The project consists of supporting Banco Pichincha C.A. in the first Senior Social Gender Bond issuance in Ecuador. The total amount of the Bond is up to US$200 million with a five-year term. IDB Invest will act as investor with a subscription for a total amount of up to US$50 million. The International Finance Corporation (IFC) is also participating as investor with up to US$$50 million and other potential investors will participate with up to US$100 million. The proceeds of the Bond will be aimed at expanding the financing to Women-led Small and Medium Enterprises (WSMEs), increasing their productive investments and economic development.
Additionally, technical advisory will be provided to: (i) strengthen the gender and diversity strategy of Banco Pichincha by developing a value proposition focused on WSMEs in the agricultural sector, which will also address some the challenges indigenous and rural women entrepreneurs face in Ecuador; and (ii) design the conceptual framework of the bond issue, and a second party opinion will be included, pursuant to the Sustainable Development Goals ("SDGs").