IFC And ALCB Back West Africa’s First Gender Bond To Boost Women Entrepreneurs

Women-led businesses in Côte d’Ivoire are set to gain greater access to financing through a groundbreaking gender bond issued by Ecobank Côte d’Ivoire, the first of its kind in the West Africa Economic and Monetary Union (WAEMU).

To support its endeavour, the International Finance Corporation (IFC) and the Africa Local Currency Bond Fund (ALCB Fund) have announced a landmark investment into the gender bond.

The bond aims to address the country’s significant credit gap for female entrepreneurs by channelling much-needed capital to nearly 1,200 women-owned small and medium-sized enterprises (WMSMEs), fostering business growth, job creation, and greater financial inclusion in Côte d’Ivoire.

The investment is part of a growing movement to use capital markets as a tool for financial inclusion. Gender bonds, a relatively new financial instrument, direct funds toward initiatives that promote gender equality and economic empowerment. This is only the second such bond issued in Africa, following an IFC-supported transaction in Tanzania.

IFC and the ALCB Fund have committed XOF 4.9 B (USD 7.8 M) to the bond’s total issuance of XOF 10 B (USD 16 M). As part of the deal, IFC is also providing a credit guarantee of XOF 1.25 B (USD 2 M). The financing will support Ecobank’s Ellevate program, which offers tailored banking products, advisory services, and capacity-building initiatives designed specifically for women entrepreneurs. In addition to its investment, IFC will work closely with Ecobank to strengthen its ability to serve women-led businesses.

For IFC, this bond represents a significant step in leveraging capital markets to drive inclusive economic growth. Sérgio Pimenta, IFC’s Vice President for Africa, emphasized the importance of expanding financial access for women entrepreneurs, calling it a key pillar of IFC’s strategy for job creation and economic development in Côte d’Ivoire. Paul-Harry Aithnard, Regional Executive Director for Ecobank in the WAEMU region, highlighted the broader impact of supporting women-owned businesses, noting that financial empowerment for women translates into stronger communities and more resilient economies.

The timing of the investment underscores its significance. The ALCB Fund, which works to deepen local capital markets across Africa, described its support for the transaction as particularly meaningful during the same week as International Women’s Day. Brock Hoback, Fund Lead for the ALCB Fund, pointed to Ecobank’s leadership in driving financial inclusion and the alignment of this bond with global sustainability goals.

This initiative also fits into IFC’s broader efforts to improve financial access for women entrepreneurs through its Banking on Women program, which has mobilized more than USD 10 B across 83 countries. In Côte d’Ivoire, IFC’s work is part of its largest portfolio in the WAEMU region, which as of January 2025 stood at USD 761 M, spanning sectors such as affordable housing, agriculture, infrastructure, and SME finance. The World Bank’s Joint Capital Program (J-CAP) also played a role in supporting the transaction by providing technical assistance to strengthen the local capital market.

By backing this bond, IFC, Ecobank Côte d’Ivoire, and the ALCB Fund are not only increasing financial opportunities for women but also setting a precedent for gender-focused investments in the region. As gender bonds gain traction, this could open the door for similar initiatives, unlocking new funding streams and accelerating economic empowerment for women entrepreneurs across West Africa.