The first collaboration between the Latin American and Caribbean Development Bank (CAF) and the Japan International Cooperation Agency (JICA) saw Banco Cooperativo Sicredi raise $297 million from the pair to finance micro-, small- and medium-sized enterprises (MSMEs) led by women, in Brazil.

The funds will also be used for credit in municipalities with a Human Development Index (HDI) below the national average, and a part will also be used to finance rural producers.

The loan is aligned with Sicredi's Sustainable Finance Framework and is labelled as a Social Loan in accordance with the social lending principles published by the Loan Market Association, the Asia Pacific Loan Market Association and the Loan Syndication and Trading Association.

"Commendable social loan with impact on various social elements," said one Environmental Finance judge.