/ Vigeo Eiris provides Second Party Opinion on the first Gender Bond issued in Latin America by Banistmo in collaboration with IDB Invest
Company & Organisation News - 07/08/2019
Vigeo Eiris provides Second Party Opinion on the first Gender Bond issued in Latin America by Banistmo in collaboration with IDB Invest
With an amount totalling US 50 million, this social gender bond will finance women-led SMEs in Panama
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, and Banistmo, a subsidiary of the Bancolombia Group, have announced the issuance of the first social gender bond in Latin America. Banistmo issued the bond and IDB Invest structured and bought 100% of the bond.
The issuance makes Panama the first country in Latin America to issue a social bond with a gender focus. The proceeds of the bond will be used exclusively to provide access to financing for women-led SMEs located in Panama. The gender bond has the potential to contribute to four United Nations Sustainable Development Goals (SDGs): SDG 5. Gender equality, SDG 8. Decent work and economic growth, SDG 9. Industry, innovation and infrastructure and SDG 10. Reduced inequalities.
The bond has been subject to Vigeo Eiris’ second party opinion. Vigeo Eiris has provided its conclusions on the sustainability credentials and management of the bond, including a dedicated analysis of the bond’s characteristics, in addition to Banistmo’s sustainability strategy and the bond’s contribution to sustainability and alignment with the Social Bond Principles.