 Social bond of the year - financial institution; Award for innovation - use of proceeds (social bond): Jardín Azuayo

In July 2023, IDB Invest and Cooperativa de Ahorro y Crédito Jardín Azuayo announced the issuance of a $20 million diversity and inclusion social bond, the first of its kind in the world with incentives linked to meeting certain objectives, according to IDB Invest.

The bond was subscribed with investments of $10 million each by IDB Invest and Oikocredit, a cooperative that provides funding to the microfinance sector.

Jardín Azuayo, an Ecuadorian savings and credit cooperative, will use the proceeds to finance, promote, and expand access to credit for micro, small, and medium-sized enterprises (MSMEs) owned and/or led by women, people with low incomes, with a low level of education, ethnic groups such as indigenous people, and/or migrants in Ecuador.

One Sustainable Debt Awards judge praised this "unique use of





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Social bond of the year - financial institution; Award for innovation - use of proceeds (social bond): Jardín Azuayo

In July 2023, IDB Invest and Cooperativa de Ahorro y Crédito Jardín Azuayo issued a $20 million diversity and inclusion social bond, a global first with performance-linked incentives.  IDB Invest and Oikocredit each invested $10 million. Jardín Azuayo, an Ecuadorian cooperative, will use the funds to expand credit access for women-owned and/or led MSMEs, low-income individuals, those with low education, indigenous people, and migrants in Ecuador.