This archive report was first published on 30 August 2019.
On August 30, 2019, the G7 summit in Biarritz, France, made a significant commitment to support African women entrepreneurs through the Affirmative Finance Action for Women in Africa (Afawa) initiative, pledging over Sh20.7 billion (USD200 million).
The initiative, a joint effort between the African Development Bank (AfDB) and the African Guarantee Fund (AGF), aims to boost women-owned and women-led businesses in Africa.
AGF Group Chief Executive Officer Felix Bikpo hailed the G7 leadership for recognizing the crucial role women play in driving Africa's economic growth.
“AGF’s strategy recognizes women as a great pillar of development of African economies and has always focused on increasing access to finance to women. In fact, 30 percent of SMEs supported by the AGF are owned or led by women. Through Afawa, our role in financing women will be reinforced to enable even more women fully play their roles as drivers of economy through the SMEs they own or lead,” Mr Bikpo said.
The Afawa initiative takes a holistic approach to empowering women entrepreneurs, focusing on access to finance, capacity building, and regulatory reforms.
