IDB Invest, Banco Solidario Join Efforts for Ecuador’s Gender & Inclusion Bond

Banco Solidario, a medium-sized private bank in Ecuador with a focus on microfinance, has issued a social bond for gender and inclusion for an amount of 30 million dollars. It is the first thematic bond in Ecuador that incorporates financing for the elderly and the migrant population.

The proceeds will be used to expand credit to micro-enterprises owned by women and the elderly, and will support Banco Solidario’s financial inclusion strategy through loans to micro-entrepreneurs and migrants without access to the financial system.

The placement was 100% subscribed by IDB Invest, which has also advised Banco Solidario in the design of the methodological framework for the use of proceeds, which contains the criteria for selection, monitoring and evaluation of projects aligned with the Principles of Social Bonds from the International Capital Market Association (ICMA).