Citi issued $1 billion in sustainable debt securities abroad (bonds), with social commitments. The resources of its first “social finance bond”, as it is being called by the global institution, will be directed to support socially focused ventures in emerging markets around the world. The intention is to finance projects that expand access to financial services, affordable housing, basic infrastructure, health and education in underserved and unbanked communities in emerging markets.
According to the bank, the offer will support Citi’s $1 trillion commitment to sustainable finance, announced earlier this year, which includes $500 billion for social finance and $500 billion for environmental finance, by 2030, in line with the United Nations Sustainable Development Goals agenda.
As part of its goal of reaching $500 billion in social funding, Citi says it aims to expand access to essential services to 15 million families, including 10 million women by 2025.
To accelerate the fulfillment of funding $500 billion in social projects by 2030, Citi is expanding the focus of its global social finance team, Citi Social Finance, which will work across all Citi businesses worldwide to develop solutions that enable the bank, its customers and partners to expand financial inclusion, accelerate access to basic services, boost job creation and expand social infrastructure development.
The bond offering also follows the launch of Citi’s new Social Finance Parameters, one of the world’s first guides focused on financial inclusion, affordable housing and access to essential services in emerging markets.
Information is from the newspaper The State of São Paulo.
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source https://pledgetimes.com/citi-raises-1-billion-for-social-projects-in-emerging-markets-istoe-money/
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