TO expand financial inclusion and support human capital development in the Philippines, the International Finance Corp. (IFC) is investing $100 million in a social bond issued by City Savings Bank Inc. (CitySavings), the first thrift bank to issue a social bond. The social bond follows ICMA's Social Bond Principles and the Asean Social Bond Standard.
Proceeds from the social bond will be used for loans to women in low and lower-middle-income groups and encourage them to invest in small businesses to supplement their family's income and payments for healthcare, education, and housing.
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