Washington: The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) issued a CAD 25 million, 5-year Sustainable Development Bond. During its launch, the World Bank raised awareness for the World Bank’s strategy, projects and programs that focus on gender equality.
RBC Capital Markets is the sole lead manager for the bond. RockCreek serves as the Equality Fund’s Outsourced Chief Investment Officer (OCIO) and advised on the transaction.
“Engagement with World Bank bond investors around purpose and impact of their investments is key to directing global savings to sustainable use,” said Jingdong Hua, World Bank Vice President and Treasurer.“We look forward to continued collaboration with investors as they develop investment strategies to support development sectors such as gender equality and appreciate the support of the Equality Fund and RockCreek for the World Bank’s activities.”
In the area of gender equality, the World Bank has a holistic approach in its work to close gender gaps. World Bank’s diagnostic assessments, country strategies, and project design consider gender gaps and solutions in the following four key areas for the greatest impact: (1) reducing gaps in health, education, and social protection; (2) removing constraints for more and better jobs; (3) removing barriers to women’s ownership and control of assets; and (4) enhancing women’s voice and agency and engaging men and boys in the process. This approach is particularly important in light of the COVID-19 pandemic, which is causing societal and economic disruptions across the globe, including those that threaten to widen gender gaps or dismantle progress made in the past.
“We are in unprecedented times which call for creative solutions so that we can mobilize capital to build a more just, equitable world,” said Afsaneh Beschloss, CEO of RockCreek. “With the type of work that the World Bank, Equality Fund, and RockCreek are doing we can address the challenges of inequity globally and show the impact and role that we can play in society and the economy for all.”
“This collaboration is a powerful example of our determination to use every tool at our disposal to shift power and capital to support gender equality around the world,” said Jessica Houssian, Co-CEO of the Equality Fund. “The Equality Fund is a bold step toward that future, and we are grateful to the World Bank for recognizing the central role of gender equality in building a more just and sustainable world.”
“We are excited to invest in this new bond issued by the World Bank, which will further our strategy to align our investments with our mission to advance gender equality,” said Bonnie Foley-Wong, Head of Investment Strategy at the Equality Fund.
“We are honored to support the development of innovative financing tools that help support sustainable development and focus on improving gender inequality,” said Alifia Doriwala, Co-CIO at RockCreek. “These types of solutions allow institutions to meaningfully invest in impact, generate returns, and scale their mission and will be a model for future investments.”
For more information on the World Bank Group and Gender Equality: https://www.worldbank.org/en/topic/gender