The African Development Bank Group is showcasing its transformation of Africa’s financial sector to provide Africa’s women entrepreneurs billions of U.S. dollars to grow their businesses at an event organized by French President Emmanuel Macron ahead of International Women’s Day.
The “Female entrepreneurship in Africa and France – Perspectives and Financing” session, held Friday at the Élysée Palace in Paris, was attended by the Vice President for Agriculture, Human and Social Development Dr. Beth Dunford who represented African Development Bank president, Dr. Akinwumi Adesina.
In a video message, Adesina spoke about the Bank’s Affirmative Finance Action for Women in Africa, or AFAWA initiative. AFAWA, designed by Adesina and officially launched by the French G7 Presidency in 2019, is helping reduce the estimated $49 billion financing gap Africa’s women-led businesses face. To date, the Bank through AFAWA, has approved $2.5 billion in financing, with more than $1.2 billion already distributed to women entrepreneurs through a network of 185 AFAWA partner financial institutions in 44 African countries. Overall, more than 24,000 African women have benefited from AFAWA-backed financing and capacity building programs.
“President Macron – you backed a winning horse. We did not disappoint. We worked very hard and pushed the boundaries – and today, here we stand with tangible, high-impact, life-changing results to show for your incredible support,” Adesina said in pre-taped remarks addressed to the French resident.
Dunford, who led an in-person delegation from the Bank to the Élysée, is scheduled to speak to attendees about how doing business with Africa’s largely untapped women entrepreneur market is good business for commercial banks and other financial institutions.
“AFAWA is changing the mindset of Africa’s financial institutions – offering incentives to commercial banks and other institutions to tailor financing and services that meet unique needs of Africa’s women-led businesses. When we empower women to access finance, we are helping to fuel Africa’s economies,” Dunford said.
“As the world observes United Nations International Women’s Day, we’re proud of the tens of thousands of African women entrepreneurs who through AFAWA are getting access to financing or training and who are realizing their business expansion plans,” Dunford added.
AFAWA Coordinator Melissa Basque-Roux will take part in a roundtable discussion on successful women entrepreneurs in agro-business and agri-tech. The event is also scheduled to include testimonies from African women entrepreneurs who received AFAWA-backed financing or technical support to scale up their businesses.
AFAWA is supported by the African Development Bank’s partners and donors: the Women’s Entrepreneurs Finance Initiative (We-Fi), G7 participating countries Canada, France, Germany and Italy, as well as the Netherlands and Sweden.
UN Women commemorates International Women’s Day on 8 March each year. The year 2025 is a pivotal moment in the global pursuit of gender equality and women’s empowerment, as it marks the 30th anniversary of the Beijing Declaration and Platform for Action. Adopted at the Fourth World Conference on Women in 1995 in Beijing, China, by 189 governments, the Beijing Declaration and Platform for Action remains the most progressive and widely endorsed blueprint for women’s and girls’ rights worldwide.
This year’s theme, “For ALL women and girls: Rights. Equality. Empowerment,” calls for action that can unlock equal rights, power and opportunities for all, including opportunities for financial inclusion.
