Citi Announces $1 Billion Social Finance Bond Offering to Advance Social Initiatives Globally
Citi today announced the offering of the inaugural Citi Social Finance Bond, a $1 billion bond that supports social-focused developments in emerging markets around the world. The use of proceeds from the bond will finance a range of projects, including those that expand access to financial services, affordable housing, basic infrastructure, healthcare, and education in underserved and unbanked communities in emerging markets. The bond offering is expected to settle on November 3, 2021.
The Citi Social Finance Bond builds upon Citi’s expertise in inclusive finance and deepens efforts to drive positive social impact and financial innovations. The bond supports Citi’s $1 trillion commitment to sustainable finance announced earlier this year, which includes $500 billion for social finance and $500 billion for environmental finance by 2030, aligning with the agenda of the United Nations’ Sustainable Development Goals. As part of the $500 billion goal for social finance, Citi aims to expand access to essential services for 15 million households, including 10 million women, within the first few years of its 2030 commitment.
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“The Citi Social Finance Bond is a great example of how we’re using our business capabilities to maximize the impact we can make as a bank, especially as we support emerging markets in their recovery from COVID-19,” said Jane Fraser, CEO of Citi. “By harnessing investor demand and leveraging our unrivaled global network, Citi is enabling others to join us in making a positive difference as we work towards our commitment to support 15 million low-income households, including 10 million women, in the communities that need it most.”
To help meet its $500 billion social finance goal, Citi is expanding the focus of its global Citi Social Finance team, which will work across Citi’s businesses globally to develop solutions that enable the bank, its clients and partners to expand financial inclusion, accelerate access to basic services, boost job creation and scale social infrastructure development.
The bond offering follows the release of the new Citi Social Finance Framework, one of the world’s first global social finance frameworks focused on enabling financial inclusion, affordable housing and access to essential services in emerging markets. The framework details how projects and assets will be selected, and Citi will report annually on the use of funds and impact. Sustainalytics, an independent provider of sustainability research, analysis and services to financial institutions globally, has reviewed the Framework and confirmed in their assessment the alignment with the transparency and reporting requirements of the ICMA Social Bond Principles 2021.
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