Finance

HSBC launches US$1 billion Female Entrepreneur Fund in 11 countries, including Egypt

HSBC launches US$1 billion Female Entrepreneur Fund  in 11 countries, including Egypt
Wednesday, 18 May 2022 16:34

The fund is launched in addition to HSBC Roar program to help women entrepreneurs address business challenges. For that purpose, it will provide funds and technical support. 

British banking group HSBC recently announced the launch of a US$1 billion fund dedicated exclusively to financing women entrepreneurs in 11 countries around the world. Only one of the beneficiary countries is in Africa, Egypt namely.  

Through the fund, HSBC will provide loans to women-led businesses over the next 12 months. It will also offer technical support including networking sessions, coaching from experienced bankers, and masterclasses led by business leaders. 

The exact volume of the loans to be provided to each company was not disclosed, nor were the repayment terms or the interest rates. 

 "The level of funding received over time by female-led businesses is significantly lower than male counterparts, while the recent impacts of the pandemic have seen these same businesses disproportionately affected. female-owned businesses are also less likely to have global networks, meaning international expansion can prove particularly challenging [... ]As the global economy continues to rebuild from the impact of the pandemic, small and medium-sized businesses will continue to be the bedrock on which our economies and local communities are built, meaning we need to ensure that those led by women are given the support to fulfill their full potential," said Sam Cooper-Gray, Global Head of Market Strategy at HSBC Business Banking. 

The fund launched in addition to HSBC’s Roar programs aimed at helping “address the challenges and bias that female leaders face.” 

In Africa, credit access is one of the major challenges faced by women entrepreneurs. In 2019, only 3% of startup funding and 2% of venture capital went to women entrepreneurs globally. According to a 2019 study by the Boston Consulting Group, closing the gender gap would increase global GDP by US$5 trillion.

Chamberline MOKO

On the same topic
COMESA launches local-currency digital payment platform DRPP DRPP enables cross-border trade without using U.S. dollars Aims to cut costs, boost SME...
• Faso Films Fund aims to finance local and diaspora cinema projects• Initiative managed by the Burkinabè Film and Audiovisual Agency (ABCA)• Program...
• Companies with annual revenue above CFA5 billion ($8.8 million) will be required to build headquarters in Burkina Faso.• Firms will have six months to...
• Côte d’Ivoire reduced its budget deficit from 6.8% of GDP in 2022 to 4% in 2024, according to the World Bank.• The government targets a deficit of 3% of...

Most Read
01

Senegal’s attempt to diversify its fuel supply by turning to Nigerian crude is bumping up against ha...

Senegal Turns on Nigerian Crude to Diversify its Fuel Supply — But Challenges Loom Ahead
02

• UAC of Nigeria acquired CHI Limited, known for Chivita juices and Hollandia dairy, from Coca-Cola ...

UAC of Nigeria Takes Control of CHI Limited, Former Coca-Cola Subsidiary
03

• Nestlé, NGOs urge against delay, propose grace period instead• EU cites technical hurdles, trading...

EU Weighs Delay to 2025 Anti-Deforestation Law Amid Industry Calls to Stay on Track
04

• AfDB chief Sidi Ould Tah met BOAD president Serge Ekué in Abidjan on Aug. 30.• Talks focused on jo...

AfDB, BOAD join forces to expand financing for West Africa projects
05

Financial professionals gathered in Dakar on September 25 for the Structured Finance Africa Forum (S...

Rating Agency Chief: West Africa Securitization Could Hit 20 Deals a Year
Enter your email to receive our newsletter

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

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


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.