redefining

From Margins to Missions: How the Elsie Initiative Fund Is Redefining Peacekeeping

In the world of international peacekeeping, a quiet revolution is underway—one that moves beyond counting women to fundamentally transforming how security institutions operate. At the heart of this change is the Elsie Initiative Fund (EIF) at UN Women, whose holistic approach addresses not just recruitment numbers but the very systems that have historically prevented women from thriving in peacekeeping roles.

In an exclusive interview with Modern Diplomacy, Deborah Warren Smith, Manager of the Elsie Initiative Fund, explained why this shift is critical. “If you just focus on numbers alone, you are treating the symptoms and not the cause,” she noted. “We look at systems, the laws, institutional policies, leadership cultures, social expectations, all of which can either enable or prevent women from deploying and becoming valued members of security institutions.”

The Root Cause: Why Culture Trumps Quotas

The most entrenched challenge, according to Ms. Smith, is institutional culture. Military and police organizations often operate within masculine norms that value toughness and maintain informal gatekeeping by senior leadership. Women who challenge these norms by questioning or leading may face resistance, isolation, or harassment.

To address this, the EIF employs a scientific, evidence-based methodology called the Measuring Opportunities for Women in Peace Operations (MOIP). This diagnostic tool assesses barriers across ten key areas, interviewing both women and men within security institutions to build a comprehensive picture of the challenges. Countries like Liberia have used these insights to design targeted interventions, such as physical training support for women, resulting in increased recruitment and retention.

This focus on systemic barriers represents a fundamental departure from traditional approaches. Where many initiatives see the lack of women as a recruitment problem to be solved, the Elsie Initiative identifies it as a symptom of institutional failure. By shifting the focus from individual women to the structures that hold them back, the EIF is not just asking for a seat at the table, it is helping to rebuild the table itself, creating a foundation where women can not only enter but truly lead and thrive.

The process is deliberately collaborative, not prescriptive. After a Barrier Assessment is complete, the EIF works with nations to co-design interventions—from reforming parental leave policies in armed forces to ensuring women have access to specialized training and equipment. This ensures that solutions are not imposed from the outside but are owned and sustained by the institutions themselves, turning policy into lasting practice and political will into operational reality.

The Ripple Effect: Creating Institutional Change

The EIF’s “Gender Strong Unit” concept offers a powerful example of their approach in action. These are units where the percentage of women is at least five points above UN parity targets, with women in leadership and technical roles. Senegal, for instance, has deployed a Gender Strong Unit commanded by a woman for the first time, not once, but three times.

The impact is tangible. “The men in those units have reported that the culture is less competitive and more collaborative,” Smith shared. “It enables them to work better together during patrols and engage more effectively with local communities.”

This institutional rewiring creates a virtuous cycle. As more women deploy into leadership roles, they become visible proof of change, directly challenging entrenched stereotypes and inspiring the next generation. This shifts the internal culture from within, making security institutions more attractive and accessible to women not as an exception, but as the norm. The result is a self-reinforcing system where policy, representation, and culture evolve together to create a more professional and effective force.

Beyond culture, the EIF helps countries institutionalize change. In Zambia, the police service is developing and implementing an anti-sexual harassment and abuse policy, moving beyond creating documents to ensuring real accountability and safety.

A Campaign for the Future: “When Women Lead”

This tangible progress sets the stage for the most human element of the Elsie Initiative’s work: spotlighting the leaders who are living this change. Coinciding with the 25th anniversary of UN Security Council Resolution 1325, the EIF will launch When Women Lead—a digital campaign featuring a mini-series of interviews with groundbreaking uniformed women from around the world.

Launching in November, the series will include:

  • Lieutenant General Cheryl Pearce, Acting UN Military Adviser
  • Commissioner Binetou Guisse, Senegal National Police
  • Major General Anita Asmah, Ghana Armed Forces

These stories represent the culmination of the EIF’s work, proof that when women lead, peacekeeping becomes more effective, responsive, and grounded in the communities it serves.

The New Peacekeeping: Where Inclusion Means Effectiveness

As we look toward the future of global security, the Elsie Initiative Fund offers more than just a blueprint for gender equality, it presents a compelling case for why inclusive peacekeeping is smarter peacekeeping. The work transcends quotas and tick-box exercises, aiming instead for a fundamental rewiring of how security institutions operate.

