Step 01 — Country Intelligence

Tunisia — Country & Offset Profile

Active sovereign contracts with offset obligations, gender policy standing, and debt position. Five converging conditions that make Tunisia the optimal first pilot.

Active Offset Pool

€490M

French & Italian contracts

Debt / GDP

79%

IMF restructuring pressure

WEF Gender Rank

#120

of 146 — 2024

SDG5 Score

52/100

Score 1 eligible baseline

GDP

$48Bn

Bilateral debt: €3.3Bn

Active Sovereign Contracts with Offset Clauses3 Active

Contract	Contractor	Value	Offset Rate	Offset Pool	SDG Eligible	Status
FREMM Frigates Naval Group / DGA France	Naval Group	€300M	100%	€300M	Score 2	Active
SETE Power Plant Enel / Italian Treasury	Enel Green Power	€180M	50%	€90M	Score 1–2	Active
Rail Sfax–Gabès Alstom / BpiFrance	Alstom	€200M	50%	€100M	Score 1	Pending

Total offset pool identified€490M

Gender Policy Monitor — TunisiaTrend: Stable

Global Rankings

WEF Gender Gap	#120 / 146
UN Gender Inequality	#111 / 166
World Bank WBL	61 / 100
SDG5 Progress	52 / 100

SDG5 Commitment

CEDAW ratified 1985. 2022 Constitution: gender parity. Female labour participation: 28% vs OECD 52%. Gap = certification target.

SDG Offset Marker Eligibility
Tunisia’s gap between constitutional commitments and labour market outcomes makes it ideal for Score 2 certification — the gap is exactly what offset projects address and measure.

Bilateral Debt — Swap-Eligible

🇫🇷 France — AFD€2.1Bn

🇮🇹 Italy — CDP€890M

🇩🇪 Germany — KfW€340M

Swap Opportunity
10% AFD tranche (€210M) restructured via Debt-for-SDG Swap generates €525M in certified SDG impact at ×2.5 multiplier. AFD reports 2.5× development leverage to Paris and OECD-DAC.

Why Tunisia — 5 Convergences

Confirmed ✓

Active offset obligations

€490M pool, 3 contractors, legally enforceable.

Confirmed ✓

Government relationships

Ministry of Industry + UN Women Tunisia established.

Confirmed ✓

IMF restructuring context

Debt relief motivation creates alignment for swap.

In Progress

SDG Offset Marker scoring

FREMM offset portfolio → Scoring underway.

Q3 2025

AFD pre-feasibility meeting

Debt-for-SDG Swap term sheet: AFD + CDP.

Sources: SIPRI 2024 · IMF WEO 2024 · WEF Gender Gap 2024 · UN Women · World Bank WBL 2024

Step 02 — SDG Offset Marker

Score a Project Against the 17 SDGs

Enter offset project parameters. The SDG Offset Marker evaluates contribution on a 0/1/2 scale — adapted from the OECD-DAC gender marker, extended to all 17 SDGs — and calculates the applicable multiplier credit.

Project Parameters

Project Name

Contractor

Offset Obligation (€)

Project Description

Primary SDG Target

Female Participation (%)

Local SME Share (%)

○

Ready to Score

Configure project parameters and run the SDG Offset Marker.

Step 03 — Deal Mechanics

Financial Structure & SDG Offsets Revenue

From offset obligation to certified SDG impact — multiplier savings for Naval Group, debt relief for Tunisia via AFD, and the full SDG Offsets fee stack.

Offset Obligation

€100M

Naval Group / FREMM

Investment Required

€40M

At ×2.5 (Score 2)

Contractor Saving

€60M

60% cash reduction

SDG Offsets Revenue

€6.3M+

Streams 01+02+03

Multiplier — What Certification Means in CashScore 2 — ×2.5

No Multiplier

Invest

€100M

Discharge

€100M

Saving

—

Score 1 — ×1.5

Invest

€67M

Discharge

€100M

Saving

€33M

Score 2 — ×2.5 ★

Invest

€40M

Discharge

€100M

Saving

€60M

Four Winners — Zero Altruism Required
Naval Group saves €60M. CSR Director meets CSRD. Tunisia advances SDG5. AFD demonstrates 2.5× development leverage. SDG Offsets earns €6.3M+. No party acts out of goodwill — that is what makes this structurally robust.

Debt-for-SDG Swap — Stream 03Layer 3

Precondition

Naval Group certifies at Score 2

€40M investment extinguishes €100M obligation. SDG Offset Marker certified. Government validation obtained.

Negotiation

AFD restructures €150M bilateral debt

In exchange for Tunisia binding commitment: direct offset receipts to Score 2-certified projects over 5 years.

Impact reporting

AFD reports €375M certified SDG impact

€150M × 2.5 multiplier = €375M certified. Reported to French Parliament and OECD-DAC as development leverage.

Revenue

Structuring fee + retainer + equity

1.5% of €150M = €2.25M. Monitoring €350K/yr × 5. Equity 5% in project vehicle.

SDG Offsets Revenue Stack — Tunisia Deal

Revenue Type	Stream	Basis	Amount
Diagnostic & Structuring Phase 01–02	01	Fixed	€120K
Success Fee 5% of €40M directed	01	3–7%	€2.0M
SDG Offset Marker — 3 projects €30K × 3	02	Per project	€90K
Annual Re-certification €40K/yr × 3 yrs	02	Annual	€120K
Swap Structuring Fee 1.5% of €150M	03	At closing	€2.25M
Monitoring Retainer €350K/yr × 5	03	Annual	€1.75M
Equity — Project Vehicle 5% stake	03	Upside	€2–8M

Total Direct Revenue — Tunisia Pilot€6.3M+

+ Equity upside (5-year)€2–8M

S2

SDG Offset Marker — Preliminary Certificate

FREMM Industrial Offset Program

Naval Group · Tunisia · 2025

2

Score

Score 2 — Principal

Multiplier

×2.5

Primary SDG

SDG 5 — Gender Equality

SDG 5 · Gender SDG 4 · Education SDG 8 · Decent Work SDG 9 · Industry

SDG Offsets · OECD-DAC Marker (adapted) · Ref: TUN-2025-001

From Tunisia to 52 Countries
52 countries are in severe debt distress with active offset obligations. The Tunisia pilot validates the template. The methodology is identical for every subsequent deal. Each deal: 6 months vs 18 for the first. The certifications compound into the global standard.

Harvard GMP · April 2025 · Confidential