Svasti Microfinance raises USD 5 Million from IIX’s Women’s Livelihood Bond 5, the World’s First Orange Bond issuance
Mumbai-based Svasti Microfinance Private Limited (Svasti) has received US$ 5 million through Non-Convertible Debentures from Singapore-based Impact Investment Exchange (IIX)’s Women’s Livelihood Bond 5 (WLB5). WLB5 is the fifth issuance under IIX’s Women’s Livelihood Bond (WLB) Series, which is the world’s first gender-lens bond compliant with International Capital Markets Association and listed on a stock exchange.
Through five successful bond issuances, the WLB Series has mobilized over US$ 128 million leading to improved livelihoods and economic resilience for more than 1.3 million women across Asia-Pacific and Africa. The proceeds of this 4-year Non-Convertible Debenture will go toward empowering women through income-generating activities and promoting sustainable livelihoods. IIX recently launched the Orange Bond Initiative , which is the world’s first asset class built by and for the Global South and the 99% as a solution to financing gender equality. The Initiative’s mission is to empower ~100 million women and girls worldwide through unlocking US$10 billion by 2030.
Also read: Hero MotoCorp to collaborate with US-based Zero Motorcycles on premium electric bikes
Svasti is proud to be a part of this ground-breaking initiative, and this multi-continent and multi-sector portfolio focused on financing women-centric initiatives. Arunkumar Padmanabhan, Co-Founder and CEO, Svasti Microfinance said, “We are delighted that we are a part of the World’s First Orange Bond issuance. This will support our vision and mission to fulfil the right to finance and help transform the lives of 100 lakh women by 2030. This will add to the 3.5 lakh plus women who we have currently financed across eight states in India and are helping strengthen their economic resilience and self-reliance.”
Bhagavathi Subramaniam Narayanan, Co-Founder and CFO, Svasti Microfinance added, “As a signatory to the Orange Bond Pledge, we acknowledge the urgency in accelerating gender equality and reiterate our commitment to the Orange Bond’s mission and objectives to help build a gender empower financing system, mobilize capital for women’s empowerment, and to fast track gender equality.”
Pingback: Foxconn says committed to set up manufacturing facility in Telangana