Finance

African Development Bank collaborates with Women Entrepreneurs Finance Initiative

Friday, 02 November 2018 19:59
African Development Bank collaborates with Women Entrepreneurs Finance Initiative

(AFRICAN DEVELOPMENT BANK) - The African Development Bank’s 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 women’s entrepreneurship in Africa,” said Vanessa Moungar, Director of the Bank’s Gender, Women and Civil Society Department.

The agreement was signed on 15 October 2018 in Abidjan, Côte d’Ivoire. 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 women’s business at US$42 billion. Its AFAWA initiative aims to provide financing and a holistic approach to women’s entrepreneurship.

About We-Fi

Women Entrepreneurs Finance Initiative, or We-Fi, is a collaborative partnership among 14 governments, eight multilateral development banks, and other public and private sector stakeholders, hosted by the World Bank Group. It seeks to address financial and non-financial constraints faced by women-owned/led small and medium enterprises in developing countries. We-Fi issues calls for proposals for projects, programs, and activities that are aligned with its objectives and principles. Project implementation is led by Implementing Partners that are screened and accredited by the We-Fi Governing Committee. The first approved proposals were announced on 19 April 2018, with US$120 million allocated for proposals submitted by the Asian Development Bank, Islamic Development Bank, and World Bank Group. Under We-Fi’s second call for proposals, issued on 17 October 2018, up to US$120 million of financing is available for programs and projects contributing to supporting women’s entrepreneurship in eligible countries. The proposals must be submitted by 4 February 2019 and allocations will be announced in April 2019.

About AFAWA

Affirmative Finance Action for Women in Africa, or AFAWA, was launched at the African Development Bank’s Annual Meeting in May 2016 in Lusaka, Zambia. It is a pan-African initiative with an overarching objective of bridging the finance gap for women in Africa and unlocking their entrepreneurial capacity. AFAWA adopts a holistic approach through three pillars: strengthening access to financing for women-owned and -led businesses, building the capacity of women entrepreneurs and financial institutions, and engaging dialogue with African governments to support legal, policy and regulatory reforms that improve business-enabling environments to accelerate women’s entrepreneurship.

About the African Development Bank Group

The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

24505 Agency Vanessa Moungar



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.