Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

African Development Bank Grants $1 Million to Women-Led Businesses in the Sahel

Sunday, 04 June 2023 13:09
African Development Bank Grants $1 Million to Women-Led Businesses in the Sahel

(AfDB) - The African Development Bank's Gender Equality Trust Fund will provide a $950,000 grant to the Africa Small and Medium Enterprise Business Linkages Program in Burkina Faso, Chad, Mali, Mauritania, and Niger. 

The grant, which will supplement an earlier $3.9 million financing grant from the Bank’s Transition Support Facility, is expected to bolster 1,400 women-led enterprises and contribute to the region’s economic resilience and social cohesion.

The Gender Equality Trust Fund supports the delivery and scaling of the bank’s Affirmative Finance Action for Women in Africa, or AFAWA, program. AFAWA aims to close the $42 billion gender financing gap for women-led African enterprises by promoting gender-transformative lending and non-lending operations.

“We are excited to extend the impact of the program that will reach more than a thousand women entrepreneurs across the Sahel region,” said Malado Kaba, the Bank’s Director for Gender, Women and Civil Society. “We believe one key to building resilient African societies is the inclusion of women in economic development. The program’s wide range of business-related training and coaching in addition to increasing access to finance will go a long way toward reaching that goal,” she added.

Women entrepreneurs in the Sahel region face significant barriers to accessing finance, markets, and business development services. The Africa Small and Medium Enterprise Business Linkages Program will provide women entrepreneurs with the tools and resources they need to overcome these barriers and grow their businesses. It will also help increase productivity and employment opportunities, especially for young women and men, including offering capacity building in entrepreneurship, core business functions and management training.

The bank’s Gender, Women and Civil Society Department conducted three studies and consulted with Sahel region chambers of commerce to identify women-led businesses to participate in the program. The bank also supports national statistics offices to build more robust, gender-responsive data, which helps measure program impact.

The G5 Sahel Union of Chambers of Commerce will administer the program in collaboration with financial institutions and intermediaries to directly support access to finance for local, small and medium enterprises.

The Africa Small and Medium Enterprise Business Linkages Program aligns with the African Development Bank's 2021-2024 Private Sector Development Strategy, its 2021-2025 Gender Strategy and the 2022-2026 strategy for addressing fragility and building resilience in Africa.

The Bank Group’s Board of Directors approved the grant on 23 March 2023.

bad

 
Mining


 
Telecom


 
Public Management


Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

Please publish modules in offcanvas position.