Africa Investment Forum: AfDB: How the forum can address gender equality on the continent

The African Development Bank (AfDB) has always emphasized the importance of integrating gender equality into every development conversation and project, believing that Africa's total population, including women, needs to be engaged fully in order to achieve faster growth and inclusive development. Vanessa Moungar, the Director for Gender, Women and Civil Society at AfDB, highlighted the significance of reducing gender gaps at the African Investment Forum, where discussions around gender equality were prominent in various sessions. Moungar emphasized the importance of diverse panels, conversations, and leadership in addressing gender issues effectively. One of the key initiatives driving gender equality at AfDB is the Affirmative Finance Action for Women in Africa program (Afawa). This initiative is designed to revolutionize access to finance for women-led businesses by addressing the perceived risks associated with lending to women. Afawa aims to guarantee loans made to women-owned businesses, build the capacity of banks to serve this market segment effectively, enhance the financial literacy of women entrepreneurs, and advocate for regulatory changes that facilitate women's participation in the economy. With the support of the G7 and a total investment package of $251 million, Afawa's objective is to unlock $3 to $5 billion in the next five years across all 54 African countries, making it the largest mobilization for women's economic empowerment in Africa. The Global Gender Summit, scheduled to take place in Kigali, Rwanda from November 25th to November 27th, will be a pivotal event for AfDB and its partners. At the summit, AfDB plans to launch a significant risk-sharing facility and announce partnerships with major banks on the continent to improve financial services for women. These collaborations aim to redefine the narrative around women's access to finance and promote inclusive economic growth in Africa. The recent capital increase for the AfDB further boosts its capacity to support women's empowerment initiatives across various sectors such as agriculture, energy, and transportation. The additional resources will enable the bank to better address the specific needs of women in its projects and ensure that women are central to the development agenda. With a renewed commitment to gender equality and empowerment, AfDB is poised to make a lasting impact on women's economic participation and drive sustainable development in Africa.