Gender bonds Scoping study summary

The scoping study examines gender bonds—debt instruments supporting women's empowerment—noting a lack of official guidance and eligibility criteria. It identifies three types of gender bonds: corporate behaviour, financial inclusion, and multilateral/DFI social bonds. While 13 gender-labelled bonds existed as of March 2020, the report finds that sub-Saharan Africa has not yet issued any, with varying levels of feasibility in South Africa, Nigeria, and Kenya based on investor appetite and market maturity.

• As of March 2020, 13 gender-labelled bonds have been issued by entities including NGOs, multilateral development banks, and large commercial banks. These are categorized into 'Corporate behaviour' bonds based on internal equality practices, 'Financial inclusion' bonds focusing on women's economic empowerment (typically in emerging and frontier markets), and multilateral/DFI social or SDG-labelled bonds with gender-focused proceeds.
• The gender bond market lacks official definitions, dedicated guidance principles, and specific eligibility criteria for the use of proceeds. Consequently, most issuers rely on external standards such as the UN’s Sustainable Development Goals, the UN Women’s Empowerment Principles, or the ICMA’s Social Bond Principles.
• Current market gaps include a lack of bonds for companies providing goods and services that disproportionately benefit women or those focusing on women in the supply chain. Additionally, impact reporting is insufficient, often relying on 'loans disbursed' metrics rather than measuring actual improvements in women's lives or corporate performance rates.
• No gender bonds have been issued in sub-Saharan Africa. The report assesses three specific markets: South Africa is viewed as having a receptive investor base for commercial instruments; Nigeria has an active gender lens investing sector but lacks interest in themed listed debt; and Kenya is considered a potential market provided there is concessional support to align cost of capital and risk-return profiles.

APA

FSD Africa (2020). Gender bonds Scoping study summary. https://fsdafrica.org/wp-content/uploads/2025/05/Scoping-study-Gender-bonds-summary-22.07.20.pdf

Chicago

FSD Africa. Gender bonds Scoping study summary. 2020. https://fsdafrica.org/wp-content/uploads/2025/05/Scoping-study-Gender-bonds-summary-22.07.20.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Gender bonds Scoping study summary |date=July 2020 |url=https://fsdafrica.org/wp-content/uploads/2025/05/Scoping-study-Gender-bonds-summary-22.07.20.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2020gender, author = {{FSD Africa}}, title = {{Gender bonds Scoping study summary}}, institution = {FSD Africa}, year = {2020}, month = jul, url = {https://fsdafrica.org/wp-content/uploads/2025/05/Scoping-study-Gender-bonds-summary-22.07.20.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }