AfDB: $15m for 69000 Female Entrepreneurs in Nigeria

$15m for 69000 Female Entrepreneurs in Nigeria: looking at the title of this article alone, most women would like to find out more about this great offer from the AfDB (African Development Bank), which is to be issued by the Women Entrepreneurs Finance Initiative (WE-FI).

Actually, it has been announced that the AfDB has high intentions of funding 69,000 women with 15m in the majority zone of Africa, which includes, Nigeria, Kenya, Cameroon, Mozambique, and Egypt through the WE-FI organization.

Also, know that this organization has an objective in mind, and what is that objective – to improve individual small & growing businesses around Africa.

According to a statement retrieved from the bank’s website, the fourth round of financing would provide access to digital technologies and capital to around 69,000 women entrepreneurs in emerging nations.

Read on below to find out the Objectives of the ADFIF.

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Objectives of the ADFIF

“The monies will allow the Africa Digital Financial Inclusion Facility to create and implement programs to promote women’s digital access to finance. Also, to close the $42 billion finance shortfall and increase operating efficiency in order to recover more quickly from the COVID-19 issue”.

“The fourth round of We-Fi allocations arrives at a critical juncture. Conflict and instability, rising costs, and the global consequences from the COVID-19 epidemic are all putting pressure on women’s economic empowerment”

All these were stated according to the bank.

$15m for 69000 female Entrepreneurs in Nigeria – WE-FI Bank Statements

$15m for 69000 female Entrepreneurs in Nigeria: according to We-Fi, the investment will be used to expand access to financing for women’s small and medium companies, in addition to complementing the Affirmative Finance Action for Women in Africa Initiative (AFAWA).

“Digital financial solutions are critical for enhancing people’s quality of life in Africa and closing the gender gap in access to finance.”

This financing, which is in addition to the Affirmative Credit Action for Women in Africa Initiative (AFAWA), will be used to promote women’s economic empowerment and resilience by expanding access to finance for small and medium-sized companies.

Also, it will be used to provide Avenues for maximized economic empowerment & resilience”

All these are stated according to the information the bank provided. Additionally, assuming there are three inclusive multilateral development banks that receive an allocation in the fourth round, resulting to that the Islamic Development Bank Group (IDBG) & the World Bank Group (WBG).

During the period March 2022, in a different development, the bank finances more than $1.4 billion worth of Rwanda projects. And amongst these projects $498 million has been sent & marked as energy projects.

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