IFC and ALCB Fund announced an anchor investment in Ecobank Côte d’Ivoire’s gender bond, the first in West Africa. The bond aims to provide nearly 1,200 loans to women-owned SMEs, addressing the credit gap women face. Participants in the initiative include Ecobank’s Ellevate program and are supported by IFC’s advisory services. This effort contributes to job creation and economic inclusion for women in the region.
On March 11, 2025, in Abidjan, Côte d’Ivoire, the International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) declared a significant investment in a gender bond issued by Ecobank Côte d’Ivoire. This bond represents a pioneering effort within the West Africa Economic and Monetary Union (WAEMU) to enhance financial access for women-led small and medium-sized enterprises (SMEs).
The proceeds from this bond will facilitate nearly 1,200 loans aimed at women-owned small and medium-sized enterprises in Côte d’Ivoire, consequently promoting economic growth and job creation. By addressing the considerable credit gap faced by women entrepreneurs in the region, this initiative aims to empower women in business substantially.
Notably, Ecobank’s gender bond is the second of its kind in Africa, following a similar issuance by NMB Bank, supported by the IFC. Gender bonds are financial instruments specifically designed to raise funds for projects that advance gender equality and empower women, thereby bridging gender-related financial disparities.
The ALCB Fund and IFC collectively invested XOF 4.9 billion (approximately $7.8 million) in this bond, part of a total issuance of XOF 10 billion (about $16.0 million). IFC has provided a credit guarantee of XOF 1.25 billion (approximately $2 million) as part of this initiative, demonstrating its commitment to fostering women entrepreneurship.
This investment aligns with Ecobank’s Ellevate program, which offers tailored financial products, capacity-building, and business advisory services to women entrepreneurs. Furthermore, in addition to the financial investment, the IFC plans to offer advisory support to enhance the bank’s capacity to serve women-owned enterprises effectively.
Sérgio Pimenta, the IFC Vice President for Africa, expressed pride in the partnership with Ecobank, emphasizing the importance of increasing financial access for women-owned businesses as a vital component of promoting job creation and inclusive growth.
Paul-Harry Aithnard, Regional Executive Director for Ecobank in the WAEMU region, highlighted the broader impact of financing women entrepreneurs, noting that such investments uplift families and strengthen communities, thus fostering inclusive development.
Brock Hoback, Fund lead for ALCB, remarked on the significance of this transaction coinciding with International Women’s Day, underlining the alignment of the bond proceeds with the Sustainable Development Goals. The ALCB Fund is set to continue its collaboration with Ecobank in driving economic empowerment through financial inclusion in Africa.
IFC’s contribution is part of its Banking on Women program, which aims to promote financial services for women and women-owned micro, small, and medium-sized enterprises globally. So far, IFC has invested over $10 billion in initiatives supporting women entrepreneurs across 83 countries.
The launch of the gender bond by Ecobank Côte d’Ivoire, supported by IFC and ALCB Fund, marks a historic step towards improving access to finance for women-led enterprises in West Africa. The substantial investment aims to support job creation and empower women entrepreneurs, thereby addressing significant credit gaps within the region. As IFC and ALCB Fund reinforce their partnership with Ecobank, their efforts align with broader global objectives for gender equality and economic inclusion.
Original Source: www.ifc.org
