IFC Backs Francophone West Africa First Gender-Bond Issued by Ecobank
TLDR
- The International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) have made an anchor investment in Côte d'Ivoire’s first gender bond
- The bond, the first of its kind in the West Africa Economic and Monetary Union (WAEMU), aims to increase financing for women-owned small and medium-sized enterprises
- The proceeds will support Ecobank’s Ellevate program, which provides tailored financial products, business advisory services, and capacity-building initiatives
The International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) have made an anchor investment in Côte d'Ivoire’s first gender bond, issued by Ecobank Côte d'Ivoire. The bond, the first of its kind in the West Africa Economic and Monetary Union (WAEMU), aims to increase financing for women-owned small and medium-sized enterprises (WMSMEs).
Ecobank's XOF 10 billion ($16 million) bond will help provide nearly 1,200 loans to WMSMEs, helping to bridge the region’s significant gender credit gap. IFC and the ALCB Fund jointly invested XOF 4.9 billion ($7.8 million), with IFC providing a credit guarantee of XOF 1.25 billion ($2 million).
The proceeds will support Ecobank’s Ellevate program, which provides tailored financial products, business advisory services, and capacity-building initiatives for women entrepreneurs. IFC will also offer advisory services to enhance Ecobank's ability to finance WMSMEs.
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Key Takeaways
Gender bonds are gaining traction as an alternative funding mechanism for women entrepreneurs. This issuance follows Tanzania’s NMB Bank gender bond, also backed by IFC. Women-owned businesses across Africa face financing gaps estimated at $42 billion, according to the African Development Bank (AfDB). By leveraging capital markets to fund female entrepreneurs, gender bonds provide a scalable approach to economic empowerment. The IFC’s Banking on Women program, which has invested over $10 billion in 83 countries, continues to support financial services tailored to women-owned businesses. The initiative aligns with global efforts to foster inclusive economic growth through sustainable finance mechanisms.
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