Thursday, October 9, 2025
25.1 C
Lagos

AfDB, Global Partners Unveil $61.8m Funding for Women Entrepreneurs

The Governing Committee of the Women Entrepreneurs Finance Initiative (We-Fi) has approved a funding allocation of $61.8 million for the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) program.
We-Fi is a partnership among 14 donor governments, eight multilateral development banks, and other public and private sector stakeholders, established in October 2017 and hosted by the World Bank Group.
This substantial support from the Women Entrepreneurs Finance Initiative, We-Fi, will help us scale up our actions and achieve greater results for women entrepreneurs across the continentOur ambition with AFAWA goes beyond regular assistance to women in business,” Vanessa Moungar, the Bank’s Director for Gender, Women and Civil Society said about the announcement.
With the We-Fi funding, AFAWA intends to improve access to finance for 40,000 women-owned/led small and medium enterprises in 21 African countries, mainly in low-income and fragile countries, where women entrepreneurs face greater challenges in accessing finance, markets, knowledge, and mentoring programs.

Specifically, the program’s activities will be implemented in Botswana, Burundi, Chad, Comoros, Côte d’Ivoire, Democratic Republic of Congo, Ethiopia, Kenya, Mali, Mauritania, Mozambique, Niger, Nigeria, Senegal, Sierra Leone, South Africa, Tanzania, Tunisia, Uganda, Zambia, and Zimbabwe.
The activities funded by We-Fi will be aligned with AFAWA’s three-pronged approach to holistically addressing the $42 billion financing gap between women and male entrepreneurs.
The first AFAWA pillar aims to increase access to finance for women through innovative and tailored financial instruments, including guarantee mechanisms to back up women entrepreneurs.
In collaboration with strategic partners, the second pillar focuses on providing capacity-building services to women entrepreneurs, including access to mentoring and entrepreneurship training courses. AFAWA also helps financial institutions address the specific needs of women-owned/led businesses through tailored financial and non-financial products.
The third pillar concentrates on improving the business environment for women by engaging in policy dialogue with central banks and other relevant authorities and stakeholders.
Lastly, the We-Fi funding will reinforce initiatives of the Bank and partners, such as UN Women and CARE International, in favor of women entrepreneurs in various sectors that are frequently overlooked by traditional financiers, donors and governments.

These special initiatives include Fashionomics Africa and the African women tech entrepreneurs program.

spot_img
spot_img
spot_img

Hot this week

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Rosatom: Nuclear Energy Holds key to Africa’s Sustainable Future

The role of nuclear energy in meeting Africa’s future...

RMRDC Targets 30% Value-Added Policy on Export of Local Raw Materials

The Raw Materials Research and Development Council (RMRDC) says...

NDIC, CIBN Strengthen Collaboration in Emerging Issues in the Financial Sector

L-R: President/Chairman of Council, Chartered Institute of Bankers of...

Fidelity Bank Commences Disbursement of FGN MSME Intervention Funds

Tier One Lender, Fidelity Bank Plc, has commenced the...

Topics

PwC, Uber Close Transport-Industry Tax Gap in Nigeria

Charging to drive someone around Lagos was chiefly a...

NIA Breaks Ground for Building Project

The Nigerian Insurers Association (NIA), the umbrella body of...

NAICOM, FRSC Partner to Enforce 3rd Party Motor Insurance Policy

R-L: Mr. O. S. Thomas, Commissioner for Insurance/CEO, National...

INEC to Deploy Biometric Voter Accreditation System for Anambra Election, First in Nigeria

REMARKS BY THE HONOURABLE CHAIRMAN, INDEPENDENT NATIONAL ELECTORAL COMMISSION...

Guinea Insurance Reports N1bn Premium Income in 2017

Shareholders of Guinea Insurance PLC on Thursday, July 12,...

NPA Reiterates Commitment to CSR in Visit to IDPs

The Management of the Nigerian Ports Authority (NPA) has...

Linkage Assurance Reaffirms Commitment to Human Capital Development

L-R: Mr Humphrey Ozegbe, Head, Human Capital, Linkage Assurance...

NCDMB, UBEC Explore Opportunities for Capacity Building, Support for Basic Education

L-R: Executive Secretary, Universal Basic Education Commission (UBEC), Dr...
spot_img

Related Articles

Popular Categories

spot_imgspot_img