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Publish Date : 05-Nov-2018

The African Development Banks Affirmative Finance Action for Women in Africa (AFAWA) program has signed a financial procedures agreement with the World Bank-led Women Entrepreneurs Finance Initiative (We-Fi).

This agreement is an important milestone for the AFAWA program, and presents an opportunity to leverage substantial resources to unlock the transformational potential of womens entrepreneurship in Africa, said Vanessa Moungar, Director of the Banks Gender, Women and Civil Society Department.

The agreement was signed on 15 October 2018 in Abidjan, Cte dIvoire. Moungar said the agreement would lead to further collaboration on similar programmes and the opportunity to share lessons learned.

Women form the backbone of African economies and have a critical role to play in inclusive economic development. However, they face numerous challenges in obtaining financing, owning and expanding businesses and access to capital and technology.

The Bank estimates the financing gap for African womens business at US$42 billion. Its AFAWA initiative aims to provide financing and a holistic approach to womens entrepreneurship.

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