Women-led businesses in Africa face a $42 billion financing gap, yet studies consistently show that gender-diverse companies outperform others by at least 20%. If African economies fully embraced inclusivity, GDP could rise by over 13%.

Today, the world marks the International Day of Women and Girls in Science and it’s necessary to move beyond rhetoric and focus on practical solutions that break long-standing limitations. 

At the Gender Bonds Toolkit Dissemination Workshop organised by FSD Africa, Techeconomy had an insightful conversation with Tokunboh Ishmael, managing director and co-founder of Alitheia Capital. 

She shared her journey in ensuring gender-focused investments, the strategies used to break investor scepticism, and the systemic changes required to promote an inclusive business environment.

Breaking Investor Scepticism on Gender Initiatives

TE: While speaking earlier, you mentioned that it took years to convince investors to support the gender initiative. What strategies were you able to use to break the scepticism behind it or to gain traction for initiatives that address gender-based inequalities?

TI: In the first instance, we showed that there was actually an economic gain and impact from including everybody. When you heard me earlier, I said that everyone should picture their favourite football team playing with just half of the players—were they likely to win? And everybody was like, no, they’re going to lose.

We showed that there was economic potential. The female economy is worth $12 trillion globally. The African economy could have an uplift of over 13% in GDP contribution if we build more inclusive companies and economies. 

At the company level, you have better decision-making at boards, better governance, and better ideas that create products benefiting everyone.

Another key thing we did was launch a Gender Lens Toolkit for investing in companies, showing how, at every stage of the investment process, gender is a factor for success. 

It provides a framework to rate companies from gender-negative to gender-strategic and guides them in developing gender action plans. These plans help businesses diversify their income, increase revenue, and drive down costs.

Research has shown that gender-diverse companies outperform by at least 20%. In showing this and providing practical guidance on gender-smart investing, we were able to convince investors to come along.

Measuring the Impact of Gender-Focused Investments

TE: With over 70% of your fund investors focused on women, what tools or metrics do you use to measure the long-term impact of this investment on local economies and communities?

TI: Just as I mentioned, we track several key areas:

• Female Founders: We intentionally invest in female-led businesses, which is why we can maintain a portfolio where over 70% of our investments go to women.
• Board Representation: In many companies, boards are overwhelmingly male, with women as the minority or even nonexistent. We work on increasing female representation.
• Employment Practices: We assess hiring policies to ensure more high-level jobs are accessible to women.
• Product Inclusion: We ensure that the products developed by these businesses support not just half of the population but the entire population. Being intentional about creating essential products for female consumers is key.

Beyond Funding: Systemic Changes to Support Women in Business

TE: You mentioned the $42 billion financing gap for women-led businesses in Africa. Beyond funding, what systemic changes or policies do you believe are essential to creating an enabling environment for women?

TI: First of all, we need intentionality—both in investment and policymaking. We need policies ensuring that capital allocation isn’t overwhelmingly skewed toward men. There must be diversity at the investment allocation stage, meaning pension funds, insurance companies, and other investors must actively consider female-led businesses.

Why? Because you know what you know—if investors don’t have diverse perspectives, they won’t naturally identify opportunities that target women.

So, for me, the key elements are:

• Intentionality in investment decisions.
• Diverse allocation of capital at the funding stage.
• A clear goal to ensure Africa reaches its full economic potential through inclusive investing.

Again, the enabling business environment plays a huge role. It’s not just about injecting money into businesses; it’s also about ensuring lower costs of doing business, improved infrastructure, and overall business-friendly policies. 

Most SMEs in Africa are led by women, so when we talk about creating a better ecosystem, we are indirectly supporting these women-led businesses.

Solving the Root Cause of Gender Inequality

TE: Many organisations have launched initiatives to bridge gender inequality, yet the gap remains wide. What is the root problem that we need to address?

TI: Money makes the world go round, and we need to move beyond lip service when it comes to capital allocation.

The gender financing gap amounts to billions of dollars. Our fund is just $100 million, which is a drop in the ocean compared to the need.

If we continue prioritising only short-term, high-gain investments, then we’re not serious about sustainable development. Leaders in Nigeria and Africa must put their money where their mouth is.

When leaders talk about Nigeria being a tough place to invest, they should realise that they have the power to change that narrative. Investment in sustainable growth means investing in:

• The future of every African,
• The future of every Nigerian,
• And creating an environment where every citizen can reach their full potential.

