This €1 billion ($1.1 billion) seven-year social inclusion bond, issued by Council of Europe Development Bank (CEB) in April 2022, was the first social bond to target the response to the Ukraine refugee crisis in the aftermath of the Russian invasion of Ukraine.

The proceeds of the bond will be used to finance a portfolio of social loans to CEB member countries to support the longer-term needs of Ukrainian refugees and their host communities, in the four key sectors that will help refugees integrate into their host communities.

These were: housing for low-income families, health and social care, education and vocational training, and support for micro, small and medium-sized enterprises.

The funding team behind the bond told Environmental Finance: "We are honoured to win the award for the Social Inclusion Bond that targeted the response to the Ukraine refugee crisis.

"For us, the support on the successful transaction from the ESG investor community was not only a vote of confidence in our institution, but more importantly, an act of solidarity with the Ukrainian refugees during the time of crisis.

"For 65 years the CEB has consistently supported timely and effective responses to relieve suffering and restore dignity to refugees and migrants and this award highlights the importance of this work."