Business - Economic Updates - Featured - Regional - March 8, 2021

AfDB rolls out a finance program for women in celebration of International Women’s Day

African Development Bank(AfDB) and the African Guarantee Fund are celebrating the International Women’s Day by putting a spotlight on women enterprenuers through the Affirmative Finance Action for Women in Africa(AFAWA) Guarantee for Growth program, an innovation aiming to unlock up to $3 billion in loans to women-led small and medium-size enterprises.

African women running their own businesses are taking part in an online panel event, co-organized by AFAWA and the African Guarantee Fund, today under the theme, “Women entrepreneurs: key drivers of economic growth,”.

The goal of the virtual session is to spotlight women entrepreneurs and their role in the reconstruction of Africa’s economies in the coronavirus era.

The AFAWA Guarantee for Growth program works with financial institutions to address the financial and non-financial needs of African women entrepreneurs, by offering access to finance, providing technical assistance and create an enabling environment to promote policy changes and regulatory reforms.

In a statement, AfDB Director for Women, Gender and Civil society, Vanessa Moungar has mobilized it’s resources to change the landscape on access to finance for African women enterprenuers.

“The African Development Bank has mobilized its resources, and the support of its global partners, in what is to date, our most ambitious effort ever to change the landscape on access to finance for African women entrepreneurs,” said Vanessa Moungar, the Bank’s Director for Women, Gender and Civil Society.

The participants of the online event are from women enterprenuers from different African countries involved in SMEs among other women already benefiting from initiatives with the first financial institutions having signed onto the AFAWA Guarantee for Growth program.

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