Ecobank Côte d’Ivoire raised over CFA11 billion in just 48 hours through WAEMU’s first gender bond, with support from the IFC. The funds will be exclusively used to finance women-led businesses under the Ellever program.

Ecobank Côte d’Ivoire has successfully closed the first-ever gender bond in the West African Economic and Monetary Union (WAEMU), raising over CFA11 billion ($18.2 million) in just 48 hours. The bond, called "Ellever Gender Bond 6.5% 2024-2029," was designed specifically to finance businesses led by women. It surpassed its initial target of CFA10 billion.

This groundbreaking initiative offered investors an annual return of 6.5% over five years, with a two-year grace period before capital repayments begin. The bond was open to both institutional investors and the general public, with an initial offering of one million securities, each valued at CFA10,000.

"This was a resounding success. We closed the operation in just two days, far exceeding our initial goal," said Roselyne Abbé, Managing Director of Ecobank Development Corporation (EDC), which structured the transaction.

The deal was backed by the International Finance Corporation (IFC), a member of the World Bank Group, and the Africa Local Currency Bond Fund (ALCB Fund). Together, they invested CFA4.9 billion. The ALCB Fund managed the fundraising on behalf of itself and the IFC, which also provided an additional CFA1.25 billion guarantee.

"This is a first in West Africa and clearly a model to follow," said Sergio Pimienta, IFC Vice President for Africa. Gender bonds remain a niche market, with a global value of only $14.5 billion in 2023—just 1.5% of the total sustainable bond market.

The bond issuance is part of Ecobank Côte d'Ivoire’s efforts to address a long-standing financing gap for women entrepreneurs, estimated at over CFA1.4 trillion. "We wanted to provide a concrete solution to this structural problem," said Paul-Harry Aithnard, CEO of Ecobank Côte d’Ivoire. "That’s what the Ellever program is all about—giving women access to capital, strengthening their skills, and supporting their digital transformation."

Since its launch two and a half years ago, the Ellever program has supported over 3,500 women-led businesses and disbursed more than CFA13 billion in funding. Despite these efforts, access to financing remains a major challenge in the region, with fewer than 20% of women-led SMEs in West Africa securing adequate funding.

Buoyed by the success of this bond, Ecobank now aims to expand the Ellever program to reach 10,000 women entrepreneurs in the coming years.