On March 11, 2025, IFC and ALCB Fund announced an investment in West Africa’s first gender bond from Ecobank Côte d’Ivoire. The XOF 10 billion bond aims to finance approximately 1,200 loans to women-owned SMEs, addressing a significant credit deficit. This aligns with efforts to promote economic growth and empowerment for women in the region.
On March 11, 2025, the International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) announced their investment in the first gender bond in the West African Economic and Monetary Union, issued by Ecobank Côte d’Ivoire. This initiative aims to enhance financial access for women-led small and medium-sized enterprises (WMSMEs) in Côte d’Ivoire, addressing the significant credit gap these businesses encounter. Proceeds from the bond are projected to help provide almost 1,200 loans to women-owned businesses, thereby fostering economic growth and job creation.
The gender bond, which supports the Ellevate program of Ecobank, is only the second of its kind in Africa following a similar initiative by NMB Bank. Notably, the ALCB Fund and IFC jointly invested XOF 4.9 billion ($7.8 million) in the bond, participating in a total issuance of XOF 10 billion ($16.0 million). In addition, IFC has offered a credit guarantee of XOF 1.25 billion ($2 million) to bolster this vital investment.
Ecobank’s specialized banking program, Ellevate, is designed to cater to women entrepreneurs through customized financial products and comprehensive advisory services. The IFC will extend advisory support to improve Ecobank’s capabilities in providing access to finance for WMSMEs. This investment aligns with IFC’s strategy to stimulate job creation and facilitate inclusive growth in Côte d’Ivoire.
Sérgio Pimenta, IFC’s Vice President for Africa, emphasized the importance of this bond issuance for enhancing financial accessibility for women-owned enterprises. Paul-Harry Aithnard, Regional Executive Director for Ecobank in the WAEMU region, highlighted the broader societal impact of financing women entrepreneurs, stating that it leads to increased family prosperity and community strength.
Brock Hoback, Fund lead for the ALCB Fund, expressed delight in being an anchor investor for this transaction, particularly in conjunction with International Woman’s Day, emphasizing the bond’s alignment with Sustainable Development Goals.
This investment from IFC aligns with its Banking on Women program, aimed at facilitating financial services for women and women entrepreneurs across emerging markets. The IFC has already invested over $10 billion globally to support women and their businesses through various financial institutions.
Furthermore, the World Bank’s Joint Capital Program provided technical assistance for this transaction, further strengthening the initiative. As of January 2025, IFC’s portfolio in Côte d’Ivoire is one of the largest in the WAEMU, with total investments amounting to $761 million across various sectors.
The investment in Ecobank Côte d’Ivoire’s gender bond represents a significant step towards enhancing access to finance for women-owned enterprises in Côte d’Ivoire. By channeling vital funds into WMSMEs, this initiative not only supports economic growth and job creation but also contributes to broader gender equality efforts in the region. IFC and ALCB Fund’s commitment, alongside Ecobank’s support for female entrepreneurs, underscores a holistic approach to driving sustainable development and financial inclusion.
Original Source: www.ifc.org
