The African Development Bank (AfDB) has resolved to mobilise $300 million to drive the Affirmative Finance Action for Women in Africa (AFAWA).Mr. Ebrima Faal, the Senior Director, Nigeria Country Department of AfDB, said the money would be sourced through financial intermediaries.
Faal spoke at the 2018 International Women`s Day (IWD) commemorative event of the AfDB on Wednesday in Abuja.
He said that the objective of AFAWA was to unleash women`s economic potential by enabling more women businesses to access available, accessible and affordable finance.
“We want to achieve this by mobilising about 300 million dollars to financial intermediaries through a partnership driven approach, by measuring impact and by supporting financial system in Africa,” Faal said.
He said that AFAWA women financial facility would catalyse debt financial resource to targeted women-owned SMEs, larger formal MSME enterprises while AFAWA technical assistance programme would provide assistance to women financing ecosystem.
Faal added that AFAWA enabling environment would be complemented by technical assistances and grants identified, targeted to AfDB member countries in alignment with budget support operations to influence policy making, gender mainstreaming among others.
Faal said that the pursuit of gender equality was therefore integral to the vision of the Bank.
He said that addressing gender inequalities and reducing gender disparities would improve economic efficiencies and growth.
“The Bank ensures gender equality by mainstreaming in all its operations, priority given to women, All projects have a clear indicators on gender with which progress on gender mainstreaming are monitored and evaluated,”Faal said.