Our conversation with Tokunboh Ishmael stressed the need to ensure financial access for female-led businesses. Bridging the gender gap has become an economic necessity. 

Today we celebrate International Day of Women and Girls in Science, and it’s time to stop treating gender inclusion as a side issue and recognise it as the foundation for long-term prosperity.

Even with countless empowerment programs, policy statements, and international pledges, the gender gap in financial access is still as stubborn as ever. 

In fact, according to the World Bank, women in sub-Saharan Africa are 20% less likely than men to have a bank account. Meanwhile, gender bonds—seen as an indispensable financial tool—are struggling to scale, leaving many to wonder: are we making real progress, or just perfecting the art of well-intentioned rhetoric?

At the Gender Bonds Toolkit Dissemination Workshop hosted by FSD Africa in partnership with UN Women, Techeconomy sat down with Ms. Beatrice Eyong, UN Women’s Country Representative in Nigeria, to cut through the noise. 

She shared unfiltered insights into the roadblocks hindering gender-focused financial solutions, the role of UN Women in policy advocacy, and the real steps needed to ensure financial equity isn’t just a buzzword but a reality for women in Africa’s underserved communities.

Challenges in Scaling Gender-Focused Financial Solutions in Africa

TE: Several initiatives have been launched to empower women and bridge the gender gap, but the difference is still wide. What are the biggest challenges in scaling gender-focused financial solutions across Africa? What are we overlooking that continues to widen the gap?

BE: One of the primary challenges is that certain individuals fail to recognise that there’s a gap. Some people do not fully understand the persistence of gender inequalities, which are deeply entrenched in our traditions and cultures, where women are often not regarded as economic actors. Instead, they are frequently viewed as consumers rather than contributors to economic development.

Cultural and traditional norms hinder women’s involvement in business. In some regions—though I cannot speak specifically for Nigeria—it may require a woman’s husband’s consent to open a bank account, and to access a loan, she may need the approval of a male relative, such as her father, husband, or elder brother.

Again, the criteria for accessing loans are often tied to land ownership, an asset that women typically have limited access and control over. As a result, women are unable to independently manage land resources or make decisions about their use of land. This emphasises the need for transformative, innovative financial systems, mechanisms, and procedures to help women overcome these obstacles.

Even within financial institutions, women are often seen as small-scale or micro-business owners, rather than major economic players. However, the work we’ve been doing for years is now paying off, as even banks and financial institutions are beginning to recognise the gap and the obstacles. They are increasingly recognising that supporting women is not merely an act of charity but an essential business imperative.

If we want to be truly effective in all sectors of economic development, it is crucial to involve women. They bring unique perspectives, expertise, and management strategies. Thus, these obstacles are deeply rooted in how society perceives women, and that is what we are working to change.

How UN Women Influence Policies for Gender Equality

TE: How has UN Women been able to influence policies aimed at advancing gender equality, particularly in Africa, where there are cultural and systemic barriers?

BE: We have three main approaches:

1. Strengthening Normative Frameworks – These are the global, continental, and regional legal frameworks that establish the standard for gender equality. You must have heard of conventions, resolutions, treaties, and judicial texts.

Nigeria, for example, has ratified 75% of these frameworks. The problem is domestication—that is, ensuring these frameworks are implemented at the national and state levels. Even when a policy is accepted at the federal level, each state must also adopt it independently. Some states say, “No, we don’t want to do this,” while others proceed with implementation.

A clear example of this is the Violence Against Persons Prohibition (VAPP) Act. Although it was passed at the Federal level, advocacy efforts at the state level were still necessary. This involved engaging with Governors and collaborating with various organisations to facilitate the adoption of the Act.

Additionally, even when policies are established, there may be a lack of awareness among the public about their rights, and the individuals responsible for implementing these policies may not fully understand their duties. Therefore, a significant portion of our work is focused on raising awareness, sensitising communities, and building the capacity of key stakeholders to ensure that gender equality policies are effectively enforced.

2. Coordinating Gender Equality and Women’s Empowerment – Many organisations and institutions work on gender equality, but usually in silos, leading to duplication of efforts and inefficient use of resources.

