Côte d’Ivoire’s Ecobank, a subsidiary of Ecobank Transnational Incorporated has issued the first Gender focused bond in West Africa taking a big step forward in its commitment to supporting financial inclusion for women-owned and led businesses in the region.
This groundbreaking bond issuance, amounting to $16,5 million, aims to mobilize further funding specifically for women-owned businesses, reducing financing inequalities and fostering inclusive economic growth.
Tangible impact on Women-Led Business
The fund is named “Ellever Gender Bond 6.5% 2024-2029,” and has been structured and arranged by EDC Investissement Corporation (EIC), Ecobank’s Brokerage and Asset Management subsidiary. The issuance marking Ecobank Côte d’Ivoire’s second bond issuance after its initial fundraising in 2013.
Aligned with international sustainable finance standards, the Gender Bond has received an independent second-party opinion from Morningstar Sustainalytics. This process, ensuring compliance with global best practices in responsible investment.
Since its inception, the ELLEVER program has made a tangible impact on women entrepreneurship. In 2024, over 3,465 businesses registered, benefiting from $21,9 million in disbursed loans.
Challenges Remain
However, access to financing remains a significant challenge for women entrepreneurs in West Africa. The data from the area indicates that less than 20% of women-led SMEs have access to adequate funding.
Globally, Gender Bonds represented only USD 14.5 billion, accounting for just 1.5% of the sustainable bond market in 2023. The underlying need to expand such initiatives is highlighted by this difference.
According to Paul-Harry Aithnard, Managing Director of Ecobank Côte d’Ivoire, women’s financial inclusion is a major economic priority. “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.”
Combining Profitable Investments with Social Impact
The “Ellever Gender Bond 6.5% 2024-2029” offers investors and the public a unique opportunity to combine profitability with social impact. This five-year bond provides an attractive annual interest rate of 6.5% with a two-year capital repayment grace period.
Funds raised are to be fully allocated to strengthening the ELLEVER program. Financing initiatives led by women, and providing them with tailored financial and technical support.
Roseline Abé, Chief Executive Officer of EDC Investissement Corporation, highlights the significance of this initiative:
“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.”
Financial Inclusion Advances
With this Gender Bond, Ecobank Côte d’Ivoire has cemented its leadership in sustainable finance. This will pave the way for greater economic inclusion going forward. The bank’s ambition goes beyond this issuance, as it envisions a long-term strategy to promote innovative and inclusive financial instruments.
Through this initiative, Ecobank Côte d’Ivoire is creating further opportunities for women-led business to flourish. By transforming access to finance and reaffirming its commitment to inclusive and sustainable development.
