G7 Approves $251m To Empower African Women Entrepreneurs
Leaders of the G7 nations have approved $251 million in support of the African Development Bank (AfDB’s) Affirmative Finance Action for Women in Africa (AFAWA) initiative to empower women entrepreneurs in Africa.
AFAWA aims to raise up to $5 billion for women entrepreneurs while AfDB will provide $1 billion financing. The risk-sharing mechanism used by AFAWA is a practical approach to international commitments.
AFAWA was adopted during a summit of African Heads of State in 2015 and assigned to the AfDB for implementation.
French President/current G7 president, Emmanuel Macron said: “I am particularly proud, as the current G7 president that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the AfDB, which works with African guarantee funds and a network of African banks.”
AfDB President Akinwumi Adesina lauded the “extraordinary support of all the G7 heads of state and government, which will provide incredible momentum” to the AFAWA programme. “This is a great day for African women. Investing in women entrepreneurs in Africa is important, because women are not only Africa’s future, they are Africa’s present,” he said.
The cash initiative was announced at the G7 Summit in Biarritz, France.
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