Ecobank Côte d’Ivoire, a subsidiary of Ecobank Transnational Incorporated, has launched West Africa’s first Gender Bond, marking a significant step in addressing financing inequalities for women entrepreneurs. The bond issuance, valued at XOF 10 billion, is designed to mobilize funding for women-owned or-led businesses, fostering inclusive economic growth and reducing barriers to financial access.
The bond, named the “Ellever Gender Bond 6.5% 2024-2029,” was structured and arranged by EDC Investissement Corporation, Ecobank’s brokerage and asset management subsidiary. It aligns with international sustainable finance standards and has been independently verified by Morningstar Sustainalytics for compliance with global responsible investment principles. This issuance also represents Ecobank Côte d’Ivoire’s second bond offering since its inaugural fundraising in 2013.
Women entrepreneurs in West Africa face persistent challenges in accessing capital, with fewer than 20% of women-led SMEs securing adequate financing. Globally, gender bonds accounted for just USD 14.5 billion—or 1.5% of the sustainable bond market—in 2023, highlighting the need for expanded initiatives. The Ellever program, launched by Ecobank to support women entrepreneurs, has already made an impact; in 2024 alone, over 3,465 businesses registered and benefited from XOF 13.25 billion in disbursed loans.
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Paul-Harry Aithnard, the 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 five-year bond offers an annual interest rate of 6.5%, with a two-year grace period for capital repayment. It consists of one million securities priced at XOF 10,000 each. Proceeds from the issuance will be fully allocated to strengthening the Ellever program, which provides tailored financial and technical support to women-led initiatives.
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Roseline Abé, Chief Executive Officer of EDC Investissement Corporation, underscored the dual focus on financial performance and social impact: “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.”
Ecobank Côte d’Ivoire’s leadership in sustainable finance is evident through this groundbreaking initiative. The bank envisions long-term strategies that go beyond this issuance, aiming to develop innovative financial instruments that enhance economic inclusion.
“This issuance is just the beginning,” Aithnard concluded. “We will continue to develop tailored solutions to enhance women’s participation in the economy and encourage other financial institutions to follow this path.”
The launch of West Africa’s first gender bond represents a transformative step toward bridging financing gaps for women entrepreneurs while advancing sustainable development goals across the region.
