Singapore, 30 April 2026 — Impact Investment Exchange (IIX) today announced the successful pricing of the second tranche of the Women’s Livelihood Bond™ 7 (WLB7), bringing total issuance across both tranches to US$92 million. This seventh issuance is set to impact approximately 1 million women and girls across India, Indonesia, the Philippines, and Sri Lanka, deploying capital across clean energy, sustainable agriculture, healthcare, and financial inclusion, with women and underserved communities at the center of each investment, particularly those on the frontlines of climate risk.
In 2025, the global sustainability project faced its most serious stress test in a decade. Geopolitical tensions placed pressure on climate frameworks, while development funding tightened amid intensifying climate shocks. The year highlighted structural challenges across parts of the sustainable finance ecosystem, particularly where models relied on stable conditions and concessional capital. WLB7b is certified as an Orange Bond, a cross-cutting asset class pioneered by IIX and global partners under the Orange Movement™, dedicated to financing at the nexus of gender equality and climate action. Once a bold experiment at the margins ofsustainable finance, Orange Bonds are now one of the fastest-growing segments in the market.
WLB7 is built on IIX’s signature blended finance structure, an award-winning model widely recognized as a benchmark for mobilizing private capital at scale in underserved markets, and structured for replication across geographies and successive issuances. The story of the WLB Series is, in many ways, the story of the last decade of global uncertainty. IIX launched the world’s first gender lens impact investing security on a stock exchange, WLB1, in 2017 with a US$8.5 million debut. Through COVID-19, supply chain disruptions, and shifting geopolitical conditions, the WLB Series continued to attract capital and deliver returns. Today, it has grown to approximately US$320 million across seven issuances, helping to lay the foundation for the broader Orange Bond asset class and demonstrating that integrating gender equity and climate resilience into financial structures can be both scalable and durable. This multi-sector investment approach of WLB bonds, including WLB7b reflects the reality of the communities the bonds serve. Climate resilience, healthcare, food security, and financial inclusion are not separate challenges, they are experienced simultaneously. By centering investments around women and underserved communities, who are disproportionately impacted across all of these areas, Similar to its predecessor bonds in the series, WLB7b is able to address multiple priorities within a single financial structure. This also speaks to the strength of Orange Bonds as a cross- cutting asset class, and why inclusion is increasingly recognized as foundational to effective climate action. The WLB Series model brings together concessional and private capital in a way that enables risk-sharing while delivering market-aligned returns. It has continued to operate across varying market conditions, including periods of global disruption.
The transaction attracted a strong coalition of investors and partners, including Nuveen, APG, International Finance Corporation, the Swedish International Development Cooperation Agency, the Ford Foundation, Clare Foundation, Standard Chartered Bank, Linklaters, and Clifford Chance.
“This latest issuance in the Women’s Livelihood Bond™ Series builds on a strong foundation and points to where the market is heading,” said Durreen Shahnaz, Founder and Chief Executive Officer of Impact Investment Exchange. “Investors are increasingly backing solutions that integrate gender equity with climate resilience. That shift is unlocking more capital for enterprises addressing the needs of historically underserved communities. WLB7 reinforces that Orange Bonds can deliver measurable positive impact alongside market-aligned returns.”
“The Ford Foundation is proud to support IIX and WLB7 as part of our commitment to building an economy that works for everyone. This investment is a critical tool for improving the livelihoods of women, refugees, and marginalized communities in South and Southeast Asia. Our partnership with IIX reflects our belief that a more inclusive financial system is not only possible, but essential to driving sustainable and equitable growth,” said Roy Swan, Director of Mission Investments, Ford Foundation.
“As demand grows for investments that integrate attractive relative value, blended finance and impact, Orange Bonds are emerging as a credible and scalable segment of the sustainable finance market,” said Stephen M. Liberatore, CFA Head of ESG/Impact for Global Fixed Income, Nuveen. “WLB7 reflects the strength of this model in mobilizing capital at scale and directing it toward solutions that improve livelihoods and build climate resilience. Having been invested in the WLB Series since WLB2, we have seen its evolution firsthand and believe there is significant potential for continued growth, enabling further issuances that can expand impact across underserved communities.”
WLB7 is expected to be listed on the Singapore Exchange and has received certification from Sustainable Fitch Limited, acting as the Second Party Opinion Provider, confirming alignment with the Orange Bond Principles™, as well as the International Capital Market Association’s Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines. It will also comply with EU and UK securitization regulations.