IFC and ALCB Fund have invested in West Africa’s first gender bond issued by Ecobank Côte d’Ivoire, targeting financial access for women-led SMEs. The bond will finance nearly 1,200 loans to women-owned businesses, supported by Ecobank’s Ellevate program and advisory services. This move aims to bridge the credit gap and promote gender equality in the region.
On March 11, 2025, IFC and the Africa Local Currency Bond Fund (ALCB Fund) announced a pioneering investment in West Africa’s first gender bond, issued by Ecobank Côte d’Ivoire. This initiative aims to enhance access to finance for women-led small and medium-sized enterprises (SMEs) in Côte d’Ivoire. The bond will finance approximately 1,200 loans to women-owned SMEs, addressing the critical credit gap they face.
Ecobank’s gender bond is notable as it is only the second of its kind in Africa, following the IFC-supported bond by NMB Bank. Gender bonds are financial instruments that direct funds toward initiatives focused on promoting gender equality and supporting women’s empowerment. Together, ALCB Fund and IFC have invested XOF 4.9 billion ($7.8 million) in this bond that totals XOF 10 billion ($16 million).
To further this initiative, Ecobank’s specialized banking program, Ellevate, will provide women entrepreneurs with tailored financial solutions and business advice. In addition to the funding, IFC will offer advisory support to bolster Ecobank’s capability to finance women-owned SMEs effectively.
IFC’s Vice President for Africa, Sérgio Pimenta, emphasized the importance of increasing financial access for women entrepreneurs, highlighting it as crucial for promoting job creation and inclusive growth in Côte d’Ivoire. Ecobank’s involvement in this issuance mirrors its commitment to sustainable finance and economic inclusion across Africa.
Paul-Harry Aithnard, the Regional Executive Director for Ecobank in WAEMU region, noted the profound impact of financing women entrepreneurs, stating that it benefits entire families and communities. Brock Hoback, the Fund lead for the ALCB Fund, expressed enthusiasm about partnering with Ecobank, especially in conjunction with International Women’s Day, and acknowledged the bond’s alignment with Sustainable Development Goals.
Through its Banking on Women program, IFC has committed over $10 billion globally to enhance financial access for women and women-owned MSMEs across 83 countries. Additionally, the World Bank’s Joint Capital Program (J-CAP) has lent technical support for this transaction.
IFC’s investment strategy in Côte d’Ivoire is its largest within the WAEMU zone, focusing on sectors like affordable housing, agriculture, health, and SME financing. The investment portfolio in January 2025 stood at $761 million, reflecting IFC’s extensive commitment to various developmental areas.
As a member of the World Bank Group, IFC is dedicated to fostering market opportunities and supporting sustainable financial practices worldwide. The ALCB Fund acts as a regional investor in local currency bonds, striving to strengthen local capital markets. Ecobank Côte d’Ivoire, part of the independent pan-African banking group, provides diverse banking solutions across the continent, furthering its mission of economic empowerment and financial inclusion.
The investment in Ecobank Côte d’Ivoire’s gender bond represents a significant step in supporting women-owned SMEs in Côte d’Ivoire, addressing critical financial gaps by providing accessible loans. With significant contributions from IFC and ALCB Fund, this initiative not only aims to empower women entrepreneurs but also fosters broader economic development through gender equality. The collaboration underscores the importance of innovative financial solutions in driving sustainable growth and inclusion in West Africa.
Original Source: www.ifc.org
