The month of March, known to many as International Women’s month, the African Development Bank Group continues to put a spotlight on women-led businesses and financial institutions set to support them.

The business experiences of African women running small and medium-sized enterprises, as well as financial institutions supporting them, were the subject of an online event held on 8 March 2021, by the African Development Bank and the African Guarantee Fund.

The businesses are all clients of financial institutions participating in the Affirmative Finance Action for Women in Africa (AFAWA) Guarantee for Growth program.

The program is a tri-pillar innovation that aims to unlock up to $3 billion in loans to small and medium enterprises in the next five years. Working through financial institutions, the program addresses the financial and non-financial needs of small and medium enterprises by offering access to finance and technical assistance to enhance their bankability and ability to grow profitable and sustainable businesses.

“Women are the heart of our economy and the keys to building a more resilient, inclusive and prosperous society across the continent amidst the global pandemic,” said Vanessa Moungar, the Bank’s Director for Women, Gender and Civil Society, in her welcoming remarks to over 400 online participants.

Participants included women entrepreneurs, women-led business support organizations, development partners, financial institutions, civil society and government stakeholders.

Source: Further Africa