IFC & ALCB Invest in West Africa's First Gender Bond Issued by Ecobank Cote d'Ivoire

• IFC and the Africa Local Currency Bond Fund (ALCB Fund) made an anchor investment in Ecobank Côte d'Ivoire's gender bond on March 11
• This is the first gender bond to be issued in the West Africa Economic and Monetary Union (WAEMU)
• The program seeks to enhance women-led SMEs access to finance in Côte d'Ivoire

The IFC and the Africa Local Currency Bond Fund (ALCB Fund) have reaffirmed their anchor investment in Ecobank Côte d'Ivoire's gender bond, which is the first gender bond issued in the West Africa Economic and Monetary Union (WAEMU). The move will help improve women-owned SMEs' access to finance in Côte d'Ivoire. Proceeds from the bond will allow Ecobank Côte d'Ivoire to extend almost 1,200 loans to WMSMEs owned by women in Côte d'Ivoire, stimulating growth and job creation and closing the large credit gap women-owned firm’s face in the country.

Ecobank's gender bond follows as the second ever issued in Africa after that of the IFC-supported NMB Bank gender bond. A gender bond is a debt instrument that directs funds to projects and initiatives specifically designed to advance gender equality, women's empowerment, and bridging the gender gap.

The ALCB Fund, a pan-African investor in local-currency corporate bonds, and IFC have co-invested XOF 4.9 billion ($7.8 million) in the bond, of total issuance of XOF 10 billion ($16.0 million). The ALCB Fund lent on behalf of the Fund and IFC, with IFC then providing a credit guarantee of XOF1.25 billion ($2 million).

The investment aligns with Ecobank's Ellevate, a flagship banking program tailored to empower women entrepreneurs through adapted financial products, capacity development, and business advisory services. Complementary to the investment, IFC will offer advisory assistance to Ecobank Côte d'Ivoire in order to raise the capabilities of the bank in expanding finance access for WMSMEs.

"IFC is pleased to be one of the anchor investors in this pioneering bond issuance in West Africa and further strengthen our partnership with Ecobank. Increasing access by women-owned enterprises, including through the capital markets, is one of the central pillars of our strategy to contribute to job creation and inclusive growth in Côte d'Ivoire," said Sérgio Pimenta, IFC's Vice President for Africa.

"Along with personal prosperity, empowering a woman entrepreneur has a multiplier impact—it benefits families, creates more resilient communities, and drives inclusive growth." When we invest in women, we're investing in a future where there is shared prosperity and where the ripple effects of economic empowerment radiate far beyond one business," stated Paul-Harry Aithnard, Ecobank's Regional Executive Director for WAEMU region.

It is the ALCB Fund's pleasure to have been a lead investor for this transaction, especially in the same week as International Woman's Day. The use of proceeds for this gender bond, and its alignment with the Sustainable Development Goals, in addition to supporting Ecobank's first-ever XOF bond issue, were the main drivers of our involvement in this transaction.". Ecobank is a leader in spearheading economic empowerment through financial inclusion in Africa, and we hope to collaborate with them even more in the future," stated Brock Hoback, Fund lead for the ALCB Fund.

About the ALCB Fund

IFC — part of the World Bank Group — is the largest international development institution with a focus on the private sector in emerging markets. We operate in over 100 countries, applying our capital, expertise, and influence to build markets and opportunities in developing countries. In fiscal year 2024, IFC invested a record $56 billion in private sector companies and financial institutions in developing countries, using private sector solutions and mobilizing private capital to build a world without poverty on a sustainable planet.

About Ecobank Côte d'Ivoire

Ecobank Côte d'Ivoire is owned by Ecobank Group, a leading pan-African banking group that employs over 13,000 employees to cater to 32 million customers in 33 African countries. The group offers a wide range of banking services including deposits, cash management, advisory, and wealth management. Ecobank possesses a French banking license and premises in major global cities such as London, Beijing, and Dubai. ETI, the holding company of the group, is quoted on a number of stock exchanges across Nigeria, Ghana, and Abidjan.