IFC more than doubles issuance of social bonds to over $3bn
The International Finance Corporation has released its new Social Bond Impact Report, showing cumulative volume raised from the program more than doubled in FY2020 to over $3 billion since the program's founding.
IFC issued 11 social bonds in FY2020, totaling $1.6 billion through four currencies — a record volume since the program's launch in March 2017 — supporting low-income communities and businesses at a time of global challenge from the COVID-19 pandemic.
As of the end of FY2020, IFC had issued a cumulative 53 social bonds in public and private markets across 11 different currencies. Since 2017, IFC Social Bonds have been committed to support 153 eligible projects totaling $4.3 billion — reaching 2.6 million farmers, feeding 3 million people, and treating 1.6 million malnourished children.
Through the program, IFC finances social projects that are stipulated in the Social Bond Principles which include: affordable basic infrastructure (e.g. clean drinking water, sewers, sanitation, transport, energy); access to essential services (e.g. education and vocational training, healthcare, financing and financial services); affordable housing; employment generation including through the potential effect of SME financing and microfinance; food security; and socioeconomic advancement and empowerment.
