IFC and ALCB Fund Invest in West Africa’s First Gender Bond, Issued by Ecobank Côte d’Ivoire

Abidjan, Côte d’Ivoire, March 11, 2025 – To boost access to finance for women-led SMEs in Côte d’Ivoire, IFC and the Africa Local Currency Bond Fund (ALCB Fund) today announced an anchor investment in a gender bond from Ecobank Côte d’Ivoire, the first gender bond to be issued in the West Africa Economic and Monetary Union (WAEMU).

Proceeds from the bond will help Ecobank Côte d’Ivoire provide almost 1,200 loans to women-owned small and medium-sized enterprises (WMSMEs) in Côte d’Ivoire, supporting growth and job creation and helping to address the large credit gap women-owned businesses face in the country.

Ecobank’s gender bond is only the second to be issued in Africa following the IFC-supported NMB Bank’s gender bond. A gender bond is a debt instrument that channels funds specifically towards projects and initiatives aimed at promoting gender equality, women's empowerment, and closing the gender gap.

The ALCB Fund, a pan-African investor in local-currency corporate bonds, and IFC have jointly invested XOF 4.9 billion ($7.8 million) in the bond, which has a total issuance of XOF 10 billion ($16.0 million). The ALCB Fund provided financing on behalf of both the Fund and IFC, with IFC in turn providing a credit guarantee equal to XOF1.25 billion ($2 million).

The investment supports Ecobank’s Ellevate, a specialized banking program designed to support women entrepreneurs by providing tailored financial products, capacity-building, and business advisory services. In addition to the investment, IFC will also provide advisory support to Ecobank Côte d’Ivoire to enhance the bank's ability to increase access to finance for WMSMEs.

"IFC is proud to be an anchor investor in this landmark bond issuance in West Africa and strengthen our partnership with Ecobank. Increasing access through finance for women-owned businesses, including through capital markets, is a key pillar of our strategy to support job creation and inclusive growth in Côte d’Ivoire,” said Sérgio Pimenta, IFC’s Vice President for Africa.

Ecobank Côte d’Ivoire’s leadership in this bond issuance aligns with its broader mission of driving sustainable financial solutions that foster economic inclusion across Africa.

"Beyond individual success, financing a woman entrepreneur has a multiplier effect—it uplifts entire families, strengthens communities, and drives inclusive development. When we invest in women, we invest in a future where prosperity is shared, and where the ripple effects of economic empowerment extend far beyond a single business," said Paul-Harry Aithnard, Regional Executive Director for Ecobank in WAEMU region.

“The ALCB Fund is delighted to have been an anchor investor for this transaction, particularly in the same week of International Woman’s Day. The proceeds for this gender bond, and its alignment to the Sustainable Development Goals, coupled with supporting Ecobank’s first-ever XOF bond issuance, were the key considerations for our support of this transaction. Ecobank is a champion of driving economic empowerment through financial inclusion in Africa, and we look forward to working with them further in the future,” said Brock Hoback, Fund lead for the ALCB Fund.

IFC’s investment falls under its Banking on Women program, which helps catalyze financial services for women and women-owned MSMEs in emerging markets globally. To date, IFC has invested over $10 billion to finance women and women entrepreneurs through emerging market financial institutions in 83 countries.

The World Bank’s Joint Capital Program (J-CAP), which helps countries build deep, efficient, and well-regulated local capital markets, also provided technical assistance to support the transaction.

IFC’s program in Côte d’Ivoire is its largest portfolio in the WAEMU zone and one of its largest in Africa. As of January 2025, IFC’s total investment portfolio stood at $761 million with a focus on affordable housing, agricultural value chains, infrastructure (including digital), capital market development, health, creative industries, and access to finance for SMEs.