Citi Bank is issuing a $1 billion social finance bond to support development projects in emerging markets.

According to the bank, proceeds will finance access to financial services projects, as well as affordable housing, basic infrastructure, healthcare, and education in underserved communities.

The bond is expected to settle on November 3, 2021.

In April, the bank made a $1 trillion commitment to sustainable finance, including $500 billion for social finance and $500 billion for environmental finance by 2030.

Social finance proceeds will aim to expand access to services for 15 million households, including 10 million women, within the first few years of its 2030 commitment, according to the bank.

“The Citi social finance bond is a great example of how we’re using our business capabilities to maximize the impact we can make as a bank, especially as we support emerging markets in their recovery from Covid-19,” said Jane Fraser, CEO of Citi.

“By harnessing investor demand and leveraging our unrivalled global network, Citi is enabling others to join us in making a positive difference as we work towards our commitment to support 15 million low-income households, including 10 million women, in the communities that need it most.”

The average value of capital allocated to impact bonds climbed to $438.4 million this month, according to think tank Brookings.

The top three impact bonds by sector in October, globally, were social welfare, poverty reduction and child and family welfare.

In the first half of the year, issuance of social bonds hit $13 billion, according to an analysis from Bank of America.

Financial services group PNC raised $700 million from its first social bond, the company announce in August. The proceeds are to be allocated to social projects centred around affordable housing, access to essential services and socioeconomic advancement and empowerment.