Bolivia's first gender bond by a commercial bank specialising in financial inclusion – BancoSol – was highlighted by judges for this year's Award for innovation – bond structure in the social bond category.

The BOB205.8 million ($29.7 million) bond was designed to follow the International Capital Markets Association's Social Bond Principles and was issued as a public local bond guaranteed by IDB Invest.

IDB Invest said its guarantee covered up to 50% of the bond's "capital and diminished the investor risk and enhanced its attractiveness".

Proceeds of the bond were dedicated to lending to at least 4,500 women-led micro and small enterprises, strengthening BancoSol's 'Avanza Mujer' smart banking model in gender, a programme that also includes value-added services to strengthen the knowledge and skills of women entrepreneurs.

"This bond demonstrates innovation, collaboration and leadership with a gender-focused social bond," said one Environmental Finance judge. "I am impressed by the trailblazing effort of BancoSol, it leads by example."