Bonds and Loans of the International Capital Markets Association (ICMA) and assigned the highest possible rating in terms of alignment with these principles (+advanced+), » the statement continued.
« Concerning financing in the format indexed to performance in terms of sustainable development, a progress report on the selected indicators will be published annually until the last date of observation and reviewed by the Court of Auditors », specifies the document.
A report on the observation of the sustainable performance targets will be published on the dates scheduled at the time of the issue.
The Ministry of Finance and Budget collaborated with Natixis CIB Green & Sustainable Hub on the structuring of the framework document for sustainable financing.
Added to this is the fact that « the World Bank, as well as the United Nations Development Program (UNDP) participate respectively in the animation of sustainable financing programs ». This involves « the formalization of sustainable performance indicators and the modeling of their targets and trajectories within the framework of technical assistance » and « support in the establishment of impact reports ».
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