The African Development Bank (AfDB), says Governing Committee of the Women Entrepreneurs Finance Initiative (We-Fi) has approved 61.8 million dollars funding allocation for its Affirmative Finance Action for Women in Africa (AFAWA) programme.
The Communication and External Relations Department of the bank made this known in a statement in Abuja on Monday.
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.
The statement reported Vanessa Moungar, the bank’ s Director for Gender, Women and Civil Society as making the announcement recently.
The statement also quoted the director as saying that “this substantial support from We-Fi, would help us scale up our actions and achieve greater results for women entrepreneurs across the continent.
“Our ambition with AFAWA goes beyond regular assistance to women in business.
“With the We-Fi funding, AFAWA intends to improve access to finance for 40,000 women-owned and led small and medium enterprises in 21 African countries.
” Those mainly in low-income and fragile countries where women entrepreneurs face greater challenges in accessing finance, markets, knowledge, and mentoring programmes.
According to Moungar, the programme’s activities will be implemented in Botswana, Burundi, Chad, Comoros, Côte d’Ivoire, Democratic Republic of Congo, Ethiopia, Kenya, Mali and Mauritania.
Other countries that would benefit are Mozambique, Niger, Nigeria, Senegal, Sierra Leone, South Africa, Tanzania, Tunisia, Uganda, Zambia, and Zimbabwe.
She said activities funded by We-Fi would be aligned with AFAWA’s three-pronged approach to holistically addressing the 42 billion dollars 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 to 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” she said.
- Nigeria, Brazil strengthen ties to boost economy, counter insecurity
- Gov. Matawalle warns mischief makers
- NJ Ayuk’s book Billions at Play: The Future of African Energy and Doing Deals now available in Spanish
- FMC Yenagoa marks 20th anniversary with free medical outreach for host community
- Anambra: Ojukwu varsity inducts 47 doctors, as Obiasor carts home 12 awards
- NNPC set to take measures to curb oil theft
- Gov. Ishaku tasks state governments on Human Rights promotion
- International Human Rights Day: U.S. Consulate urges empowerment of local leaders empowerment to protect citizens rights
- National security: Air Chief assures best training for NAF personnel
- Abuse: Create platforms for students to rate lecturers anonymously- Gender Activist
- DMO clarifies Nigeria’s external debt
- 35 land grabbing cases pending in Lagos courts – attorney-general
- LSFVCB arrests 30 sellers of pirated films
- Don calls for integration of orature into universities curriculum
- Lagos courts to go digital in 2020 — AG
- Anchor Borrowers:CBN tasks cotton farmers on prompt repayment of agric loans
- ICMPD to train 500 teacher-trainers on mainstreaming trafficking in persons into NCE
- College of Insurance partners international organisations to boost status
- Hate speech: NBC urges FG to promote news literacy, professional journalism
- Improve capacity building in medical image analysis, computer vision- Expert
- Jigawa, Kaduna, Delta tops 2018 states budget transparency – Report
- Swedish envoy urges strategic action, awareness creation against gender-based violence
- N80 bn budget for 23 Kaduna LGAs scales 2nd reading
- Nigeria supports global efforts on elimination of Nuclear weapons
- Yuletide: Stop using fake, substandard tyres to avoid road crashes- Olagunju
- NDLEA destroys 11,669 kg of illicit drugs worth N1.65bn in Nasarawa
- British Council presents development grants to women groups in Adamawa
- UN wants Somali youth to promote human rights protection for stability
- Institute solicits FG’s support to provide detailed survey, soil resources mapping
- Boris Johnson under fire as health survey finds many die in emergency wait
- 4 Brigade Troops arrest 5 for suspected murder, armed robbery
- Russian separatists in Ukraine signal support for peace deal
- Minister expresses concern over human trafficking
- Experts advocate mental health therapy for GBV victims
- Yuletide: Oyeyemi warns transport unions against overloading, speeding
- Israel reaffirms commitment to partnering Nigeria on agric technology, entrepreneurship devt
- Promote rule of law over self interest, Oyo Speaker urges lawyers
- Berlin declares emergency in climate
- Emir of Karaye lauds NMA over contribution to community health
- Nigeria Immigration Service Deputy CG, Anene, retires
- SWAN commends Gov. Abdulrazaq over baseball park renovation
- Germany working on defense system to protect airports from drones
- Buhari calls for multilateral approach to combat terrorism
- NECO: EFCC arrests vice-principal, 2 others over exam malpractice in Ilorin
- No reprieve for Hungary in EU grilling over rule of law concerns
- Without convergence, single currency will be catastrophic – ECOWAS Commission President
- Forgive me, Fayose begs aggrieved PDP members
- $22.7 loan request meant for infrastructure- FG
- A’Ibom 2020 budget: Group says N4bn for education “too paltry”
- Katsina state govt. establishes 5 new irrigation schemes