AfDB invites applications for funding to support businesswomen
Director General for East Africa at African Development Bank (AfDB). The bank has invited institutions advancing women’s entrepreneurship in Africa to apply for funding.
What you need to know:
- Women’s business associations, incubators, accelerators, and cooperatives are eligible for the funding ranging from $100,000 to $250,000.
- It will be disbursed through the bank’s Gender Equality Trust Fund.
African Development Bank Group (AfDB) has invited institutions advancing women’s entrepreneurship in Africa to apply for funding.
Women’s business associations, incubators, accelerators, and cooperatives are eligible for the funding ranging from $100,000 to $250,000, which will be disbursed through the bank’s Gender Equality Trust Fund.
The funds are to be utilised to strengthen women-owned small and medium enterprises (SMEs) across Africa.
“This call for proposals is an opportunity for direct and concrete support for women entrepreneurship enablers to scale up their growth and impact, and advance women’s financial inclusion on the continent,” said the bank’s Gender, Women and Civil Society, Director, Ms Vanessa Moungar on May 10, in a post on their website.
AfDB’s Affirmative Finance Action for Women in Africa (Afawa) Manager Ms Esther Dassanou, said women business enablers including business associations and civil society organisations, are critical to creating a viable environment for growth of female entrepreneurs and expansion of their businesses.
“Through the Afawa initiative, the bank is committed to supporting enablers to strengthen the business and financial skills as well as wealth-creating capacity of their members,” she said.
Through Afawa, the bank targets to extend $5 billion in financial support for women-owned or run SMEs in Africa by 2026.
Track record
The interested institutions have until May 30, 2021 midnight to submit their applications.
The applicants will be evaluated on the basis of their track record in supporting women-owned or run SMEs, innovation and strong development impact, as well as their capacity to mobilise other sources of funding.
The bank has particularly encouraged applications from institutions based in 14 African countries including Kenya, owing to their current alignment with its Afawa Guarantee for Growth Program pipeline.
Others include Cameroon, Congo-Brazzaville, Democratic Republic of Congo, Gabon, Lesotho, Madagascar, Malawi, Morocco, Mozambique, Senegal, South Africa, Tanzania, Rwanda and Zambia.
Locally, female entrepreneurs can apply for a Sh10M to Sh7M funding from Absa Bank Kenya credited through the She Business Account. Of added advantage to access to credit, the businesswomen are enabled to market their products and mentored to run successful enterprises.
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