By Lisa Kerner
Charlotte, N.C., Dec. 15 – International Finance Corp., a member of the World Bank Group, sold $100 million (Ps. 1.5 billion) of five-year inclusive business bonds to Dai-ichi Life Insurance Co.
This marks the first time an institutional investor has supported IFC’s inclusive business bond program, according to a news release. IFC’s inclusive business bonds program supports investments in companies that profitably provide goods, services and job opportunities to people at the base of the economic pyramid, or about 4.5 billion that live on $8 per day.
In October, IFC’s first issuance under the program raised more than $100 million from Japanese retail investors.
“IFC inclusive business bonds support companies in emerging markets that actively integrate low-income communities into their value chain so they can participate in economic growth,” said IFC vice president and treasurer Jingdong Hua.
“The endorsement of the bonds by institutional investors such as Dai-chi is a strong indication for the opportunity to scale up the program, particularly as IFC looks to boost our investment in inclusive business models.”
J.P Morgan was the arranger of the bonds.
IFC, a World Bank member and lender to the private sector in developing countries, is based in Washington, D.C.
Dai-ichi is a life insurance company based in Tokyo.
| Issuer: | International Finance Corp.
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| Issue: | Inclusive business bonds
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| Amount: | $100 million
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| Maturity: | Five years
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| Distribution: | Private placement
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| Announced: | Dec. 15
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| Purchaser: | Dai-ichi Life Insurance Co.
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| Arranger: | J.P. Morgan
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