Landmark Four-Party Strategic Partnership Announced to Launch Ethiopia’s Inaugural Gender Bond

Addis Ababa, Ethiopia — Enat Bank S.C., i-Capital Institute PLC, Financial Sector Deepening Ethiopia (FSD Ethiopia), and Financial Sector Deepening Africa (FSD Africa) have today signed a landmark Memorandum of Understanding (MoU) to structure, launch, and execute Ethiopia’s first-ever Gender Bond.

Signed at Enat Bank’s Head Office in Addis Ababa by executive leadership—Dr. Ermias Andarge (CEO, Enat Bank S.C.), Dr. Gemechu Waktola (CEO, i-Capital Institute PLC), Ms. Hikmet Abdella (CEO, FSD Ethiopia), and representatives of FSD Africa—this strategic alliance combines local banking excellence, expert financial advisory, and international development expertise to pioneer a thematic debt instrument in Ethiopia.

As Ethiopia’s capital market ecosystem evolves under the regulatory oversight of the Ethiopian Capital Market Authority (ECMA), this inaugural thematic issuance represents a transformative shift from traditional deposit-based lending toward market-based sustainable finance. By unlocking capital markets, the bond establishes a reproducible template for future corporate issuers in Ethiopia.

Enat Bank S.C. has long established itself as a pioneer in gender-lens banking, built specifically on its founding mandate to drive economic self-reliance for women. Demonstrating continuous institutional excellence, Enat Bank was awarded a "Transformational" rating in the 2025 National Bank of Ethiopia (NBE) Financial Inclusion Scorecard, subsequently advancing to a top-tier "Leader" rating in the 2026 NBE Financial Inclusion Scorecard. The upcoming Gender Bond marks the next strategic milestone in the Bank’s evolution—transitioning from traditional balance-sheet lending to capital market mobilization to scale patient, long-term credit for Women-Owned and Women-Led Small and Medium Enterprises (WSMEs) nationwide.

Guiding this historic issuance is i-Capital Institute PLC, serving as the Transaction Advisor. Drawing on extensive transaction advisory expertise across Ethiopia’s financial sector, i-Capital provides end-to-end guidance across the entire lifecycle of the bond. Complementing this local technical strength, FSD Africa and FSD Ethiopia bring deep regional capabilities and a proven track record of supporting landmark thematic debt instruments across the continent. Together, the partners will ensure the issuance strictly adheres to Ethiopia’s Sustainable Securities Guidelines and international standards, including the International Capital Market Association (ICMA) Social Bond Principles.