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AfDB, African Guarantee Fund Unlocks US$2bn Loans for Women-owned SMEs

THE African Development Bank (AfDB) through its ‘Affirmative Finance Action for Women in Africa (AFAWA) initiative has partnered with the African Guarantee Fund to unlock between US$1,3 billion and US$2 billion in loans for the continent’s women-owned Small to Medium Enterprises. AfDB said the move signals the launch of AFAWA’s Guarantee for Growth (G4G) programme, which seeks to make available up to US$3 billion in financing for women entrepreneurs through de-risking and technical assistance measures. “The AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) programme has agreed a to partnership with the African Guarantee Fund (AGF) to unlock US$1.3 to US$2 billion in loans to women-owned small and medium-sized enterprises in Africa, by working with financial institutions to enhance their ability to lend to women,” said the regional financial institution. Already, financial institutions in countries such as Cameroon, Democratic Republic of Congo, Kenya, Rwanda, Tanzania and Uganda have signed…