NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS), a major NBFC working in India’s remote rural areas, raises $14.4 million on the Impact Investment Exchange (IIX) through Listed Non-Convertible Debentures (NCDs). IIX provided Dvara with debt funding through the US$100 million Women’s Livelihood Bond™ 6 (WLB6), the market’s largest Orange and Sustainability Bond. Orange bonds are now the only asset class in emerging markets that intersects gender justice and climate action.

Photo courtesy of Baluda.