The African Development Bank (AfDB) has earmarked $150 million to support women in the agriculture sector before the close of the year.
This was disclosed by Beth Dunford, AfDB vice-president for agriculture, human and social development, during the pre-summit to the 2021 United Nations (UN) food systems summit.
He said the institution’s commitment to closing the financing gap for women and warned of the impact of gender inequality on food systems in Africa.
“Closing gaps in economic opportunities is not only essential for women’s empowerment but African economies, particularly for GDP growth, poverty reduction, and structural transformation for sustainable development,” she said.
Dunford reaffirmed the bank’s commitment to women’s empowerment in every sector through its policies, such as the new gender strategy 2021-2025 and the feed Africa strategy, which prioritizes gender equality and sustainable outcomes.
She said AfDB will provide a road map for gender interventions in the next four years, focusing on the agriculture sector where women have the highest entrepreneurial potential.
She also said providing access to finance for women-owned small and medium enterprises in Africa is an important component of the bank’s strategy to establish a conducive business environment for women entrepreneurs to thrive.
“In sub-Saharan Africa, the financing gap for African women in agricultural value chains is estimated at $15.6 billion.”
In July, AfDB also approved a $50 million loan facility to First City Monument Bank (FCMB) to support local enterprises and women-led businesses.
