In a press release distributed on August 4, 2020 Symbiotics reported that it “has arranged its first Social Bond, raising USD 10.25 million (PEN 36.1 million) for Cooperativa de Ahorro y Crédito ABACO (“ABACO”), a credit institution in Peru.
This bond is issued via Symbiotics’ sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainability, Social and Green Bond Framework, which was certified in December 2019 by DNV GL. The Social Bond proceeds are to be fully used towards a 4-year, senior unsecured, local currency loan to ABACO.
ABACO is a Peruvian loans and savings cooperative that has been serving small and medium-sized enterprises and agriculture businesses for more than 35 years. It operates through financial intermediaries in rural areas where access to financing is limited. The proceeds of the Social Bond will be used to finance small and medium-sized enterprises within the trade, services and agriculture sectors, in particular the food industry, commercial stores and farms.”
You may read the press release on the news page of the Symbiotics internet site.