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IFC and Itaú Partner in a Gender Bond to Support Women Entrepreneurship in Brazil
IFC subscribed $200 million in a gender bond to Itaú Unibanco to support the bank's lending program to women-owned small and medium enterprises in Brazil, with parts of the proceeds focused on businesses based in underserved regions of the North and Northeast of the country.
The project represents the first gender bond issued by a private bank in Brazil in the form of Letras Financeiras (LFs), an exclusive debt security instrument for local financial institutions. IFC is also acting as an anchor investor to help mobilize other investors to participate in the issuance with up to $200 million.
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