The African Development Bank’s (AfDB) Women Entrepreneurs Finance Initiative (We-Fi) has announced its plan to invest 69,000 women in Nigeria, Cameroon, Egypt, Kenya, and Mozambique with $15 million to help them improve their small and medium companies.
According to a statement retrieved from the bank’s website, the fourth round of financing would provide access to digital technologies and finance to around 69,000 women entrepreneurs in developing economies.
“The money will allow the Africa Digital Financial Inclusion Facility to plan and implement programs to promote digital access to finance women entrepreneurs and close the $42 billion financing gap, as well as improve operational efficiency to help the continent recover from the COVID-19 issue.”
“The fourth round of We-Fi allocations arrives at a critical juncture. According to the bank, conflict and instability, rising prices, and the global consequences of the COVID-19 epidemic are all putting pressure on women’s economic empowerment.
We-Fi $15 Million AFDB Funding
According to We-Fi, the funds will be used to increase access to capital for women-owned small and medium businesses, as well as supplement the Affirmative Finance Action for Women in Africa Initiative (AFAWA).
“Digital financial solutions are critical for enhancing people’s quality of life in Africa and closing the gender gap in access to finance.” This funding, which is in addition to the Affirmative Finance Action for Women in Africa Initiative (AFAWA), will be used “not only to expand access to finance for women’s small and medium businesses but also to provide an avenue for their increased economic empowerment and resilience,” according to the bank.
The World Bank Group, the Islamic Development Bank Group, and the Inter-American Development Bank Group.
In other news, as of March 2022, the bank had sponsored over $1.4 billion in Rwandan projects, including $498 million going to energy projects.