“What we would really like to see in five to ten years,” Smith concluded, “is countries embedding women, peace and security into their operational frameworks. The conversation would shift from ‘how many women’ to ‘how effective is our force because it is inclusive.’”

This vision where diverse teams create more collaborative environments, where different perspectives lead to better community engagement, where institutional cultures foster rather than hinder potential, represents the ultimate goal. It’s not about women succeeding in a man’s world, but about building a better, more effective peacekeeping environment for everyone.

As the EIF continues to partner with nations and showcase stories of women leaders, it becomes increasingly clear: the future of global peacekeeping isn’t just about having more women in the room—it’s about ensuring everyone in that room can lead, contribute, and transform what peacekeeping can achieve.

To follow these inspiring stories and learn more about the Elsie Initiative Fund’s work, follow their “When Women Lead” campaign launching this November on their website and social media channels.

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How European Corporates Are Redefining Capital Market Strategy

The first half of 2025 marked a decisive shift from balance-sheet defence to strategic deployment, with issuance patterns reflecting not just a recovery in confidence but a deliberate repositioning of funding models.

European investment-grade corporate bond issuance exceeded €100 billion in May 2025, up 22% year on year and the highest first-half total since 2021 and a new monthly record12. Even more striking is the nature of the deals: larger ticket sizes, cross-border placements, and a clear shift toward capital market funding as an alternative to traditional bank lending.

As monetary conditions stabilise and macroeconomic risks recede, this resurgence is less about cyclical rebound and more about long-term recalibration of how corporates source, structure, and signal their capital raising.

From pause to strategic re-entry

Throughout 2023 and early 2024, corporate treasurers largely adopted a defensive stance. Uncertainty over the European Central Bank’s rate trajectory, persistent inflation, and geopolitical instability curbed euro-denominated issuance. Spreads widened, investor appetite cooled, and expansion plans were deferred.

By 2025, however, the backdrop had shifted. The ECB’s decision to hold rates steady for a third consecutive quarter gave markets breathing room. Inflation in the euro area fell to 2.3% in June, close to the central bank’s target. And corporate balance sheets have remained robust, having built up liquidity during the period of uncertainty.

With the macro picture stabilising, corporate issuers are seizing the opportunity. CaixaBank’s corporate and investment banking division has seen pent-up demand converting into deal flow. This does not just apply to the domestic market in Spain – corporates around the world with near-term refinancing needs as well as longer-term strategic investments are springing back into action. One example: almost half of all the financing mobilised by the bank’s CIB division in 2024 originated in international branches.

A Convergence of catalysts

This rebound is the product of multiple reinforcing factors. This is not a flood of opportunistic refinancing – it is a more selective, higher-quality wave of issuance, tailored to a new set of investor demands.

In Q2 2025, there was a noticeable uptick in multi-tranche and hybrid structures, as corporates leveraged strong investor appetite for yield with longer-dated or subordinated instruments. ESG-linked issuance has also begun to recover, albeit with more rigorous scrutiny. Investors are asking harder questions—and issuers are responding with better transparency and clearer KPIs.

For example, CaixaBank recently acted as joint bookrunner, heading the syndicated financing for Scottish Power, for a total amount of more than €1.6 billion (a €900 million tranche and a £600 million tranche granted by the National Wealth Fund). The green financing for the development and construction of smart electricity grids owned or managed by Scottish Power in the UK had to comply with the taxonomy criteria set out in the UK’s Green Financing Framework.

Globalisation of European corporate funding

While euro-denominated issuance remains dominant, there has also been a rebound in non-euro placements by European corporates, particularly in USD. US non-financial corporates borrowed €40 billion as of 9 May, according to Bank of America data3. This trend is driven by favourable currency hedging conditions, as well as broad global investor interest in high-quality European names.

This global diversification signals a deliberate strategy: corporates are building resilience by broadening their investor base and optimising access across currencies.

Time for banks to re-calibrate?

What differentiates the 2025 rebound from previous waves of issuance is its quality. Companies are not flooding the market with opportunistic refinancing. Instead, they are tailoring structures to align with evolving investor demands. This creates a moment of recalibration for corporate and investment banks. Clients now expect more than just distribution – they want advice on everything from interest rate overlays to ESG structuring to regulatory disclosures. The ability to help clients re-enter the market smoothly, credibly, and strategically is where banks must differentiate.

