The Jardín Azuayo Savings and Credit Cooperative of Ecuador has announced the issuance of a diversity and inclusion social bond worth 20 million dollars, subscribed in equal parts by IDB Invest and the Oikocredit cooperative from the Netherlands. It is the first social bond in the world with incentives linked to the fulfillment of sustainable objectives.

The proceeds obtained will allow Jardín Azuayo to finance, promote, and expand access to credit for micro, small, and medium-sized enterprises (MSMEs) owned and/or led by women, people with low incomes, low levels of education, ethnic groups such as indigenous, and/or migrants in Ecuador.

The transaction is supported by the Women Entrepreneurs Financing Initiative (We-Fi) and is aligned with the Social Bond Principles from the International Capital Markets Association (ICMA).