We coordinate efforts at different levels:

• Within the UN system to hold ourselves accountable
• Among development partners, ensuring they align their efforts
• At thematic levels, focusing on economic empowerment, gender-based violence, women in politics, and financial inclusion
• At the state level, we have set up 36 coordination mechanisms to ensure gender equality work is sustained beyond Abuja.

Through this coordination, we advocate for increased women’s representation, better funding, and stronger policies. Some Governors have responded positively, even doubling budget allocations for gender initiatives, though we still face challenges in the actual disbursement of funds.

3. Implementing Operational Mandates – We run programs directly on the ground. Sometimes we take catalytic actions to demonstrate what is possible, and other times we scale up existing solutions.

• We work on women’s participation in governance and leadership, ensuring women benefit from and contribute to governance at all levels.
• We focus on economic empowerment, mobilising financing for gender equality, supporting women entrepreneurs, and pushing for affirmative procurement policies. In Kaduna and Lagos, for instance, our advocacy led to 30% of public contracts being allocated to women entrepreneurs.
• We tackle gender-based violence, which is often underestimated but has serious economic implications. Studies show that 30% of Nigerian women report experiencing gender-based violence, affecting productivity and economic growth.
• We work in women, peace, and security, ensuring that women’s concerns are integrated into humanitarian response plans, particularly since 70-80% of displaced persons are women and children.

Ensuring Tangible and Long-Term Impact for Women in Underserved Communities

TE: How do you ensure that investments in gender-focused initiatives become tangible and long-term improvements for women and children, especially in underserved communities?

BE: We invest in what we call One-Stop Centres. These centres bring together different UN agencies and local actors to provide holistic, integrated support for victims of gender-based violence.

Through these centres, women can access:

• Psychosocial support to help them recover emotionally and mentally
• Legal referrals to ensure they receive justice
• Medical services for physical recovery
• Economic empowerment programs to help them rebuild their lives

UN Women also works to combat stigma, which often prevents survivors from speaking out or seeking help. Stigma should not be on the women—it should be on the perpetrators. Women should not be shamed for what they have endured.

Beyond direct services, we focus on policy advocacy and capacity-building to ensure that gender-sensitive approaches become embedded in governance, economic planning, and humanitarian responses. This is how we can create sustainable and meaningful change.

Final Thoughts

Hence, achieving true financial inclusion for women in Africa demands more than well-meaning discussions and policy statements—it requires systemic implementation. 

While gender bonds and financial programs can help, they must be backed by structural reforms, stronger policy implementation, and a focus on societal perceptions about women’s economic roles. 

According to Ms. Beatrice Eyong, empowering women is not a charitable act. Until financial systems are genuinely inclusive, women will remain marginalised, waiting for the opportunity to participate in the game (economic systems) they rightfully deserve to play. 

In 2021, sustainable bonds surged past $1 trillion in assets under management (AUM)—a win for climate-conscious investors and impact-driven financiers back then. 

However, gender bonds, which directly target economic empowerment for half of the world’s population, are still a rounding error in global capital flows.

Women own 30% of registered businesses in Africa but receive less than 10% of commercial bank financing. Meanwhile, female-led funds are statistically proven to outperform the male-led, yet the investment gap stubbornly continues. 

The irony? The very financial sector that prides itself on numbers is seemingly ignoring some of the most obvious ones.

Hence, the Gender Bonds Toolkit Dissemination Workshop, held on 27th and 28th January 2025 at the Radisson Blu Anchorage Hotel in Lagos sought to address these issues. 

Hosted by FSD Africa in partnership with UN Women, the event assembled financial sector stakeholders to discuss how gender bonds could finally become a mainstream instrument in Africa’s capital markets.

Gender Bonds Toolkit: Experts Call for Inclusive Finance as Only 6% SDGs on Track for 2030

With panel sessions and a fireside chat, the Gender Bonds Toolkit Dissemination Workshop touched on the challenges, opportunities, and strategies required to close the gender financing gap.

Including regulatory frameworks and investor engagement, the discussions revealed a mix of cautious positivity and hard-hitting facts about why capital markets remain sluggish in embracing gender finance—and what needs to change.

These challenges formed the foundation for deep discussions at the workshop, starting with an in-depth look at the Nigerian market.

