500 Million Pounds for Private Sector Development

500 Million Pounds for Private Sector Development

500 Million Pounds for Private Sector Development

The FINANCIAL -- IFC, a member of the World Bank Group, has issued a 7-year sterling benchmark bond, attracting strong investor demand and raising 500 million pounds to stimulate private sector development, help create jobs, advance climate-smart solutions, and create opportunities for women entrepreneurs in developing countries.

This marks IFC’s first sterling-denominated bond since issuing its inaugural green bond raising 350 million pounds in July, and is IFC’s largest sterling bond issuance.

The bond, listed on the Luxembourg Stock Exchange, was heavily oversubscribed, with banks comprising 73 percent of investors, asset managers 10 percent, and central banks and official institutions 17 percent. The proceeds of the bond will go to finance IFC investments in emerging markets.

Jingdong Hua, IFC Vice President and Treasurer, said: “I am very happy that IFC is returning to the sterling market. Our diversified funding program is essential to finance our global investments in some of the poorest and most challenging countries. Private sector development can help fight climate change, break down the digital divide, and encourage women-owned businesses and entrepreneurship.”