Social Bond of Diversity and Inclusion - Cooperativa Jardín Azuayo

The project consists of supporting Cooperativa de Ahorro y Crédito Jardín Azuayo Ltda ("CJA"), in the first Senior Social Bond of Diversity and Inclusion in Ecuador and the region. The total amount of the Bond is up to US$20 million with a four-year term. IDB Invest will act as anchor investor with a subscription for a total amount of up to US$10 million. Other potential investors will participate with up to US$10 million. The proceeds of the Bond will be aimed at expanding the financing to micro, small and medium-sized enterprises (“MSMEs”) led by and/or owned by indigenous people, migrants, women, low-income people and/or people with low levels of education.

Additionally, a technical advisory will be provided to: (i) better assess credit decisions towards women and under-represented groups by developing alternative credit scorings such as psychometric tools; (ii) to strengthen the gender and diversity impact measurement and reporting by improving their data collection systems; and (iii) design the conceptual framework of the Social Bond and finance the second party opinion (“SPO”).