Thematic Bonds in Nigeria: Market Insights and Opportunities

Panel: Exploring the Opportunity for Thematic Bonds in Nigeria

The discussion kicked off with an overview of Nigeria’s dynamic capital market, where thematic bonds—especially green and gender bonds—are gaining interest. Experts from Renaissance Capital Africa, Cygnum Capital Group, Securities and Investment Services Department (SEC Nigeria) and London Stock Exchange Group (LSEG) delivered insights into the regulatory sector and the role of financial institutions in driving sustainable investment.

Key Takeaways:

• Financial institutions have so far led thematic bond issuance, leveraging development finance institutions (DFIs) and impact investors.
• Nigeria’s SEC has been indispensable in establishing frameworks for green, social, and gender bonds, ensuring compliance with global standards to attract investors.
• Sovereign and corporate issuances in Nigeria, including green sukuks—a new climate finance instrument (green Islamic bond) that has the potential to channel the $2 trillion Islamic Finance market to fund green and sustainable investment projects—and gender-focused programs reveal the country’s growing participation in the sustainable finance ecosystem.
• Challenges remain in investor awareness and ensuring sustained adoption of gender bonds beyond donor-driven incentives.

Alternative Capital Mobilization: Structures, Impact & Lessons Learned

Fireside Chat: Scaling Gender Bonds through Innovative Financial Structures

At the Gender Bonds Toolkit Dissemination Workshop, Panellists from InfraCredit, Aruwa Capital Management, and Symbiotics discussed alternative funding models for gender bonds, emphasizing private capital mobilization and blended finance structures.

Key Takeaways:

• Women-led funds are three times more likely to invest in female CEOs and twice as likely to fund female founders.
• Aruwa Capital has deployed $40 million in assets under management (AUM), with 70% of its portfolio comprising female-led businesses.
• Infracredit’s blended facility has unlocked financing for clean energy projects, benefiting communities without electricity.
• Microfinance institutions (MFIs) are important in gender-focused investing, often serving 100% female clients, showing a clear business case for gender bonds.

From Strategy to Issuance: Strengthening Gender Finance Ecosystems

Panel: Defining Gender Goals, Data Quality & Investor Engagement

This session examined how institutions are structuring gender bonds, focusing on data-driven strategies, investor confidence, and regulatory compliance. Panelists from Access Bank, Absa, and the West African Development Bank (BOAD) shared best practices.

Key Takeaways:

• Access Bank’s “W Initiative” has driven financial inclusion through targeted women-focused banking programs.
• Absa has mobilized $350 million to support women-owned businesses and is leveraging UN Women’s Women Empowerment Principles (WEPs) to shape its gender strategy.
• BOAD’s gender strategy follows a three-pillar approach: (1) Institutionalizing gender in financial planning, (2) Economic empowerment, and (3) Job creation and market access.
• Gender data is necessary: Accurate disaggregation of financial data allows institutions to track the real impact of gender-focused investments.

Lessons from Issuers: Challenges, Innovations & Future Prospects

Panel: Insights from an Issuer’s Perspective

Issuers shared first-hand experiences on scaling through the bond market, engaging investors, and overcoming regulatory limitations. The session featured representatives from FSD Africa, BII (British International Investment), and private-sector issuers.

Key Takeaways:

• Gender bonds require “sweeteners”: Partial or full guarantees, blended financing, and development finance institution (DFI) backing have been essential in securing investor confidence and ensuring successful issuances.
• Credit rating challenges persist: Many issuers struggle with low credit ratings, making it difficult to attract institutional investors without guarantees or risk mitigation mechanisms.
• Investor education is key: While thematic bonds are gaining interest, many local investors still prioritise traditional instruments. Awareness campaigns and engagement strategies are important to promoting demand.
• Thematic bond structuring must ensure targeted impact: Funds raised must be transparently allocated to gender-inclusive businesses and female entrepreneurs, avoiding the risk of “gender-washing.”
• Local currency issuances are essential for market development: Issuing gender bonds in local currency can help mitigate foreign exchange risks and attract domestic investors.

Scaling Up Gender Bonds: The Road Ahead

Panel: Telling the Impact narrative – Impact monitoring and reporting simplified

This session focused on how financial institutions, regulatory bodies, and development organisations can scale gender bonds as a mainstream financing tool in Africa. Key discussions included insights from the London Stock Exchange’s Sustainable Bond Market, African Development Bank (AfDB), and Nigeria’s SEC.

