2021 Environmental Social & Governance Report

DEVELOPMENT FINANCE
The development finance objective of the Target highlights the work of the JPM DFI, which was established to spur 
capital towards sustainable development projects – such as expanded access to education, financial services, 
telecommunications and health care – in developing countries. By assessing transactions based on their anticipated 
environmental and socioeconomic impacts, the JPM DFI seeks to expand the market for development finance and grow 
the pool of investors interested in transactions that offer financial returns and advance the SDGs. For more information, 
see page 45, as well as the JPM DFI’s 
2021 Annual Report
. 
In 2021, approximately $117 billion of development finance activity – nearly 600 transactions – was qualified towards 
the Target.
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Our Target in Action: Expanding Access to Telecommunications in Sub-Saharan Africa
In February 2021, JPM DFI acted as the Development 
Finance Structuring Agent for a $620 million 
corporate bond issued by Liquid Telecom, one of the 
largest multi-country, open access fiber network 
operators in Africa. The company operates its largely 
owned fiber optic and wireless network across more 
than 20 countries, including Botswana, Democratic 
Republic of Congo, Kenya, Rwanda, South Africa, 
South Sudan, Tanzania, Uganda, Zambia and 
Zimbabwe. These countries have a combined 
population of around 500 million people, but only 
23 million mobile broadband users and three million 
fixed broadband users, indicating limited access to 
telecommunication services, particularly for those 
living in rural areas. 
The bond issuance is expected to enable Liquid 
Telecom to help address key development gaps in 
the region and improve delivery of education, 
healthcare and key services to both urban and rural 
populations in Sub-Saharan Africa. 
Through the use of proceeds from the bond, Liquid Telecom is 
anticipating to improve access to information and 
communication technology and foster financial inclusion by: 
• 
Connecting approximately 800 buildings and 5,000 homes 
to the Fiber to the Home ("FTTH") network in the DRC, 
Rwanda and Zambia; 
• 
Doubling the capacity of the Company’s FTTH network to 
approximately 100,000 existing homes in Kenya, Rwanda, 
Uganda and Zambia; 
• 
Increasing coverage in Zambia and Zimbabwe by adding 
more than 100 additional LTE sites;
• 
Expanding its fiber network in the DRC to reach, via service 
providers, approximately 75% of the population; and 
• 
Creating employment opportunities specifically in the DRC 
and South Sudan.
The JPM DFI assessed the transaction and determined it 
advances United Nations SDGs #8 and #9, which are associated 
with promoting decent work and building resilient infrastructure, 
promoting sustainable industrialization and fostering innovation. 
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Numbers may differ from the JPM DFI's 2021 Annual Report primarily due to overlap with some transactions advancing both the green objective and development finance 
objective. For the Target, these transactions are counted only once, toward the green objective.
Select Geographies by Number of Transactions 
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INTRODUCTION
Message from Our Chairman & CEO
Company at a Glance
Our Approach to ESG
Feature: Our $2.5 Trillion 
Sustainable Development Target
ENVIRONMENTAL
SOCIAL
GOVERNANCE
ESG REPORT APPENDICES

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Courtesy of Riverton Square LLC
TOTAL
$285B
Green
$106B
Development
Finance
$117B
Community
Development
$61B
Eligibility Criteria
$B
8
%
Home Ownership
$31
50%
Affordable Housing
$17
29%
Small Business
$2
4%
Mixed Use
9
$10
17%