“Symbiotics launches USD 14 million Social Bond in Ecuador with Cooperativa de Ahorro y Crédito de la Pequeña Empresa de Cotopaxi” – Symbiotics – January 6, 2022

In a press release distributed on January 6, 2022 Symbiotics reported that it “has arranged a USD 14 million Social Bond for Cooperativa de Ahorro y Crédito de la Pequeña Empresa de Cotopaxi (“Cacpeco”).

Providing financing to underserved people and communities has been the core of Cacpeco’s contribution to the Ecuadorian society. The issuance of this Social Bond emphasizes another step in Cacpeco’s social journey that started in 1988 in Latacunga, Cotopaxi, Ecuador. It shows the ability to align to international standards and attract funding from international investors. The Social Bond is fully aligned to the International Capital Market Association (ICMA) Social Bond Principles.

The proceeds will be used to finance affordable housing mortgages, stimulating home-ownership and contributing to the reduction of the housing deficit in Ecuador. Micro loans up to USD 10,000 to microenterprises and SME loans up to USD 1 million to small and medium enterprises will generate employment, financial inclusion and improving the general funding available to this market.”

You may read the press release on the news page of the Symbiotics internet site.