AfDB announces Plans to Support Women-Owned Small Businesses

Plans has been disclosed by African Development Bank (AfDB) in order to increase the funding for supporting women-owned small businesses from $ 1.7 billion to $2 billion. This shall happen for Women in Africa (AFAWA) initiative through Affirmative Finance Action.

This announcement was made during the workshop of the bank by vice-president, regional development, integration and business delivery complex of AfDB, Marie Akin-Olugbade. In the workshop, topics like bankable business proposals/ business plans for youths as well as women in agriculture were discussed.

African women entrepreneurs come across numerous challenges in the region while accessing finance and resources, having an estimated financing gap of $42 billion, as stated by Marie.

She said, “Through initiatives like the Affirmative Finance Action for Women in Africa (AFAWA), we are breaking down the barriers that have for far too long limited their potential. We know that when we empower women in agriculture, we empower entire communities.”

“Many studies such as that of Africa Technology Business Network (), show that women in Africa typically reinvest up to 90 percent of their income in education, health, and nutrition for their families and communities, compared to up to 40 percent for men. Imagine the transformative power if we fully support women’s businesses. Women are bankable,” she added. ““By the end of this year, AFAWA is expected to increase the total amount of approved funds from $1.7 to $2 billion to support up to 30,000 women-owned small and medium-sized enterprises.”