AFAWA Initiative Surpasses $2.42 Billion in Financing for Women-Led Businesses

RABAT, Morocco (BG) – African leaders and financial institutions on Thursday reaffirmed their commitment to empowering women entrepreneurs as critical drivers of Africa’s economic growth.

During a session at the Africa Investment Forum in Rabat, Morocco, titled ‘Empowering Women in Business,’ focused on the critical role of women entrepreneurs as drivers of economic development across the continent.

Speaking on behalf of Moroccan Minister of Economy and Finance Nadia Fettah, Amina Benjelloun emphasized the importance of collective action and strategic investment in female entrepreneurship during recent discussions.

“Supported by our international partners, we must orchestrate a collective and bold response. The African Development Bank (AfDB) is emerging as a key strategic player: its role as a catalyst is essential for building ecosystems conducive to female entrepreneurship,” Benjelloun said.

Benjelloun commended AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, which provides transformative guarantee mechanisms for women-led businesses.

AFAWA is a pan-African initiative to bridge the $42 billion financing gap facing women in Africa. The initiative adopts a holistic approach through three pillars: AFAWA finance, AFAWA technical assistance and AFAWA enabling environment.

“This platform constitutes a transformative movement, redefining the role of women as essential actors in Africa’s prosperity and development,” she said, stressing the need to recognize women as vital contributors to resilient and inclusive African economies.

At the end of November 2024, AFAWA had approved $2.42 billion in financing for women entrepreneurs across 44 African countries, working with 185 financial institutions.

AfDB President Akinwumi A. Adesina highlighted the Bank’s focus on gender-inclusive development, stating, “You can’t get anything done at the Bank if you are not paying attention to how those projects will impact women, directly or indirectly.”

AFAWA Coordinator Melissa Basque-Roux echoed this sentiment, urging financial institutions to invest in women entrepreneurs: “This is not about charity. It’s about sound business. When we empower women entrepreneurs, we ignite a multiplier effect that touches families, communities, and entire economies.”

The AfDB continues to lead efforts to provide financing and resources that enable women to thrive, flipping the narrative and redefining the role of women in Africa’s development.