In celebration of International Women’s Day and to mark the rollout of the Affirmative Finance Action for Women in Africa (AFAWA) Guarantee for Growth program, the African Development Bank and the African Guarantee Fund have showcased the first beneficiaries of the AFAWA Guarantee for Growth program.
The programme is an innovation that aims to unlock up to $3 billion in loans to women-led small and medium size enterprises (SMEs).
The beneficiaries took part in an online panel event, co-organised by AFAWA and the African Guarantee Fund according to reports.
The theme of the programme was, “Women entrepreneurs: key drivers of economic growth.” The virtual session centered on how the AFAWA Guarantee for Growth program works with financial institutions to address the financial and non-financial needs of African women entrepreneurs, by offering access to finance, providing technical assistance and create an enabling environment to promote policy changes and regulatory reforms.
“The African Development Bank has mobilised its resources, and the support of its global partners, in what is to date, our most ambitious effort ever to change the landscape on access to finance for African women entrepreneurs,” the Bank’s Director for Women, Gender and Civil Society, Vanessa Moungar said.
The first participants in the program included: Catherine Mumbua Wanjoya, the founder of a company manufacturing biodegradable and affordable sanitary towels, and waste incinerators; Terry Mungai, the CEO of a beauty and hair care franchise institution; Mbuaya Kalenga Mdhy, who heads a semi-industrial sewing company; and hotelier Bijour Esther Monga Ilunga Kazadi.