The new issuance landscape is not about volume alone, it is about value. The days of commoditised bond issuance are gone. In their place is a smarter, more intentional market, where capital is raised not just to refinance but to reposition.

Banks are evolving to meet this need. So CaixaBank’s CIB business has grown from 760 employees at the end of 2024 to 850, with plans to expand to 920 by 2027. The division will explore opportunities across multiple geographies, especially in sectors with a global footprint, particularly renewable energy, civil and digital infrastructure, technology, and financial services.

The next phase of market leadership

This is not a return to business as usual. It is the opening phase of a smarter cycle where the measure of success is value created, not just volume raised. Those corporates and banks that can combine strategic foresight with disciplined market execution will define the next chapter of European capital markets leadership.

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AI is Reshaping Financial Services & Redefining the Role of Banks

As the global financial services industry is accelerating the adoption of AI (artificial intelligence) technology, Abdullah Khalifa Al Nusef, Boubyan Bank’s Chief Data Officer, discusses the transformative impact on banks and the customer experience as well as Boubyan’s AI-driven services and growth strategy.

Global Finance:  How do you see AI transforming the future of financial services?

Abdullah Khalifa Al Nusef: AI is fundamentally reshaping financial services, driving a shift from reactive to predictive and proactive banking. From hyper-personalized customer experiences to real-time fraud detection, AI enhances decision-making and operational efficiency. In the near future, banks will rely more on generative AI and machine learning to build intelligent advisory systems, automate complex workflows, and improve risk modeling. As customer expectations evolve, AI will enable banks to offer services that are intuitive, contextual, and available 24/7 across multiple channels. AI is not just about efficiency: it’s redefining the role of banks in people’s lives.

GF: How is Boubyan Bank using AI technologies now?

AKN: Boubyan Bank is actively integrating AI across operations. Our virtual assistant “Msa3ed” supports both banking and lifestyle needs. AI is used in customer segmentation, operational automation, call center optimization, and document processing. We’re currently piloting AI for fraud detection and exploring advanced risk analysis models as a more dynamic alternative to traditional credit scoring. Internally, generative AI is being tested to help employees summarize reports and generate insight, speeding up workflows and improving service quality.

GF: What impact has AI had on Boubyan Bank’s operational efficiency?

AKN: At Boubyan, we operate two main AI domains. First is Msa3ed, our virtual assistant that supports customers with banking and lifestyle needs. As we integrate Msa3ed with Large Language Models (LLMs) and Boubyan’s own data ecosystem, it will offer more intelligent, human-like interactions that enhance customer experience.

We also use AI models within Boubyan’s Data Factory to support functions like customer segmentation, process automation, and operational forecasting, allowing us to optimize services, personalize offerings, and make smarter decisions faster. The result is higher efficiency, better resource utilization, and an improved customer journey across all touch points.

GF: How do you see AI helping Boubyan Bank capture new growth opportunities?

AKN: AI enables Boubyan to better understand customers and anticipate their needs. We use it to create personalized offers, recommend next best actions, and improve retention by identifying customers at risk of churn. It also helps in early fraud detection and proactive protection. These capabilities allow us to design smarter campaigns, introduce relevant products faster, and serve customers more intuitively, helping us grow within existing segments and into new markets.

GF: How is Boubyan Bank addressing concerns that AI introduces security and privacy risks?

AKN: At Boubyan, AI adoption follows a clear governance model aligned with CBK’s Cybersecurity Framework. We prioritize secure data handling, encrypted transactions, and explainable AI models. Every AI use case is assessed for risk, and sensitive decisions always include a “human-in-the-loop” approach to ensure oversight. We balance innovation with compliance and trust, ensuring that AI enhances service without compromising privacy, security, or regulatory integrity.

GF: How can banks balance the greater use of AI with customer comfort with a human point of contact?

AKN: At Boubyan, we believe AI should feel human, not just functional. We focus on making our digital assistants more natural and interactive by improving their tone, language, and personality. For example, we introduced the Kuwaiti dialect into our virtual assistant since most of our customers are Kuwaiti. We also ensure that customers can move easily between AI and human support when needed. Boubyan is focused on building trust: AI helps, but people are always there when it matters.

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