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G7 okays $251m for African women

Published by The Nation on Mon, 16 Sep 2019


Leaders of the G7 nations have approved $251 million in support of the African Development Bank (AfDBs) Affirmative Finance Action for Women in Africa (AFAWA) initiative to support women entrepreneurs in Africa.AFAWA aims to raise up to $5 billion for women entrepreneurs while AfDB will provide $1 billion financing. The risk-sharing mechanism used by AFAWA is a practical approach to international commitments.AFAWA was adopted during a summit of African Heads of State in 2015 and assigned to the AfDB for implementation.The cash was announced at the G7 Summit in Biarritz, France.French President/current G7 president, Emmanuel Macron said: I am particularly proud, as the current G7 president that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the AfDB, which works with African guarantee funds and a network of African banks.AfDB President Akinwumi Adesina lauded the extraordinary support of all the G7 heads of state and government, which will provide incredible momentum to the AFAWA programme. This is a great day for African women. Investing in women entrepreneurs in Africa is important, because women are not only Africas future, they are Africas present, he said.
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