Press release: Symbiotics launches USD 6.75 million Sustainability Bond in Armenia with ACBA Bank OJSCTuesday 2nd, November 2021
Symbiotics, the leading market access platform for impact investing, has arranged a USD 6.75 million Sustainability Bond for ACBA Bank OJSC (“ACBA”).
This represents a landmark transaction for the only cooperative bank present in Armenia. ACBA has committed to use the proceeds of the Sustainability Bond for both social and green projects, in line with the ICMA Sustainability Bond Principles.
The social projects are micro loans up to USD 10,000 to microenterprises and SME loans up to USD 1 million to small and medium enterprises generating employment and improving the general funding available to this market. The green projects are centered around renewable energy projects, energy efficiency loans, clean transportation and sustainable agricultural loans focused on climate-smart farm inputs.
With the issuance of this Sustainability Bond, ACBA showcases its commitment to increase its presence into social and green financing practices within Armenia. The following SDGs are promoted with this Sustainability Bond issuance:
This bond is issued via Symbiotics sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainability, Social and Green Bond Framework, which was certified in December 2019 by DNV GL. The Sustainability Bond will be listed on the Luxembourg Green Exchange within the Sustainability Bond section. The Sustainability Bond proceeds are to be fully used towards a 48-months tenor, senior unsecured loan facility to ACBA.
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Symbiotics is the leading market access platform for impact investing, dedicated to financing micro- small and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 4,000 deals for over 450 companies in almost 90 emerging and frontier markets representing more than USD 5.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions. symbioticsgroup.com
About ACBA Bank
ACBA Bank is one of the leaders in the Armenian banking system and is represented in all regions of Armenia. The bank has 63 branches and about 1500 employees. ACBA is one of the largest employers in the Armenian banking system. acba.am
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For more information, contact:
Samy Derradji, Corporate Communication Manager, Symbiotics
Narek Asatryan, Public Relations Team Leader, ACBA Bank