2019 Global Gender Summit: African Development Bank, partners officially launch AFAWA Risk Sharing Facility

The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme gained momentum with significant support from commercial banks and a $1 million commitment from the government of Rwanda.

The Bank and partners officially launched AFAWA Risk Sharing Facility at a press conference held during the 2019 Global Gender Summit currently underway in Kigali, Rwanda.

AFAWA is one of the Bank’s flagship gender-focused programmes which seeks to accelerate growth and employment creation across African economies, by closing the financing gap for women.

“Today is a great day!” said Akinwumi Adesina, President of the African Development Bank. With this facility, women will be able to receive technical assistance. We shall strengthen our capacity and we shall get there. The decision that we are taking today is highly transformational. It will permanently transform Africa.”

Attijariwafa Bank and the African Guarantee Fund signed a $50 million Memorandum of Understanding to de-risk lending to women through partial guarantees.

AFAWA is expected to unlock $3 billion in private sector financing to empower female entrepreneurs through capacity-building development, access to finance as well as policy, legal and regulatory reforms to support enterprises led by women.

In August, G7 leaders approved a package totaling $251 million in support of AFAWA during the summit in Biarritz.

The 2019 Global Gender Summit is co-organized by Rwanda and the African Development Bank. It aims to share best practice and encourage innovation to accelerate progress on gender equality.

Original source: AfDB
Published on 26 November 2019