French President Emmanuel Macron and G7 leaders have approved a package totalling $251 million in support of the African Development Bank’s AFAWA initiative to support women entrepreneurs in Africa.
“I am particularly proud, as the current G7 president, that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the African Development Bank, which works with African guarantee funds and a network of African banks,” Macron stated at a press conference at the G7 Summit in Biarritz, France.
Read more stories about
Women in energy
The Bank explained in a statement that the risk-sharing mechanism used by AFAWA (Affirmative Finance Action for Women in Africa) is a practical approach to international commitments.
It is a direct response to the demand by women to ease access to financing, specifically on the need to establish a financing mechanism for women’s economic empowerment, adopted during a summit of African heads of state in 2015 and assigned to the African Development Bank for implementation.
“African women are the backbone of the continent. I’m thrilled to bring their voice to the G7. AFAWA is essential for our continent,” said Beninese artist Angelique Kidjo, a guest at the press conference in her role as programme ambassador.