Ecobank Côte d’Ivoire, a subsidiary of Ecobank Transnational Incorporated, has taken a bold step toward financial inclusion by launching the first Gender Bond in West Africa. This pioneering initiative seeks to raise XOF 10 billion to provide much-needed funding for women-led enterprises, addressing financial inequalities and fostering sustainable economic growth.
Known as the “Ellever Gender Bond 6.5% 2024-2029,” this landmark issuance is structured by EDC Investissement Corporation (EIC), Ecobank’s investment and asset management arm. This marks Ecobank Côte d’Ivoire’s second bond issuance, following its debut in 2013. To ensure adherence to international sustainability standards, Morningstar Sustainalytics provided an independent second-party opinion, reinforcing the bond’s alignment with responsible investment principles.
Strengthening Women’s Access to Finance
Since its launch, the ELLEVER program has made a tangible difference in women’s entrepreneurship. In 2024 alone, over 3,465 businesses registered, benefiting from XOF 13.25 billion in disbursed loans. However, financial barriers persist, with fewer than 20% of women-led SMEs in West Africa having access to adequate funding. Globally, Gender Bonds remain underutilized, representing just USD 14.5 billion—a mere 1.5% of the sustainable bond market in 2023.
Paul-Harry Aithnard, Managing Director of Ecobank Côte d’Ivoire, emphasized the significance 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.”
A Profitable and Impactful Investment
The “Ellever Gender Bond 6.5% 2024-2029” presents a unique investment opportunity, combining financial returns with social impact. Investors will benefit from a 6.5% annual interest rate and a two-year grace period on capital repayment. The total issuance of XOF 10 billion consists of one million securities, each valued at XOF 10,000.
Funds generated from this bond will directly support the expansion of the ELLEVER program, enabling women entrepreneurs to access tailored financial products, technical assistance, and business growth opportunities.
Roseline Abé, Chief Executive Officer of EDC Investissement Corporation, highlighted the significance of this effort:
“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.”
Driving Sustainable Economic Inclusion
With this groundbreaking Gender Bond, Ecobank Côte d’Ivoire strengthens its position as a leader in sustainable finance. The bank is not only addressing immediate funding challenges but also paving the way for long-term economic empowerment.
Paul-Harry Aithnard reaffirmed the bank’s commitment to financial inclusion:
“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.”
Through this initiative, Ecobank Côte d’Ivoire is redefining access to finance, championing gender equality, and supporting the growth of women-led businesses across West Africa.
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