A groundbreaking social bond to empower women-led adaptation-focused agri-SMEs in Uganda. Drawing from successful models in India and Senegal, it provides crucial credit to SMEs, supporting climate-resilient products and services while overcoming financial barriers to scaling up solutions. This innovative financial solution addresses the impact of climate change on rural women and households.


Women in Uganda face significant barriers to accessing financial services, with only a fraction of businesses owned by women receiving commercial credit. This disparity exacerbates existing gender inequalities and hinders economic empowerment. Moreover, Uganda’s economic landscape lacks adequate support for climate-relevant sectors like renewable energy and agriculture, which are crucial for sustainable development. Insufficient funding, particularly for women-led SMEs, and a dearth of innovative financing mechanisms further impede efforts to address climate change adaptation.


The InvestHER Climate Bond, a five-year+ social bond, empowers Ugandan women-led agricultural businesses fighting climate change. The initiative identifies qualified borrowers, facilitates loan access, and measures impact by partnering with a bond issuer, investors, and local organizations. Investors with social and financial goals contribute to the bond, while outcome incentives can lower borrowing costs and support climate-resilient practices for rural communities. This innovative approach, focusing on gender and climate outcomes, serves a previously overlooked market segment – women-led AgSMEs – by providing not just capital but also technical assistance for sustainable growth.

“We believe that we are in a position to develop an innovative financial mechanism that will position Ugandan women-led SMEs to extend products and services that will mitigate or address climate change in rural communities. We hope to leverage the Lab’s rich pool of resources, investor network, and expertise to make our audacious goal happen. With the Lab’s support, we are confident that we will be on the right track regarding the bond design and framework, leading to a high success rate for execution.”

Lisa Smith, Director of Institutional Relations at Grameen Foundation


The InvestHer Climate Bond, spearheaded by Grameen Foundation, targets specific impacts to advance climate adaptation in Ugandan agriculture, particularly for women. This initiative aims to foster the presence, growth, and sustainability of agSMEs offering climate adaptation solutions, consequently leading to job creation. It also seeks to amplify rural women’s access to financial and non-financial services tailored to mitigate their vulnerability to climate change. Additionally, it focuses on alleviating agriculture-related income loss and enhancing food security. Lastly, it aims to empower women to play pivotal roles as drivers of climate resilience and adaptation efforts.