AfDB $15M Funding for 69,000 Women Entrepreneurs in Nigeria – We-Fi

The Women Entrepreneurs Finance Initiative( We- Fi) of the African Development Bank( AfDB) has announced its intention to invest, 69,000 African women. An investment of $15 million will be given to women in Nigeria, Cameroon, Egypt, Kenya, and Mozambique.

Obviously, the funds will help them ameliorate their small and medium businesses.

According to the bank’s website, the fourth round of funding will give about, 69,000 women entrepreneurs access to digital technologies and finance. The recipient will live in a developing Economy.

” The  Money will enable the Africa Digital Finance for Addition installation to plan and carry out programs to promote digital access to finance for women entrepreneurs, close the$ 42 billion financing gap, and enhance operational efficiency in order to help the Continent in recovering from the COVID- 19 issue,” the statement reads.

“ A vital time has come for the fourth round of We-Fi allocations. The bank says that women’s economic empowerment. is being impacted by conflict, instability, rising prices, and the global consequences of the COVID- 19 epidemic.

Women-owned small and medium businesses will have easier access to capital, according to We- Fi. also, it’ll add to the Affirmative Finance Action for Women in Africa( AFAWA) Initiative.

” Digital financial solutions are essential for making the gender gap in access to finance and perfecting people’s quality of life in Africa.” According to the bank, this funding, in addition to that handed by the Affirmative Finance Action for Women in Africa Initiative( AFAWA), will be used” not only to expand access to finance for women‘s small and medium businesses but also to give an avenue for their increased economic empowerment and resilience

In addition, the Inter-American Development Bank Group, the Islamic Development Bank Group, and the World Bank Group are partners.

In other words, as of March 2022, the bank had invested further than$1.4 a billion in Projects in Rwanda. For instance, a project involving energy consumed $498 million.