AfDB extends US$1,8mn grant to women entrepreneurs
Budding women entrepreneurs will get the much-needed boost to capitalise their businesses and strengthen their skills following a US$1,8 million funding from the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA).
The grant is meant to boost entrepreneurship skills for thousands of women in Mozambique, Tanzania, Zambia and Zimbabwe, in partnership with Export Trading Group (ETG).
According to the AfDB, the project aims to impact up to 3 600 women and women-led or owned businesses by placing them in Export Trading Group’s global supply chain over four years.
Leadership from both organisations took part in a signing ceremony held Tuesday, December 5 2023 on the side-lines of the United Nations Climate Conference COP 28 in Dubai, United Arab Emirates.
The grant for the “Strengthening the Entrepreneurship Skills of Women Owned & Led Businesses and Women Employees” project will support women ETG employees and entrepreneurs, as well as women-led small and medium enterprises and cooperatives.
ETG is a multinational company recognised as a fast-growing, vertically integrated agricultural supply chain group in sub-Saharan Africa, with a presence in 40 countries. AFAWA is a pan-African initiative helping bridge the $42 billion financing gap Africa’s women entrepreneurs face, compared to men.
“Integrating women in the Export Trading Group value chain will go a long way in bridging gender parity by providing equitable access to climate-resilient(and climate)] smart agriculture skills, and creating a rural infrastructure that supports all facets of women’s engagement in agricultural markets,” said Dr Beth Dunford, African Development Bank vice president for agriculture, human and social development.
“This will significantly contribute to food security and economic growth in the four countries,” she added.
The technical assistance includes training women employees to develop an entrepreneurial mindset and facilitate their access to finance and market linkages.
Women make up a large proportion of Africa’s agricultural workforce, from production to consumption and also make 70 to 80 percent of purchasing decisions. The grant is financed through the Bank-managed Women Entrepreneurs Finance Initiative (WeFi) which is part of the AFAWA initiative.
“We are proud to partner with the Bank on the AFAWA project. By empowering women entrepreneurs in Africa, we can make local economies and communities thrive, which is a core part of our company strategy. Finding the right partners in this journey is important, and this collaboration is getting us a step closer to our goals,” said ETG chief treasury officer Mr Paul Van Spaendok.
ETG’s Farmers Foundation will also take part in the project, providing smallholder farmers with training and extension services in basic business skills and good agricultural practices.
“The region boasts the largest number of women entrepreneurs, but their struggles to move beyond subsistence are still a reality.
“ Harmonising public and private sector efforts is a necessary move to enable women employees, entrepreneurs and businesses along agricultural value chains to battle existing constraints and be given a fair chance to flourish,” said Kamini Menon, Chief Executive Officer of ETG Farmers Foundation.
-herald
