• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

AFAWA Hits $1 Billion Investment Milestone in Lending to Women Entrepreneurs in Africa

Victor Odeyemi by Victor Odeyemi
January 31, 2023
in Business, Financial Services, News
0
Call For Proposals: AFAWA - Women Entrepreneurship Enablers Program (get between $100k & $250k grant)

Call For Proposals: AFAWA - Women Entrepreneurship Enablers Program (get between $100k & $250k grant)

Share
  • AFAWA was launched in 2015 in Dakar during the first Feed Africa conference (Dakar 1 Africa Food Summit)

The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative has reached a landmark $1 billion in approved funding designated for lending to African women entrepreneurs.

This is yet another milestone for the bank following an historic summit last week to tackle the escalating challenges of food security in Africa. The Dakar 2 Africa Food Summit, co-hosted by the Bank and the Government of Senegal, was attended by 34 heads of state and government, more than 70 ministers, farmers’ representatives from the private sector and development partners.

AFAWA was launched in 2015 in Dakar during the first Feed Africa conference (Dakar 1 Africa Food Summit).

Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development said: “I am incredibly proud of AFAWA’s financing achievement. AFAWA’s benchmark reminds us that when we invest to grow Africa’s food systems, we must also invest in Africa’s women agripreneurs.”

Women run the majority of Africa’s agricultural sector small and medium-sized enterprises (SMEs), yet they face significant barriers to accessing finance. Across the continent, African women entrepreneurs face an estimated $42 billion gender financing gap compared to men.

In the last two years, the Bank, through AFAWA, has multiplied the volume of investments toward women-owned small and medium enterprises sevenfold.

“By the end of December 2022, AFAWA-approved lending to women-led small and medium sized enterprises reached $1.051 billion. Of that, $135 million targets women in the agriculture sector,” said Malado Kaba, Director of the Bank’s Gender, Women and Civil Society Department. “AFAWA’s approved lending reaches across 27 countries, and through 56 financial institutions. Already 4,115 women business owners have benefited from AFAWA financing instruments. This is just the beginning,” she added.

Already, financial barriers to African women ‘agripreneurs’ growing their businesses, are being addressed through AFAWA investment. AFAWA is working to boost the professional and financial capacities of over 200 women cooperatives in the staple crop food sector in Cote d’Ivoire. This includes training and access to a digital platform connecting women producers to buyers of agricultural products like wholesalers, retailers and consumers across Cote d’Ivoire.

Furthermore, AFAWA is working with Ecobank on the “Financing Climate Resilient Agricultural Practices in Ghana” project. The project mobilized $20 million from the Green Climate Fund, and $5 million from Ecobank Ghana as co-financing, to fill the gap for working capital to farmers. The AFAWA project aims to provide financing and technical support to 400 women-led, farmer-based associations and women-owned small and medium enterprises, to foster their agriculture productivity and strengthen their climate resilience practices.

To accelerate progress toward unlocking $5 billion in lending for women by 2026, AFAWA has established a Guarantee Mechanism which de-risks the women’s market and increases the ability of financial institutions to lend to women business owners.

AFAWA also launched the Women Entrepreneurship Enablers program, which provides up to $250,000 for women’s business associations, incubators, accelerators, women-led cooperatives, and civil society organizations. The program increases women SMEs readiness to access credit and scale their businesses. The program inducted its first cohort of 10 Enablers in July 2022, who are expected to apply skills acquired in the Enablers program to reach more than 15,000 women-led micro and small enterprises. The second call for proposals to the program drew more than 1,200 applicants. The second cohort will be announced later this year.

“In 2023, we will continue to work closely with our partners to accelerate their ability to lend to women-led micro and small enterprises. Ensuring that the enabling environment is inclusive to enhance women’s ability to access financing will be critical. Thus, we will work closely with policymakers to ensure that the right reforms are in place to accelerate women-led small and medium enterprises’ financial access,” said Kaba.

Post Views: 27
Share

Related Posts:

  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • RegTech Africa & Agpaytech launches 2023 State of the Industry report on Fintech and RegTech
    RegTech Africa & Agpaytech launch 2023 State of…
  • AfDB to inject $10 billion into Africa's Food Security
    AfDB to inject $10 billion into Africa's Food Security
  • Exploring Optimal Leverage to Obtain Financing for African Women SMEs
    African Women Entrepreneurs start businesses faster…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
Tags: AFAWAAFDB
Previous Post

Call for Applications: Credit Suisse SDG 14 Challenge for NPOs, Entrepreneurs working on Innovative Marine Solutions (US$50,000 prize)

Next Post

Nigerian Startup among Winners of 2022 AYuTe Africa Challenge

Next Post
Nigerian Startup among Winners of 2022 AYuTe Africa Challenge

Nigerian Startup among Winners of 2022 AYuTe Africa Challenge

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • Call for Applications:2025 Meaningful Business 100 Program
  • Call for Applications: Young Innovators Accelerator 2025
  • The Fashion Games 2025: Fashion Future Program Graduates 2,000 Youths in a Dazzling Showcase of Creativity and African Excellence
  • Nigeria exits IMF Debtor List
  • HortiNigeria Trains 70,000 Farmers, Mobilises £4 Millon for Horticulture Growth

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2024
  • Otabor Osayomore Blessing on Ultimate 2024 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.