BancoSol boosts 3,200 women-owned businesses in Bolivia by placing its second gender social bond for $21.9 million
BancoSol successfully completed the issuance and placement of its second Avanza Mujer Social Bond, for 150,537,000 bolivianos (equivalent to $21.9 million), with an interest rate of 6.30% for five years and an AA1 rating from AESA Ratings. The resources mobilised will finance 3,200 micro and small businesses run by women entrepreneurs across the country, providing investment and operating capital, promoting their economic empowerment and growth.
The transaction, structured and placed by the BISA Brokerage Firm, has been externally evaluated by AESA Sostenible, certifying its alignment with the ICMA Social Bond Principles and Sustainable Development Goals (SDGs).
“Women entrepreneurs are a key development driver in Bolivia: they support families, create jobs, and boost the economy. At BancoSol, we recognize their potential and are committed to their progress, ensuring their access to financing to continue closing the gender gap. “Investing in women is not only fair, it is the key to a sustainable and prosperous future for all of Bolivia,” said Verónica Gavilanes, general manager of BancoSol.
This second issuance confirms the strength of our institutional vision and the impact of a banking model that drives structural transformations and improves lives. "BancoSol reaffirms its leadership and commitment to financial inclusion from a gender perspective, creating true opportunities for thousands of women entrepreneurs and contributing decisively to inclusive economic growth," said Esteban Altschul, chairperson of the Board of BancoSol.
Market confidence and institutional support
The issuance was fully subscribed by ten public and private institutional investors, reaffirming the market's confidence in financial instruments with a social purpose. With this second transaction, BancoSol consolidates its leadership as a pioneering issuer of gender-tagged bonds in Bolivia and strengthens its commitment to sustainable finance.
Key representatives of the financial system participated in the symbolic bell-ringing ceremony in La Paz: Ivette Espinoza, executive director general of the Financial System Supervisory Authority (ASFI); Moisés Murillo, investment manager of the Public Long-Term Social Security Agency; Hugo Morató, president; and Pablo Irusta, general manager of the Bolivian Stock Exchange, who highlighted the importance and impact of this transaction in promoting socially impactful investments and strengthening an inclusive and sustainable financial system in Bolivia.
To Ivette Espinoza, ASFI’s executive director general this milestone not only reflects a commitment to inclusion and gender equity, but it also shows the confidence and maturity of the stock market in channeling resources toward investments with a social impact. “This result is the product of coordinated efforts between the public and private sectors, showing that regulation and sound financial practices are perfectly compatible with inclusive development,” the official stated.
In the words of the general manager of the Bolivian Stock Exchange, Pablo Irusta: "The Bolivian Stock Exchange has taken the lead in developing thematic bonds, positioning the market as an effective channel for financing sustainable initiatives with social and environmental impact. "The second issuance of BancoSol's Avanza Mujer Social Bonds confirms the dynamism and maturity of the stock market, the vision of investors to finance projects that have a real impact, and the Stock Exchange's ability to connect capital with initiatives that transform lives," he emphasized.
A pioneering model of financial inclusion with a gender approach
BancoSol reaffirms its leadership as a pioneer in Bolivia by issuing the first social bond with a gender approach, for 205,800,000 bolivianos (equivalent to $30 million) and backed by IDB Invest with a partial guarantee of 50%. This issuance was recognized internationally with the Social Bond Structure Innovation Award at the 2025 Sustainable Debt Awards by Environmental Finance.
Both issues strengthen the Avanza Mujer program, a banking model with a comprehensive gender perspective that combines access to credit with appropriate conditions, savings, insurance, and value-added services, including free training and tools to develop skills and abilities.
To date, 184,253 women have accessed financing for more than USD 1.288 billion; 35,443 female entrepreneurs have participated in training programs, and the portfolio balance gap between men and women has been reduced by 1.31 percentage points, reaching 45.53% of women in the credit portfolio.
Stories that inspire
During the event, three beneficiaries of the BancoSol 1 Avanza Mujer Social Bonds — Pamela Soria, Julieta Villán, and Flora Silva — shared how access to financing transformed their businesses, improved their families' quality of life, and created jobs in their communities.
With this second issue, BancoSol reaffirms its commitment to the global agenda, actively contributing to five Sustainable Development Goals (SDGs): SDG 1 (No poverty), SDG 5 (Gender equality), SDG 8 (Decent work and economic growth), SDG 9 (Industry, innovation and infrastructure) and SDG 10 (Reduced inequalities).
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