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IFC and DEG Agree to Subscribe to Asia Pacific’s First Private-Sector Women Entrepreneurs Bonds to be Issued by Bank of Ayudhya

Bangkok, Thailand – WEBWIRE

IFC, a member of the World Bank Group, and DEG (Deutsche Investitions und Entwicklungsgesellschaft) have agreed to subscribe to the Women Entrepreneurs Bonds to be issued by Bank of Ayudhya in the amount of up to $220 million. The pioneering investment is supported by the Women Entrepreneurs Opportunity Facility, a joint initiative of IFC and Goldman Sachs 10,000 Women to expand access to capital for women entrepreneurs globally. The aim of this offering is to boost lending to women-led small and medium-sized enterprises (WSMEs) in Thailand.

Bank of Ayudhya, locally known as “Krungsri,” and one of Thailand’s largest universal banks and a leader in retail and SME banking, expects to issue the bonds to IFC and DEG this October. IFC’s and DEG’s subscriptions will be up to $150 million and up to $70 million, respectively. MUFG Securities Asia Limited is the sole social bond structuring advisor, arranger, and placement agent.  

This will be the first private-sector “gender” bond issuance in the Asia Pacific region and the first social bond issuance in Asian emerging markets in compliance with the International Capital Markets Association Social Bond Principles and the ASEAN Social Bond Standards.

Seiichiro Akita, Krungsri’s President and CEO, said: “Krungsri holds strong to our conviction in continuing to grow our business, while fulfilling the broader goal of financial inclusion for the underserved, including the WSME segment. This issuance reaffirms our commitment to corporate citizenship practices and our broader ambition to meet the UN Sustainable Development Goals.”

More than half of the SMEs in Thailand, and especially those owned by women, lack adequate access to finance. The finance gap for WSMEs in the country is estimated to be $25 billion, accounting for 61 percent of the overall micro and SME finance gap in Thailand.

Augusto King, Co-Head of Debt Capital Markets Loans and Bonds Asia Pacific at MUFG, added: “Sustainability is an important agenda for MUFG. This issuance will give women entrepreneurs across Thailand the chance to take their businesses to the next level and unleash fresh growth impetus in the country.”

This inaugural certified social bond issuance will help expand credit lines to WSMEs — an important sector that drives economic growth and employment — and promote the transparency and integrity of Asia’s nascent social bond market.

Monika Beck, Member of DEG’s Management Board, underlined: “DEG is proud to partner with Krungsri and IFC for this first private sector gender bond in Thailand. The transaction demonstrates DEG’s commitment to promoting greater participation of women in the Thai economy to raise productivity, boost the living standards of families, and foster social cohesion.”

Social bonds raise funds for projects that help improve social outcomes. This novel asset class provides investors with an attractive investment proposition as well as an opportunity to support projects with positive social impact.

Krungsri’s Women Entrepreneurs Bonds will introduce WSME loans as an attractive asset class for investors and pave the way for the issuance of future capital markets instruments that benefit socially-responsible initiatives in Thailand and the region. Through this offshore bond issuance, Krungsri will position itself as a pioneer of women finance in Thailand.

“We are focused on closing gaps in access to finance and education for women entrepreneurs. That is why we support innovative capital solutions such as the first private-sector “gender” bond in the Asia Pacific region,” said Cristina Shapiro, Global Director of 10,000 Women. “Goldman Sachs research shows that closing the credit gap for women-owned SMEs in emerging markets could push income per capita an average of 12 percent higher by 2030. Women entrepreneurs have real potential to impact Thailand’s future growth.”

Philippe Le Houérou, the Chief Executive Officer of IFC, said: “Our partnership with Krungsri and DEG introduces an important new capital markets tool to Thailand and the region. Instruments like the Women Entrepreneurs Bonds will allow investors to experience what IFC has observed for years; namely, that women entrepreneurs are a source of growth and sustainability for banks, communities, and countries. Investing in women can improve the lives of families and drive business, thereby ensuring Thailand’s growth trajectory is inclusive and sustainable.”

About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit

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About Krungsri
Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand’s five Domestic Systemically Important Banks (D-SIBs) with 74 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 698 branches (658 Banking Branches and 40 Auto Business Branches) and over 34,186 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 9.5 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor).

Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption. For more information, visit

About DEG
For over 55 years DEG, a subsidiary of KfW, has been a reliable partner to private-sector enterprises operating in developing and emerging-market countries. We provide them with long-term financing and advice tailored to individual needs. They can thus develop successfully and sustainably, while generating local added value and creating qualified jobs. As a development finance institution, we deliberately tap into future markets and promote the expansion of the private sector. More information:

About MUFG
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups.  Headquartered in Tokyo with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.  

About Goldman Sachs 10,000 Women
Goldman Sachs 10,000 Women is an initiative to foster economic growth by providing women entrepreneurs around the world with a business and management education and access to capital. The initiative has reached women from 56 countries through a network of 100 academic, nonprofit, and bank partners. In partnership with the International Finance Corporation (IFC), Goldman Sachs 10,000 Women launched the first of its kind global finance facility in 2014 to enable access to capital to more women entrepreneurs. To date, the Women Entrepreneurs Opportunity Facility has reached over 53,000 women globally, deploying over $1.4 billion globally through local financial institutions.  And now, by leveraging technology the 10,000 Women curriculum is available online through Coursera, creating access to a business education in more corners of the world. For more information on Goldman Sachs’ investment in female entrepreneurs, visit

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