Key Takeaways:

• The London Stock Exchange’s Sustainable Bond Market (SBM) provides a credible listing platform for green, social, and gender bonds. Annual due diligence ensures transparency and credibility, reducing the risk of misallocated funds.
• Multilateral institutions like AfDB play important roles by providing technical assistance, first-loss guarantees, and de-risking mechanisms to encourage more issuances.
• Investor participation needs to expand beyond DFIs: Encouraging local institutional investors, pension funds, and asset managers to integrate gender bonds into their portfolios will be critical to long-term market growth.
• Regulatory clarity and incentives can drive adoption: Policymakers must ensure that frameworks are in place to support issuers while incentivising investors to prioritise gender-focused investments.
• Blended finance and public-private partnerships (PPPs) can accelerate adoption: Combining concessional financing from DFIs with private sector capital can help scale gender bond issuances and create a more sustainable market.

Finally: A Sustainable Future for Gender Finance

The Gender Bonds Toolkit Dissemination Workshop reiterated the need for a well-structured approach to scaling gender bonds in Nigeria and Africa. While there are still challenges—ranging from regulatory issues to investor reluctance—there is an obvious momentum in the market.

Gender bonds go beyond impacting investment tools, they are viable financial instruments that can drive inclusive economic growth. 

With continued collaboration among financial institutions, regulators, and development partners, gender bonds can transition from a niche product to a mainstream funding mechanism, bringing about billions in capital for women-led enterprises and gender-inclusive projects across Africa.

The key to success lies in regulatory support, strong market education, investor engagement, and innovative financing structures. In embedding gender finance into mainstream capital market strategies, Nigeria and Africa can fully leverage sustainable finance to drive economic empowerment and financial inclusion.

Nevertheless, only 18% of available funding reaches women-owned businesses, and female entrepreneurs receive just 58% of the loan value their male counterparts secure. 

These statistics are the foundation for the Gender Bonds Toolkit Dissemination Workshop, hosted by FSD Africa in partnership with UN Women, which kicked off on Tuesday, January 28, 2025, at the Radisson Blu Anchorage Hotel, Lagos.

Tokunboh Ishmael, CFA, managing director and co-founder of Alitheia Capital, presented a keynote that stressed the economic imperative of gender-smart financing. 

“Investing in the women economy and being intentional about investing in female founders is not just a moral obligation but an economic imperative,” she said. 

Ishmael revealed that her organisation’s Gender Lens Fund, launched in 2014, has invested over 70% of its capital into women-led businesses, creating nearly 10 million jobs and providing essential goods and services to over 50 million women and girls.

Likening a football team playing with seven players, rather than the full team, to excluding 50% of Africa’s population from economic participation, she said; “You’d have to be really good to win.”

“In Africa, we lose at least 13% of our GDP annually because over 50% of small businesses cannot access significant funding,” Ishmael said. “Gender parity, under current trends, will take five generations to achieve,” Ishmael said.

The workshop, which brought together financial institutions, policymakers, and development organisations, was a launch of the Africa Gender Bond Toolkit, a guide for issuing bonds designed to empower women and bridge the financial inclusion gender gap.

Adeola Ukoha, coverage manager for Nigeria at British International Investment (BII), emphasised the indispensable part gender inclusion has to play in economic growth. 

“Economies grow when we are inclusive of all people, regardless of gender, ethnicity, or income level,” she said, adding that BII’s gender finance strategy focuses on increasing women’s participation in the private sector through ownership, leadership, and workforce representation.

In gender finance, BII has adopted innovative investment approaches. “In 2021, we launched our directed lending approach to intentionally target women-led and owned small and medium enterprises,” Ukoha explained. 

BII has also pioneered the use of guarantees, bonds, and blended finance structures to mitigate perceived risks and expand women’s access to financing.

The Power of Gender Bonds

UN Women’s Nigeria Country Representative, Beatrice Eyong, outlined the need for gender-focused financial mechanisms, revealing that: “Over 340 million women and girls – 8% of the global female population – will live in extreme poverty by 2030 if current trends continue. Africa, home to 65% of the world’s poor, stands at the heart of this issue.”

Eyong pointed to the success of Tanzania’s Jasiri Bond, the first listed gender bond in sub-Saharan Africa. Introduced in 2022, the bond mobilised $32 million and provided financing to over 3,000 women-owned MSMEs. “Behind the statistics are lives – women, children, and families – whose suffering demands urgent action,” she stated.

