Gide has advised the ALCB Fund on landmark Gender Bonds Issuance in Côte d’Ivoire

Gide has advised the Africa Local Currency Bond Fund (ALCB Fund) managed by Cygnum Capital in its anchor investment in the first-ever gender bond issuance within the West African Economic and Monetary Union (WAEMU), launched by Ecobank Côte d’Ivoire. This pioneering transaction marks a significant milestone in the development of gender-lens investing and local capital markets across the region.

The XOF 10 billion (approximately $16 million) bond issuance, backed jointly by the ALCB Fund and the International Finance Corporation (IFC), is designed to improve access to finance for women-owned and women-led small and medium-sized enterprises (WMSMEs) in Côte d’Ivoire. The ALCB Fund invested XOF 4.9 billion ($7.8 million) in the bond, alongside a partial credit guarantee of XOF 1.25 billion ($2 million) provided by IFC. This marks a major step in addressing the financing gap for women entrepreneurs in the country.

The proceeds of the bond will support Ecobank Côte d’Ivoire’s Ellevate program, which is dedicated to empowering women entrepreneurs through tailored financial services, capacity-building, and advisory support. The initiative is expected to facilitate nearly 1,200 loans to WMSMEs, contributing to job creation, inclusive growth, and sustainable economic development in the country. This is a critical step towards fostering economic empowerment and supporting the broader goals of gender equality.

Gide acted as legal counsel to the ALCB Fund, advising on the structuring and execution of the transaction, including regulatory compliance, local due diligence, and negotiations. This transaction is particularly significant in reinforcing Gide’s deep expertise in capital markets, blended finance, and sustainable investment across Africa. The firm’s support was pivotal in ensuring that the bond issuance met all necessary legal requirements, both locally and internationally.

Gide’s London team comprised counsel Jérémie Bismuth and associate Alessia Longo.