Ecobank Côte d’Ivoire Launches West Africa’s First Gender Bond

Saturday, 8th March 2025

By inAfrika Reporter

Ecobank Côte d’Ivoire has taken a groundbreaking step in advancing financial inclusion with the launch of West Africa’s first Gender Bond. This strategic initiative, valued at XOF 10 billion, is designed to mobilize funding for women-owned and women-led businesses, addressing financing gaps and fostering inclusive economic growth.

Named “Ellever Gender Bond 6.5% 2024-2029,” this issuance has been structured and arranged by EDC Investissement Corporation (EIC), Ecobank’s brokerage and asset management subsidiary. It aligns with international sustainable finance standards and has received an independent second-party opinion from Morningstar Sustainalytics, ensuring compliance with global responsible investment principles.

Since its inception, the ELLEVER program has significantly impacted women entrepreneurs, with more than 3,465 businesses registering in 2024 and benefiting from XOF 13.25 billion in disbursed loans. Despite this progress, access to capital remains a challenge, as fewer than 20% of women-led SMEs in West Africa secure adequate financing. The global market for Gender Bonds stood at USD 14.5 billion in 2023, representing only 1.5% of the sustainable bond market, underscoring the urgent need for expansion.

Paul-Harry Aithnard, Managing Director of Ecobank Côte d’Ivoire, emphasized the importance of this initiative: “This Gender Bond provides a tangible solution to the challenges faced by women entrepreneurs in West Africa. Today, women-led businesses are recognized for their resilience and performance, yet they remain significantly underfunded. Through this issuance, we reaffirm our commitment to building an ecosystem where women have full access to the financial resources they need to grow and succeed. This is a powerful tool to transform access to financing and sustainably accelerate the growth of women-led businesses.”

The “Ellever Gender Bond 6.5% 2024-2029” offers an attractive annual interest rate of 6.5% with a five-year maturity and a two-year capital repayment grace period. The total issuance consists of one million securities, each with a nominal value of XOF 10,000. These funds will be exclusively allocated to strengthening the ELLEVER program, financing women-led initiatives, and providing tailored financial and technical support.

Roseline Abé, Chief Executive Officer of EDC Investissement Corporation, highlighted the impact-driven nature of the bond: “We have structured this bond to be attractive to investors while delivering a strong impact on women’s empowerment in Côte d’Ivoire. This is a unique opportunity to combine financial performance with social inclusion.”

With this issuance, Ecobank Côte d’Ivoire reinforces its leadership in sustainable finance, pioneering a model that bridges profitability and positive social impact. The bank envisions a long-term strategy beyond this bond, promoting innovative financial instruments to empower women and encourage broader financial sector participation.

Paul-Harry Aithnard concluded: “This issuance is just the beginning. We will continue to develop tailored solutions to enhance women’s participation in the economy and encourage other financial institutions to follow this path.”

Ecobank Côte d’Ivoire’s Gender Bond sets a precedent for financial innovation and inclusion, marking a new era in supporting women entrepreneurs and driving sustainable economic transformation.