OBLIGATIONS DE GENRE

The document serves as a practical resource for the issuance of gender bonds in Africa, detailing the process from preparatory work to post-issuance reporting. It defines gender bonds as mechanisms to channel funding toward projects reducing gender inequalities, categorizing them into use-of-proceeds (UoP) and performance-based structures. The guide emphasizes the importance of gender-disaggregated data, the role of external reviews (such as Second Party Opinions), and the support of Multilateral Development Banks (MDBs) as anchor investors. It highlights emerging markets in Morocco, Rwanda, South Africa, and Tanzania, and provides specific criteria for eligible projects, particularly the financing of women-owned micro, small, and medium enterprises (WMSMEs).

• Gender bonds are a growing asset class of Gender Lens Investing (GLI) used to channel funding toward projects that reduce gender inequalities and promote women's empowerment. They are categorized into use-of-proceeds (UoP) bonds, which fund pre-identified projects, and performance-based bonds, where conditions are linked to the issuer's achievement of specific goals.
• While global gender bond issuance has grown, African markets have historically had the lowest rates, though this is changing with recent issuances in Morocco, Rwanda, South Africa, and Tanzania.
• Financing women-owned micro, small, and medium enterprises (WMSMEs) is the most common project category for UoP gender bonds, with at least 85% of non-MDB gender bonds focusing on this area in specific geographic markets.
• Issuers are encouraged to adopt global standards such as the ICMA Social Bond Principles (SBP) and the emerging Orange Bond Principles (OBP), the latter of which aims to unlock $10 billion in gender-lens investment vehicles by 2030.
• Effective gender bond issuance requires three fundamental preparatory steps: making gender equality a core organizational strategy, establishing a dedicated gender bond working group, and ensuring the availability of robust gender-disaggregated data.
• External reviews, particularly Second Party Opinions (SPO), are critical for verifying the credibility of a framework. Approximately 80% of observed non-MDB/DFI gender bond frameworks have received an SPO.
• Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs) play a vital support role by acting as anchor investors (often covering 30% to 100% of the offering), providing technical assistance, and offering credit enhancements such as guarantees.
• Women borrowers represent an attractive business model; in 2023, banks in Sub-Saharan Africa reported a non-performing loan (NPL) rate for women borrowers that was 53% lower than for the general portfolio.

APA

FSD Africa (n.d.). OBLIGATIONS DE GENRE. https://fsdafrica.org/wp-content/uploads/2025/05/Gender-Bonds-Report-French.pdf

Chicago

FSD Africa. OBLIGATIONS DE GENRE. n.d. https://fsdafrica.org/wp-content/uploads/2025/05/Gender-Bonds-Report-French.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=OBLIGATIONS DE GENRE |url=https://fsdafrica.org/wp-content/uploads/2025/05/Gender-Bonds-Report-French.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafricandobligations, author = {{FSD Africa}}, title = {{OBLIGATIONS DE GENRE}}, institution = {FSD Africa}, url = {https://fsdafrica.org/wp-content/uploads/2025/05/Gender-Bonds-Report-French.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }