Jasiri Gender Bond

The Jasiri Gender Bond, launched in February 2022 by NMB Bank with technical support from FSD Africa, mobilised USD 32 million to support women-led enterprises in Tanzania. The bond provided capital to over 200 SMEs and 3,000 MSMEs, offering loans at a competitive 14% interest rate compared to the 19% market average. It was the first Sub-Saharan bond listed on the Luxembourg Green Exchange and saw a 197% oversubscription, with 99% of investors being retail investors. The bond's success was supported by the Capital Markets and Securities Authority's adoption of ICMA guidelines, facilitating the use of global standards for local ESG products.

• The Jasiri Gender Bond mobilised USD 32 million and was oversubscribed by 197%. The investor base was predominantly retail (99%), with women making up 52% of investors and foreign investors accounting for 31%.
• The bond provided capital to more than 200 SMEs and 3,000 MSMEs. It targeted enterprises owned by women (at least 50%), those with 30-50% women in the workforce, or those with at least 30% women in key management roles, as well as men-owned businesses producing goods and services that benefit women.
• Funds totaling TZS 74.2 billion were deployed across three quarters, fully allocating proceeds to women-owned or -controlled enterprises in less than a year, which was faster than the planned 18-month timeline. Loans were provided at a 14% interest rate, significantly lower than the 19% market average.
• The bond's implementation was supported by the Capital Markets and Securities Authority (CMSA), which followed International Capital Markets Association (ICMA) guidelines to establish a foundation for local ESG product guidelines.
• To address collateral challenges for women entrepreneurs, the Jasiri Bond collaborates with the African Guarantee Fund to ensure secured loans.

APA

FSD Africa (2023). Jasiri Gender Bond. https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Impact-story-28.02.24.pdf

Chicago

FSD Africa. Jasiri Gender Bond. 2023. https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Impact-story-28.02.24.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Jasiri Gender Bond |date=March 2023 |url=https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Impact-story-28.02.24.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2023jasiri, author = {{FSD Africa}}, title = {{Jasiri Gender Bond}}, institution = {FSD Africa}, year = {2023}, month = mar, url = {https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Impact-story-28.02.24.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }