AFDB to provide US$500 to support African women in agriculture

AFRICAThe African Development Bank (AfDB) has announced this expected to have provided close to US$500 out of which US$150 million by the end of 2021 that would be channelled to women in agriculture in Africa.

It said in a statement that the fund would help women in agriculture partner public and private sector to develop alternative financial models to increase the ability of women farmers to access the financing and skills they need to grow sustainably.

“Indeed, in sub-Saharan Africa, the financing gap for African women in agricultural value chains is estimated at $15.6 billion where women play a pivotal role in agriculture and agribusiness and require more robust and responsive regulatory and policy frameworks for countries to benefit from their contributions,” the bank added in the statement.

“Providing access to finance for women-owned small and medium enterprises in Africa is an important component of the Bank’s strategy to establish a conducive business environment for women entrepreneurs to thrive.”

“Providing access to finance for women-owned small and medium enterprises in Africa is an important component of the Bank’s strategy.”

The Bank, through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, has committed up to US$5 billion to finance women’s businesses on the continent by 2026.

This is already proving successful. For example, in Ghana a US$20 million AFAWA Financing Climate-Resilient Agricultural Practices project is expected to benefit 400 women-led micro, small and medium enterprises through a line of credit from Ecobank Ghana. This support comes with technical assistance, and training in climate-resilient agricultural practices,” it stated.

Speaking in Rome during the pre-summit to the 2021 United Nations Food Systems Summit, the bank’s Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, stressed that closing the gender gap in economic opportunities on the continent was critical for its future.

“Closing gaps in economic opportunities is not only essential for women’s empowerment but for African economies, particularly for GDP growth, poverty reduction, and structural transformation for sustainable development,” Dunford said.

“The bank will provide a road map for gender interventions in the next four years, focusing on the agriculture sector, where women have the highest entrepreneurial potential,” the vice president said.

Meanwhile, Vice President Yemi Osinbajo announced that the African Development Bank (AfDB) has agreed to support Micro Small and Medium Enterprises (MSMEs), especially technology-based ones with US$500 million in Nigeria.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.