This announcement comes after a memorable summit held last week by the bank to address the many problems with food security in Africa.
A total of 34 heads of state and government, more than 70 ministers, representatives of farmers from the corporate sector, and development partners attended the Dakar 2 Africa Food Summit, held jointly with the African Development Bank and the Government of Senegal.
During the event, the Bank’s Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, states: “I am very proud of AFAWA’s funding achievements. AFAWA’s benchmark reminds us that when we invest in developing African food systems, we must also invest in African women agripreneurs.
The gender gap in Africa’s agricultural sector is stark, as women make up the majority of the workforce in this sector and still control a small percentage of the wealth produced. This point is further supported by the gender funding gap of approximately $42 billion compared to men.
To this effect, AFAWA was created, and in the last two years, this initiative has helped to give more autonomy to African women in the agricultural career, by multiplying the number of investments made in small and medium-owned businesses by women.
“By the end of December 2022, the loans approved by AFAWA for small and medium enterprises led by women will reach $ 1.051 billion. Of this amount, $ 135 million will target women in the agricultural sector. said Malado Kaba, Director of the Bank’s Gender, Women, and Civil Society Department.
AFAWA approved loans reach 27 countries, and through 56 financial institutions. Already 4,115 women business owners have benefited from AFAWA financing instruments. This is just the beginning,” the director added.
In Cote d’Ivoire’s staple food sector, AFAWA seeks to strengthen the professional and financial capacity of more than 200 women’s cooperatives. This includes instruction and access to a digital marketplace that connects women farmers with wholesalers, retailers, and customers throughout Cote d’Ivoire.
In addition, AFAWA is partnering with Ecobank on the “Financing Climate Resilient Agricultural Practices in Ghana” project. To address the gap in working capital for farmers, the project raised $20 million from the Green Climate Fund and $5 million from Ecobank Ghana as co-financing.
AFAWA has also introduced the Women Entrepreneurship Enablers initiative, which offers up to $250,000 to civil society organizations, women’s business associations, incubators, and accelerators.
Overall, the organization works to support, empower, and educate women agricultural players in Africa, with the additional goal of unlocking $5 billion for women by 2026.