Symbiotics Launches $14M Social Bond in Ecuador With "Cacpeco"

Symbiotics, the leading market access platform for impact investing, has arranged a $14 million Social Bond for Cooperativa de Ahorro y Crédito de la Pequeña Empresa de Cotopaxi ("Cacpeco").

Providing financing to underserved people and communities has been the core of Cacpeco’s contribution to the Ecuadorian society. The issuance of this Social Bond emphasizes another step in Cacpeco’s social journey that started in 1988 in Latacunga, Cotopaxi, Ecuador. It shows the ability to align to international standards and attract funding from international investors. The Social Bond is fully aligned to the International Capital Market Association (ICMA) Social Bond Principles.

The proceeds will be used to finance affordable housing mortgages, stimulating home-ownership and contributing to the reduction of the housing deficit in Ecuador. Micro loans up to $10,000 to microenterprises and SME loans up to $1 million to small and medium enterprises will generate employment, financial inclusion and improving the general funding available to this market.