Senior and subordinated loans and mezzanine equity to early-stage, growth or expansion stage enterprises with a financially sustainable business model coupled by demonstrable SDG impact. Investment ticket between US$ 250,000-2,500,000. Investees need to demonstrate increasing sales, improving margins and the ability to cover recurring costs with revenues. Investment criteria include revenues higher than US$ 200,000, positive/stable EBITDA trends and DSCR 1,2x.

Agriculture, Financial Sector, Renewable Energy, Local Infrastructure 

3,000 quality jobs created (30% min. for women and youth), 75,000 small-scale producers integrated into investees supply chains, income increase of 30% with aggregated income taxes of US$ 19.3 million, 15 supply chains strengthened, 11,250 households supported.

From various entrepreneurship programs, 114 small and mid-size enterprises have been identified and are in the pre-assessment and due-diligence process.

Bamboo Capital Partners

Average of 3 years (max 8 years).

US$ 35 million

5%

Operational

Early-stage and growth stage start-ups that respond to six priority SDGs. Investment focus into 15-20 startups (Indonesian and/or Southeast Asian start-ups with Indonesia as its primary market), especially women-owned/-led businesses. Investment ticket between US$ 500,000-US$ 1,000,000.

Healthcare, Education, Gender, Cities & Housing, Rural SMEs.

Project specific impact targets and SDG goals will be identified and measured for each pipeline. Examples include: number of Ministry of Micro, Small & Medium Enterprises (MSMEs) loans received, number of women entrepreneurs who developed financial literacy skills, percentage increase in MSMEs revenue, percentage increase in education coverage, change of teacher’s income, percentage increase of clinic’s revenue, percentage increase in clinic’s patient’s capacity, and percentage cost efficiency of service after using technology.

Amartha, Zenius Education, Klinik Pintar, Nodeflux, Akseleran

Mandiri Investment Management

2 - 8 years

First tranche US$ 5-10 million, second tranche US$ 25-30 million.

20%

Operational

Finance and/or refinance, in whole or in part, new or existing Eligible SDGs expenditures with green and/or social focus. Eligible expenditures may take the form of investment expenditures, subsidies, grants, loans, tax expenditures, operating expenditures, and intervention expenditures. Green focus proceeds may include renewable energy, energy efficiency, climate-resilience, sustainable transport, waste management, waste to energy, sustainable management of land and ocean resources, green tourism, green buildings, and sustainable water management related projects. Social focus proceeds may include employment generation, socioeconomic advancement and empowerment, food security and sustainable food systems, access to essential services, and affordable basic infrastructure projects. Exclusion list also applies.

SDGs Government Securities Framework

ICMA 2021 Green Bond Principles, 2021 Social Bond Principles, 2021 Sustainability Bond Guidelines, Green Bond Standards, Social Bond Standards, and Sustainable Bond Standards from the ASEAN Capital Markets Forum.

• Pre-issuance review: The SDGs Government Securities Framework was reviewed by CICERO and IISD to confirm alignment with the ICMA Principles and were classified as “Medium Green”.
• Post-issuance external review: The Ministry of Finance will engage an independent third party to provide assurance on its annual reporting on Green and SDGs Securities, and the compliance of each Green and SDGs Securities issued with the SDGs Government Securities Framework.

Green, Blue, and Social (health, education, social protection).

Indonesia

12 years

US$ 584 million

1.3%

Traded

SDG Bond Framework

Finance or re-finance, in part or in full, eligible assets providing distinct social or environmental benefits that further one or more of the SDGs. Eligible projects could include investment expenditures, fiscal expenditures (tax forgone), subsidies and operating expenditures as well as any other spending deployed to meet the Government’s eligible environmental and social projects that has taken place not more than 3 years prior to the issuance of any the SDG Bond. Main objectives include access to education, sustainable water management, access to health services, delivery of clean transportation services, pollution prevention and control, sustainable management of natural and land resources, clean and energy efficient production and consumption. An exclusion list also applies and all expenditures will also be screened for potential negative ESG impact. An SDG Bond Register will be developed by the Ministry of Finance to manage the proceeds allocation of the Bond, and make sure that the proceeds are used in accordance with the SDG Bond Framework.

ICMA 2021 Green Bond Principles, 2021 Social Bond Principles, 2021 Sustainability Bond Guidelines.

• Pre-issuance review: Uzbekistan received a second party opinion on the SDG Bond Framework from Sustainalytics. 
• Post-issuance external review: Uzbekistan will request on an annual basis, starting one year after issuance of each SDG Bond and until full allocation, an assurance report on the allocation of the SDG Bond proceeds to eligible projects, provided by an external auditor. 

Education, Health, Water Management, Green Transportation, Natural Resources Management, Pollution Control, Green Energy.

Uzbekistan

First tranche 10 years, second tranche 3 years.

First tranche US$ 635 million, second tranche US$ 235 million (nominated in Uzbek soums).

First tranche 3.9%, second tranche 14%.