G7 commits $251mn package to women entrepreneurs: Are gender inequality gaps narrowing?

This week, the G7 has made a historic commitment by approving a $251 million package in support of African women entrepreneurs, as part of the African Development Bank's Affirmative Finance Action for Women in Africa initiative. The package aims to address the longstanding gender disparity in access to financing, particularly in the African context. Gloria Kamanzi, Chairperson of the African Women Entrepreneurship Program (AWEP), shed light on the challenges faced by women in accessing finance, citing cultural norms and historical inequalities as major impediments. Kamanzi emphasized the need for ongoing conversations and advocacy to bridge the financing gap between men and women. She highlighted AWEP's role in supporting women through mentorship programs, networking opportunities, and advocacy initiatives. She also expressed optimism about the impact of the G7's financial pledge on women entrepreneurs, foreseeing benefits such as easier access to non-traditional financing and increased growth opportunities for businesses. Kamanzi acknowledged that achieving gender equality in finance is a gradual process but underscored the significance of initiatives like the G7's commitment in driving positive change. She noted the importance of involving younger generations in promoting gender equality and commended Rwanda's progress in advancing women's rights. As the G7 aims to scale up its financial support for women entrepreneurs in Africa, Kamanzi believes that sustained efforts and support from various stakeholders will be crucial in achieving meaningful progress towards gender equality in finance.