This archive report was first published on 11 July 2019.
On July 11, 2019, Graca Machel, the former First Lady of South Africa, called on financial institutions and governments to empower women in a speech in Nairobi, Kenya.
She emphasized that empowering women benefits everyone and is essential for communities to thrive, citing research that shows increased women's involvement leads to improved financial management and more sustainable communities.
Graca Machel noted that women entrepreneurs make a significant contribution to their economies and that their enterprises, if allowed to achieve their full growth potential, can contribute to employment growth, enhanced regional trade, and spur more activity amongst budding entrepreneurs.
The 2X Invest2Impact initiative, launched by development finance institutions including FinDevCanada, Commonwealth Development Corporation Group (CDC), Proparco of France, and the Overseas Private Investment Corporation (OPIC) of the United States, along with the Mastercard Foundation, aims to provide access to funding to help develop women-led initiatives in East Africa.
The competition will support women entrepreneurs seeking to make a positive impact on local economies and are strong candidates for external investment. It will provide them with mentorships, business development services, visibility, and the opportunity for funding.
Graca Machel emphasized that the female segment cannot be generalized as 'niche' or 'predictable.' It is diverse and has particular needs that require attention.
