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Thursday, June 4, 2020

More Than $3 Billion Has Been Earmarked for Women Entrepreneurs in Africa – ADB President Adesina

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The Golden Age for women entrepreneurs has finally begun. The stars have aligned to help trigger the trend as the President of the African Development Bank, Akinwumi Adesina, has revealed that the bank is mobilizing $3 billion for business women in Africa.
” We are supporting women. I think when Africa gets the issue of women right, it can get everything right, he said in Washington during the sideline of the IMF/WB annual meetings in Washington.
” And so there is the issue of financing that we provide through Affirmative Action for Women in Africa  (AFAWA), that will help to Mobilize $3 billion for businesses for women on the continent, he disclosed.
” The other one is that we actually supported another fund which is called the Alethia Identity Fund, which has just closed at $75 million and that is to support growth capital for the businesses for women. So in other words, the small, medium and the large businesses for women are what we are supporting.
” We raised $251 million from the G7 leaders when I was in Beria with President Macron.”
” So we are focused on how we can drive investments for women.
” And so the bank will be launching what we called the women financing index for Africa in which all financial institutions in Africa will be rated based on their lending to women. Both in terms of the volume of lending and the in terms of the lending and in terms of their development impact for women. So those who lend more to women will get more resources at a more discounted rate from the bank, so you can lend more and have more impact.
” Finally, I will like to see financial institutions in Africa being held fully accountable when it comes to financing women. “
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