In a press release distributed on December 23, 2020 Symbiotics – “the leading market access platform for impact investing” – announced that it “has arranged its first Social Bond to be used for affordable housing and associated household financing, by means of a loan in local currency of COP 35,8 billion (USD 10,5 million) for La Hipotecaria Compañía de Financiamiento (“La Hipotecaria”).
Banco La Hipotecaria and its subsidiaries (“Grupo La Hipotecaria”) have been providing access to mortgage financing in Central America for 23 years, entering the Colombian market in 2011. As a mortgage provider, its mission is for individuals to own their residence and thus improve quality of life of tens of thousands of Latin American families through its product offering.
The proceeds of the Social Bond will be used to finance access to financing services, with its eligible subcategories: affordable housing and household financing. This is in line with the Colombian government’s affordable housing programs to support vulnerable and low-income families. This social bond will be used to finance beneficiaries of those programs and their household financing needs.”
You may read the press release on the news page of the Symbiotics internet site.