Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3

Based on further information provided by ERCD, understanding the additional costs (beyond external review fees) would help in identifying the reasons why there was no second-round issuance (which affects reputation if green status is lost) even though issuers have already invested heavily to establish proper internal system to monitor use of proceeds and provide post-issuance reporting. Important associated costs to consider include hiring of dedicated staff to monitor use of proceeds and to ensure compliance with post-issuance reporting requirements, which based on ERCD, are much more significant than fees paid to external service providers.