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Tag: Africa Guarantee Fund

  • UN Women launches Women’s Economic Empowerment Strategy

    UN Women launches Women’s Economic Empowerment Strategy

    The UN Women on Sunday launched its comprehensive Women’s Economic Empowerment Strategy aimed at accelerating gender equality and fostering inclusive economic growth during the first side event on the margins of the African Development Bank Group (AfDB) Annual meetings.

    UN Women’s Economic Empowerment Strategy is designed to empower women through targeted initiatives that enhance their access to resources, opportunities, and leadership roles in the economy.

    The strategy prioritizes three key areas essential for achieving gender equality: women and the world of work, gender-responsive climate action, and transforming care systems. These are underpinned by promoting gender-responsive macroeconomic policies, addressing discriminatory social norms, and increasing financing for gender equality.

    Speaking during the launch, Sarah Hendriks, UN Women’s Director of Policy, Programme and Intergovernmental Division noted that the strategy articulates the UN Women’s vision and priorities as an organization and ways of working to support women to thrive and economies to prosper.

    “Women’s economic empowerment is not just a matter of social justice; it is an economic imperative. By unlocking the potential of women, we can drive sustainable development and foster resilient economies,” she said.

    The side event also fostered dialogue between UN Women, the African Development Bank Group, and other key partners which aim to drive transformative solutions for women’s economic empowerment at the local, national, and global level, ensuring no woman is left behind.

    Attended by key stakeholders, including government officials, civil society leaders, private sector representatives, and international development partners, the event underscored the importance of a coordinated approach to fostering gender equality.

    In their Ten-year Strategy (2024-2033) to be launched on Thursday and its 2021-2025 Gender Strategy the African Development Bank Group (AfDB) prioritizes gender equality, placing women’s empowerment at the heart of the strategy.

    This focus translates into real results: through AFAWA, the Bank approved $1.7 billion for women entrepreneurs across 43 countries, a tenfold increase in investments towards women-owned and led businesses. With over 18,000 women entrepreneurs already benefiting, and over 75% of sovereign operations assessed using a gender lens approach in 2023, the Bank demonstrates its unwavering commitment to women’s economic empowerment.

    “The Bank is committed to implement policies that promote gender equality, eliminate gender-based violence, as well as discrimination across Africa. We must listen and amplify the voices of women, while ensuring that Africa’s women have equal opportunity. Empowering African women is a moral imperative – as well as smart economics” said Dr. Beth Dunford, Vice President, Agriculture, Human and Social Development, African Development Bank Group.

    UN Women also announced Dr. Akinwumi Adesina, President of the Africa Development Bank as a HeForShe Champion. HeForShe is a solidarity movement inviting men and people of all genders to stand in solidarity with women to create a bold, visible and united force for gender equality.

    The Bank joins the HeForShe Alliance to continue spearheading transformative change toward achieving a gender-equal world.

     

  • Africa Guarantee Fund bolster Sidian bank lending to SME’scapacity to SME’s

    Africa Guarantee Fund bolster Sidian bank lending to SME’scapacity to SME’s

    The African Guarantee Fund has bolstered Sidian Bank’s lending for small businesses, with a focus on women entrepreneur .

    Under the risk-sharing guarantee facility, Sidian Bank plans to scale up its lending to small businesses with women-led businesses earmarked at least 30 percent of the amount.

    Sidian Bank has received an enhancement from African Guarantee Fund to bring its total loan portfolio guarantee to KES 1.5 billion.

    This enhancement of the portfolio guarantee limit is set to empower the bank to provide enhanced support to the Kenyan SME sector over a period of 7 years, commencing in 2023.

    Speaking at the signing ceremony, Mr. Chege Thumbi, CEO of Sidian Bank, expressed his enthusiasm for the partnership, stating, “Sidian Bank has always been committed to supporting SMEs across the country, and this collaboration with the African Guarantee Fund marks a significant milestone in our efforts to provide accessible financial solutions.

    SMEs are the backbone of our economy, and we are dedicated to helping them thrive through various financial instruments designed to improve access to finance.

    This latest collaboration with the African Guarantee Fund further solidifies the bank’s commitment to the growth and prosperity of SMEs and increased contribution to the country’s GDP.”

    On his part, African Guarantee Fund Group Chief Executive Officer, Jules Ngankam said, “We are excited about this renewed partnership and the prospect of having an even greater impact in reducing the SME financing gap, which is still a major concern in this critical sector and has been linked to the widespread closure of these small and medium businesses.”

    “The additional facility gives Sidian Bank an extra security measure to expand its lending activities to SMEs, especially green businesses and gender-smart projects, and therefore fostering an inclusive and sustainable economic growth in Kenya” Jules added.

    AGF’s risk-sharing guarantee facility will enable Sidian Bank to scale up its lending activities to SMEs,ensuring that the businesses have access to the credit facilities they need to thrive.

    The African Guarantee Fund is a pan-African guarantee provider whose mission is to empower SMEs to fully play their role as engines of growth in the continent.