The Bangladesh Securities and Exchange Commission (BSEC) has released a draft amendment to the Debt Securities Rules, 2021 – a move that could transform the country’s sustainable finance landscape. For the first time, Orange Bonds have been formally recognized within a national regulatory framework, alongside new provisions for gender bonds and sustainability bonds.

This milestone is especially significant for IIX and the Orange Movement, as it represents the fruition of years of dialogue and development to embed inclusive, gender-smart finance at the policy level.

A Breakthrough for Orange Bonds

Orange Bonds are the world’s first asset class built on the principles of empowering women, supporting marginalized communities, and advancing climate action. Since launching the Orange Bond Principles in 2022, IIX and its partners have been working to not only issue Orange Bonds across Asia and beyond, but also to ensure that the regulatory landscape keeps up with this innovative financial instrument.

Bangladesh’s decision marks a breakthrough: what began as a pioneering innovation led by IIX has now entered the mainstream of financial governance.

Why It Matters

Policy-Level Recognition: Orange Bonds are now codified in Bangladesh’s regulatory architecture, providing a clear pathway for issuers to raise capital that advances gender equality, social inclusion, and sustainability.

• Investor Confidence: Stronger provisions on disclosure, reporting, and monitoring will reassure global investors seeking transparent, accountable impact instruments in emerging markets.
• Global South Leadership: Bangladesh joins the growing chorus of emerging economies demonstrating that leadership in sustainable finance does not have to come from the North. The Global South is innovating, shaping, and setting new norms for inclusive capital markets.

Building on Momentum

This development comes on the heels of IIX’s landmark Orange Bond issuances, including about US$980 million worth of Orange Bonds and Sukuk committed by PNM in Indonesia, and ongoing work to expand into Sri Lanka, Vietnam, and beyond. The recognition by BSEC underscores the scaling potential of Orange Bonds to mobilize billions to empower women and underserved communities globally.

Looking Ahead

As regulators adopt and investors embrace Orange Bonds, the Orange Movement™ continues to grow – transforming not only how capital flows, but also who it serves.

At IIX, we see this as the beginning of a new era: one where sustainable finance frameworks are designed not just for markets, but for people and planet.