Impax Asset Management has become the sole investor in a bond issued by The World Bank, designed to promote gender equality and the role women play in accelerating economic development.

In an announcement on Monday, The World Bank said Impax invested in the US $4 million three-year bond that is aligned with Sustainable Development Goals five and 10 – gender equality and reducing inequalities.

The World Bank claimed that countries around the world could be losing up to $160 million in wealth because of differences in lifetime earnings between women and men.

“Gender inequality is not only the great human rights issue of our time, but the great economic issue of our time,” explained Joe Keefe, president of Impax Asset Management.

“Eradicating gender inequality and providing full educational and economic opportunities to women and girls can potentially unleash the greatest period of economic growth in the history of the planet. This is an investment whose time has come.”

The World Bank statement explained that granting girls equal access to education, healthcare, work a representation in political and economic decision-making processes acts as a catalyst for sustainable economies, and benefits wider society.

An enhanced role for women, globally, can have a lasting impact on tackling poverty and driving sustainable economic growth for all, the Bank claimed.

“World Bank bonds are an attractive way for investors to achieve financial goals and support a social purpose,” says Heike Reichelt, World Bank head of investor relations and new products.

“By focusing on key sustainability themes, our partnership with investors and other market participants is highlighting how together we can accelerate opportunities for capital markets to play a key role in mobilising finance for development and achieving the SDGs.”