Rédaction Africa Links 24 with NewDawn
Published on 2024-04-09 09:58:40
The African Development Bank and the African Guarantee Fund (AGF) recently concluded the AFAWA Finance Series Togo conference, a significant event aimed at promoting a better understanding of the financing needs of women entrepreneurs in Togo and dispelling the myth that women-led businesses are risky ventures.
The three-day conference, which ended on March 28, 2024, brought together 180 key figures responsible for policy and regulation supporting women’s financial inclusion. The event also welcomed representatives from financial institutions, small and medium-sized enterprises, and business incubators owned or operated by women.
During the conference, around 30 Togolese financial institutions received specific training to enhance their understanding of the Affirmative Finance Action for Women in Africa (AFAWA) initiative. The training focused on the ‘guarantee’ mechanism of the initiative and emphasized the commercial benefits of targeting women entrepreneurs by offering gender-sensitive products and services.
The main objective of the conference was to gain a better understanding of the needs of women entrepreneurs and collectively address the challenges they face in accessing funding. The Guarantee for Growth program, designed by the African Development Bank and implemented by the AGF, aims to make up to $3 billion available to women-led small and medium-sized enterprises by providing guarantees to financial institutions to mitigate lending risks.
Wilfried Abiola, the Bank’s Country Manager for Togo, highlighted how the AFAWA initiative challenges economic and social stereotypes by transforming the perception that women-led businesses are risky. The initiative aims to turn these businesses into attractive investment opportunities for institutions, particularly through the Guarantee for Growth program.
Jules Ngankam, CEO of the AGF, emphasized that AFAWA aims to unite financial and public sector actors to enhance human and financial capital, enabling women to reach their full potential and contribute significantly to the continent’s economic growth.
The funding gap for women-led small and medium-sized enterprises in Togo stands at approximately $45 million. Closing this gap is a top priority for the Togolese authorities, as they seek to empower women economically, strengthen the private sector, and support inclusive economic growth.
The AFAWA Finance Series Togo conference is part of a broader series of events across Africa aimed at facilitating access to finance for women-owned or operated businesses. The ultimate goal is to fund women-led businesses up to $5 billion by 2026.
The African Development Bank, through the AFAWA initiative, has approved around $1.7 billion in cumulative investments and provided $54.5 million in technical assistance. The initiative has partnered with 96 financial institutions in 32 regional member countries, benefiting over 7,000 women-led small and medium-sized enterprises in Africa.
AFAWA receives support from the Women Entrepreneurs Finance Initiative (We-Fi) and the G7 countries of France, Italy, Canada, Germany, the Netherlands, and Sweden.
In conclusion, the AFAWA Finance Series Togo conference marks a significant step towards empowering women entrepreneurs and fostering their access to finance, ultimately contributing to the economic growth and development of Togo and the African continent as a whole.
Read the original article on The Newdawn Liberia
