This archive report was first published on 12 July 2019.
On July 11, 2019, Graca Machel Trust, a children and women rights advocate, launched Invest2Impact, a business competition that aims to provide funding to women-led initiatives in East Africa.
Leading development finance institutions (DFIs) from G7 countries, including FinDevCanada, the Commonwealth Development Corporation Group (CDC) of the United Kingdom, Proparco of France, and the Overseas Private Investment Corporation (OPIC) of the United States, will provide funding to the tune of up to $85,000 to support women-owned businesses in Kenya, Uganda, Tanzania, Rwanda, and Ethiopia.
According to Graca Machel, research shows that increasing women's involvement leads to improved financial management and more sustainable, thriving communities.
The finance gap in women entrepreneurship is estimated at $300 billion globally, with seven out of ten women SME entrepreneurs lacking the financing they need to operate and grow their businesses.
Businesses that focus on the UN Sustainable Development Goals, such as reducing poverty and increasing access to health and education services, have a greater chance of being considered for the funding.
The competition, which will be open to the public on July 11 and end on November 13, will also provide women with business development services, mentorship programs, new networks, and business visibility through partnerships.
Eligible businesses must have a woman or women owning at least half of the share-holding, have assets or revenues in excess of $50,000, have been in operation for at least three years, and have a minimum of five employees.
