The President, African Development Bank (AFDB), Dr. Akinwumi Adesina, has disclosed that the bank budgeted $500 million to be disbursed as incentives to support businesses owned by women across the continent in 2022.
This was contained in a speech delivered at the opening of the 35th African Union Summit in Addis Ababa, Ethiopia. Adesina said that $500 million incentives were to support women as part of measures to ensure thriving women-owned businesses across the continent.
According to him, over $425 million was disbursed in 2021 to banks for lending to women businesses.
“Your Excellencies, to unleash the business potential of women, the Bank’s Affirmative Finance Action for Women (AFAWA) in Africa is mobilizing $5 billion for women’s businesses.
“AFAWA is now working at scale. Over $425 million was disbursed in 2021 to banks for lending to women businesses. This year, we will disburse $500 million for women’s businesses. Our vision is clear: When women win, Africa wins!,” Adesina told his audience.
On youths, Adesina, who was Nigeria’s former minister of agriculture, noted that AfDB was currently exploring with countries of interest to establish Youth Entrepreneurship Investment Banks in boosting financial support for the younger generation.
He said, “Your Excellencies, we must build a better future for our youth. It is time to create youth-based wealth all across Africa.
“To boost financial support for the businesses of our youth, the African Development Bank Group is exploring with countries the establishment of Youth Entrepreneurship Investment Banks. They will be first-rate financial institutions run by the youth for the youth.”
