The African Development Bank Has Set Aside $500 Million In Incentives For Women-Owned Enterprises

Dr. Akinwumi Adesina, President of the African Development Bank, has revealed that the bank has earmarked $500 million to be disbursed as incentives to promote women-owned enterprises across the continent in 2022.

This was stated in a speech given at the 35th African Union Summit in Addis Ababa, Ethiopia. On Wednesday, a copy of the address was released on the official Facebook page of a presidential aide, Femi Adesina.

Adesina stated that the $500 million in incentives were intended to assist women as part of steps to ensure the success of women-owned companies across the continent.

According to him, about $425 million will be disbursed to banks in 2021 for lending to women-owned enterprises.

“Your Excellencies, the Bank’s Affirmative Finance Action for Women in Africa is mobilizing $5 billion for women’s businesses in order to unleash the business potential of women.”

“AFAWA is now working on a larger scale.” In 2021, around $425 million was disbursed to banks for lending to women-owned enterprises. This year, we will make $500 million available to women-owned enterprises. “Our vision is simple: When women win, Africa wins!” Adesina declared to his audience.

Concerning youths, Adesina, a former agricultural minister in Nigeria, stated that the AfDB was now investigating with nations of interest the establishment of Youth Entrepreneurship Investment Banks in order to increase financial support for the younger generation.

“Your Excellencies, we must build a better future for our youth,” he remarked. It is past time to develop youth-based riches throughout Africa.

“To increase financial support for our youth’s businesses, the African Development Bank Group is exploring the establishment of Youth Entrepreneurship Investment Banks with countries.” They will be first-rate financial institutions administered by and for young people.”