Social Bonds

IFC’s social bonds offer investors an opportunity to finance IFC projects that benefit under-served populations in emerging markets, including women and low-income communities with limited access to essential services such as basic infrastructure, healthcare, finance and sanitation.

IFC is the only institution in the World Bank to issue social bonds. IFC has been a pioneer of the social bond market and one of the largest global issuers of social bonds in various currencies and tenors. IFC’s Social Bond Program, launched in 2017, aligns with the Social Bond Principles. 

IFC’s Social Bond Program supports projects that aim to achieve positive social outcomes especially but not exclusively for a target population. These include projects financed by IFC, such as:

IFC’s Banking on Women: Projects that lend to financial intermediaries with the requirement that IFC loan proceeds be on-lent to women-owned micro, small, and medium enterprises.

IFC’s Inclusive Business: Projects with companies that integrate underserved people at the base of the pyramid into a company’s value chain. For example, projects which:

• Provide health or education services

• Develop affordable housing

• Expand access to telecommunications, such as broadband or mobile phones

• Provide electricity or water services

• Source from small farmers

• Offer access to finance

• Sell through small mom-and-pop retailers

IFC Cumulative Social Bond Issuance (as of June 30, 2023)

$6.08 billion

in volume


in bonds and taps