150 women in Kenya, Cameroon to benefit from Affirmative Fund by Africa Development Bank

Some 150 women entrepreneurs in Kenya and Cameroon are set to benefit from an Affirmative Fund by the Africa Development Bank, in a bid to bridge the financial Gap for Women entrepreneurs in Africa.

The regional financier on Friday launched the 'Wonder Program' under the Finance Action for Women in Africa program, Implemented by E4Impact Foundation in Kenya.

Speaking during the launch of the first cohort in Nairobi, Principal Officer Affirmative Finance Action for Women in Africa (AFAWA) East Africa, Susan Okoh noted that AFAWA's primary objective is to bridge the $42 billion finance gap for women entrepreneurs in Africa and unlock their entrepreneurial capacity through training and capacity building.

Okoh reiterated that "when women win, Africa wins."

She added, "when we prepare the women in technical training and capacity building, we also create a linkage with financial institutions who consider most small businesses risky".

Fatma Elmaawy; the 2nd Vice President of Kenya National Chamber of Commerce and Industry (KNCCI) who was among the key speakers at the event underscored the need for collaborative efforts from both the public and private sectors in ensuring the growth of women entrepreneurs in the country.

During the launch ceremony, some of the women entrepreneurs in the 1st cohort of the program acknowledged challenges in running their businesses but expressed confidence that with the right support, they will eventually change the world.

As women celebrate International Women’s day this month by focusing on Embracing Equity, this comes as good news for women in a region that has the highest number of female entrepreneurs but the least supportive entrepreneurial frameworks.

Its main aim is to enhance the sustainable development of fast-growing economies by training impact entrepreneurs and scaling the growth of their businesses.