African Female Entrepreneurs Struggle Financing Gap Worth $42bn: AfDB President
Women entrepreneurs in Africa face an estimated $42 billion financing gap, said African Development Bank Group (AfDB) President Dr. Akinwumi Adesina.
“There is a need for banks to create tailored products to cater to the needs of women, which would de-risk financing to women and women-led businesses,” The Guardian reported him as saying.
More women are running businesses across the continent, significantly to job creation and economic growth, Adesina said.
He revealed that nine out of 10 women repay their loans, which shows that they are bankable.
AfDB is taking bold steps to narrow the financing gap, the official said, calling for financial institutions in Africa and globally to launch well-designed programs and instruments for lending to women.
