South Caucasus’ first gender bond to support women-owned businesses

The first gender bond in the South Caucasus region is being launched in Georgia to support women-owned businesses with $7 million support of the Asian Development Bank, the ADB announced on Monday.

The Bank said it was investing in a two-year local currency gender bond issuance by the local microfinance organisation Crystal to finance women-owned micro, small and medium-sized enterprises in the country.

It is the first certified gender bond issuance in the South Caucasus and in the Georgian Stock Exchange", the ADB said, explaining the role of gender bonds as social bonds issued to enhance gender equality and women's empowerment.

The total bond issuance amounts to ₾25 million ($9.38mln), with ADB as the anchor investor and the Bank of Georgia as co-investor with a subscription of ₾6.25 million ($2.35mln). 

Earlier this month, the European Bank for Reconstruction and Development announced a $16 million loan to Georgia’s Credo Bank to support local micro, small and medium-sized companies and women-led firms in the country.