The new toolkit aims to replicate such successes across Africa by providing guidance for issuing gender bonds. It builds on a growing global trend where by the end of 2023, 360 gender bonds had been issued globally, a commendable climb from just 49 in 2020.

The Role of Collaboration

The workshop also highlighted the importance of multi-stakeholder collaboration. Sally Woolhouse, head of Economic Development, Climate and Energy at FCDO Nigeria, said “It’s beneficial to have regulators, the public sector, and the private sector convene in the same room. This promotes deliberate discussion across the ecosystem,” she said.

Similarly, Eyong stressed the importance of partnerships in promoting women’s economic empowerment. “If we can’t achieve SDG 5 – gender equality – we will never achieve the other Sustainable Development Goals,” she asserted.

Mrs. Oreoluwa Finnih, special adviser to the Lagos State Governor on Sustainable Development Goals (SDGs) and Investments, noted the importance of gender-focused policies in driving economic growth and social progress. In her address, she said:

“It’s not just about elevating women for the sake of elevation. We know all the data. We have all the statistics, and you would think that because we know the good things that come out of making sure women are financially empowered, we would quickly do what is right, but not necessarily so.”

Mrs. Finnih revealed that Lagos State is set to domesticate the federal government’s Women Empowerment Policy (We Policy) in 2025. This step will go beyond adopting national recommendations to also adapting them to Lagos-specific challenges.

Including policy, the Office of Sustainable Development Goals actively engages communities. She explained:

“We go into communities, speak to women, and educate them about financial inclusion. It’s great to give people money, but what is more important is for them to know how to handle it.”

An aspect of this outreach involves collaboration with the Nigerian Identity Management Commission (NIMC) to ensure women can open bank accounts, a prerequisite for financial inclusion. “A lot of women do not have accounts. Women work, they work, and then they pay their money into other people’s accounts – could be a child, could be a spouse – and often, those funds are not received.”

Lagos State’s SDG agenda aligns with three key pillars: energy transition, climate action, and sustainable development. 

The Africa Gender Bonds Toolkit was first launched in Zambia in June 2024 to ensure gender equality through sustainable finance. It helps in addressing gender differences while promoting innovation and collaboration in financial markets.

UN Women plans to expand the toolkit to include additional resources, such as guidance on gender-responsive climate resilience and care infrastructure financing. “Africa has huge potential for sustainable finance, and we must utilise it to empower women and girls,” Eyong concluded.

“Let us move from awareness to action and ensure these financing approaches make meaningful contributions to women’s empowerment.”

Only 6% of Measurable SDGs Will Be Achieved by 2030 – FSD Africa Highlights at Gender Bonds Workshop

Mary Njuguna, principal specialist, Capital Markets at FSD Africa revealed that only 6% of measurable Sustainable Development Goals (SDGs) will be achieved by 2030. 

Njuguna noted the importance of leveraging capital markets to unlock long-term financing for sustainable development. “Capital markets are where those with long-term capital make it available to those who need it for sustainable development and other long-term objectives,” she explained. 

She pointed out that the reliance on short-term financing mechanisms, such as bank assets, creates a mismatch and leaves economies vulnerable to shocks.

One of the workshop’s key insights was the significant but underutilized pool of private capital in Africa. In 2022, institutional investors in the region held approximately $2.5 trillion in local currency assets, a figure projected to triple by 2040. 

However, much of this capital remains locked in government securities rather than being channelled into productive uses. Njuguna called for “de-risking long-term projects” and creating innovative financing instruments, such as gender bonds, to attract private capital toward development goals.

Nigeria’s capital markets also came under the spotlight, with Njuguna noting the commendable growth of local assets. Pension fund assets, for instance, grew by 89% between 2018 and 2023, while collective investment schemes saw a 96% increase during the same period. Despite this growth, currency fluctuations and high interest rates are highly challenging. 

“Local currency financing is necessary. It reduces risk and the cost of capital, ensuring long-term sustainability,” she noted.

Njuguna further stressed that addressing the gender financing gap is important to Africa’s sustainable development. “There is so much capital needed for our growth as a continent. Public finance will not be enough,” she stated, reiterating the need for capital markets to provide diversified and innovative funding solutions.