On March 11, 2025, IFC and ALCB Fund announced an investment in West Africa’s first gender bond from Ecobank Côte d’Ivoire. The bond aims to provide loans to approximately 1,200 women-owned SMEs, addressing financial disparities. The joint investment amounts to XOF 4.9 billion ($7.8 million) and supports Ecobank’s initiatives for women entrepreneurs. This investment is also connected to IFC’s broader objectives of promoting gender equality and economic growth.
On March 11, 2025, in Abidjan, Côte d’Ivoire, the International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) announced a pioneering investment in West Africa’s inaugural gender bond, issued by Ecobank Côte d’Ivoire. This bond aims to enhance financial access for women-led small and medium-sized enterprises (WMSMEs) in the region.
The issuance is expected to provide nearly 1,200 loans to women-owned businesses in Côte d’Ivoire, contributing to economic growth and job creation while addressing significant credit disparities present within the market. Notably, this gender bond is the second of its kind to be launched in Africa, following a similar initiative from NMB Bank supported by the IFC.
The ALCB Fund and IFC jointly committed XOF 4.9 billion (approximately $7.8 million) to the bond, whose total issuance amounts to XOF 10 billion ($16 million). The ALCB Fund facilitated the financing, with IFC providing a credit guarantee of XOF 1.25 billion ($2 million) as part of their investment strategy.
This financing will bolster Ecobank’s Ellevate program, tailored to support women entrepreneurs through customized financial products, capacity-building initiatives, and business advisory services. Additionally, the IFC will extend advisory support to enhance Ecobank’s capabilities in financing WMSMEs.
IFC’s Vice President for Africa, Sérgio Pimenta, highlighted the significance of this investment, stating that it strengthens IFC’s commitment to increasing access to finance for women-owned businesses. Moreover, Paul-Harry Aithnard, Regional Executive Director of Ecobank in the WAEMU region, emphasized the broader impact of investing in women, linking it to community empowerment and inclusive development.
Brock Hoback, Fund lead for the ALCB Fund, expressed enthusiasm for being an anchor investor in this transaction, notably coinciding with International Women’s Day. He underscored the alignment of this bond with Sustainable Development Goals and Ecobank’s role in promoting economic empowerment through financial inclusion across Africa.
This investment is part of IFC’s Banking on Women program, which has facilitated over $10 billion in financing for women entrepreneurs through various financial institutions globally. In Côte d’Ivoire, IFC’s initiatives represent the most extensive portfolio within the WAEMU zone, focusing on diverse sectors such as housing, agriculture, infrastructure, and SME financing.
The World Bank’s Joint Capital Program (J-CAP) provided technical assistance essential for this landmark transaction. For over 30 years, IFC has played a crucial role in fostering market development in emerging economies, demonstrating its commitment to poverty alleviation and sustainable economic growth.
The announcement of the first gender bond in West Africa marks a significant development in enhancing financial access for women-led businesses. With substantial backing from the IFC and ALCB Fund, this initiative aims not only to support women entrepreneurs but also to foster broader economic growth and job creation in Côte d’Ivoire. The partnership reflects a shared commitment to empowering women and promoting sustainable development across the region.
Original Source: www.ifc.org
