Geneva-based impact investing platform Symbiotics has launched a sustainability bond, the firm announced on Monday.
The bond, which has raised $10.7m (CHF 9.7m), will be listed on the Luxembourg Green Exchange. Its proceeds will be used towards a four-year, senior unsecured, local currency loan to one of the Republic of Armenia’s largest banks, ARMECONOMBANK OJSC (AEB).
It will finance both social and green projects, including household, micro and SME finance.
A statement from Symbiotics reads: ‘During the tenor of the loan, AEB will strive to increase the allocation of the bond proceeds to the following eligible green projects: energy efficient household appliances, energy efficient home improvements and solar panels.
‘AEB will provide both use of proceeds and impact reporting per social and green category on an annual basis.’