Japan issued the country's first gender bonds on Monday to promote women's empowerment and education and ensure gender equality in developing nations.
The Japan International Cooperation Agency (JICA) issued gender bonds. As per the Tokyo-based website Kyodo News, the government-supported non-profit aid organisation has successfully raised nearly $181 million.
The JICA's gender bonds are part of the social bonds designed to address various challenges.
So what is it about?
It has maturities ranging from 10 to 20 years to support initiatives in areas where women do not have equal access to education, employment, or political participation.
JICA's gender bonds are part of social bonds that are used to address various challenges. Gender equality is among the 17 sustainable development goals set by the United Nations.
The NGO stated that women-focused assistance has taken on greater importance amid the COVID-19 pandemic, with more females subject to domestic violence and deprived of chances for employment or education.
The increase in violence against women is a result of people spending more time at home under hard lockdown measures to fight the COVID-19 outbreak implemented in some nations.
The aid agency has launched bonds designed to achieve specific targets. As per Japan Today, among them are "TICAD bonds" to help African development, taking the name from the Tokyo International Conference on African Development, high-level governmental dialogue between Japan and African nations.