The IFC and ALCB Fund have invested in the first gender bond issued by Ecobank Côte d’Ivoire, targeting financial access for women-led SMEs. The XOF 10 billion bond aims to facilitate 1,200 loans to women-owned businesses. This initiative aligns with efforts to strengthen economic growth and address the financing gap for women in Côte d’Ivoire.
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 pivotal investment in Ecobank Côte d’Ivoire’s gender bond. This bond marks a significant milestone as the inaugural gender bond issued within the West Africa Economic and Monetary Union (WAEMU), aimed at enhancing financial access for women-led small and medium-sized enterprises (SMEs).
The proceeds from this bond issuance are expected to facilitate nearly 1,200 loans to women-owned SMEs in Côte d’Ivoire. This initiative is essential for addressing the significant credit gap faced by women entrepreneurs, thereby promoting economic growth and job creation within the country. Notably, this gender bond represents only the second of its kind in Africa, following a similar initiative by NMB Bank that received support from the IFC.
The ALCB Fund and IFC have collectively invested XOF 4.9 billion (approximately $7.8 million) into the bond, which has a total issuance value of XOF 10 billion ($16 million). Additionally, the ALCB Fund facilitated financing for both entities, while the IFC provided a credit guarantee amounting to XOF 1.25 billion ($2 million). This investment aligns with Ecobank’s Ellevate program, which is targeted towards empowering women entrepreneurs through tailored financial offerings and advisory services.
Sérgio Pimenta, IFC’s Vice President for Africa, expressed pride in the partnership, emphasizing that increasing financial access for women-owned businesses is vital. Paul-Harry Aithnard, Regional Executive Director for Ecobank in the WAEMU region, highlighted the broader socio-economic benefits of financing women entrepreneurs, underscoring its potential impact on families and communities. Brock Hoback, Fund lead for the ALCB Fund, expressed enthusiasm about the investment coinciding with International Women’s Day, emphasizing the alignment of the gender bond with Sustainable Development Goals.
IFC’s involvement stems from its Banking on Women initiative, which fosters financial services for women in emerging markets. Over $10 billion has been invested in supporting women entrepreneurs across 83 nations. Furthermore, the World Bank’s Joint Capital Program (J-CAP) has provided technical support for the transaction, reinforcing the significance of well-regulated local capital markets.
The IFC’s operations in Côte d’Ivoire constitute its largest portfolio within the WAEMU region and one of the largest in Africa. As of January 2025, the IFC’s investment portfolio totaled $761 million, focusing on sectors such as affordable housing, infrastructure, agricultural value chains, and access to finance for SMEs.
In conclusion, the investment by IFC and ALCB Fund in Ecobank Côte d’Ivoire’s gender bond is a landmark initiative aimed at improving financial access for women entrepreneurs in West Africa. This investment not only addresses the credit gap for women-led SMEs but also promotes economic growth and job creation. With the backing of the IFC and the ALCB Fund, this bond is set to facilitate significant positive socio-economic impacts within Côte d’Ivoire.
Original Source: www.ifc.org
