The African Development Bank (www.AfDB.org) and the African Guarantee Fund (AGF) (https://apo-opa.co/4apZNya) have brought the curtain down on the AFAWA Finance Series Togo conference, a key note event aimed at  promoting a better understanding of the financing needs of Togolese women entrepreneurs and debunking the myth that women-run companies are risky ventures.

The three-day event, which ended on Thursday 28 March 2024, brought together some 180 leading figures responsible for policy and regulation in favour of women’s financial inclusion, and representatives of financial institutions, small and medium-sized enterprises and business incubators run or owned by women.

Specific training was provided to about 30 Togolese financial institutions. The courses helped to enhance understanding of the Affirmative Finance Action for Women in Africa (AFAWA) (https://apo-opa.co/4cPI8Sg) initiative and its ‘guarantee’ mechanism, and demonstrated the commercial benefits of doing a better job of targeting women entrepreneurs by developing gender-sensitive ranges of products and services.

The objective was to better understand the needs of women entrepreneurs and collectively address the challenges they face in terms of access to funding, while exploring the opportunities offered by the Guarantee for Growth programme, designed by the African Development Bank Group through the AFAWA, and implemented by the AGF. This innovative programme aims to make up to $3 billion available for women-led small and medium-sized enterprises, via guarantees to financial institutions to mitigate lending risks.

Wilfried Abiola, the Bank’s Country Manager for Togo, explained the initiative challenged economic and social stereotypes.

“The AFAWA initiative is not just a financial instrument; it aims to change the narrative and general perceptions, to transform the notion that small and medium-sized enterprises run by women are risky businesses. AFAWA is working to turn these businesses into substantial investment opportunities for institutions, in particular through the Guarantee for Growth programme, which was designed by the Bank,” he declared.

According to Jules Ngankam, CEO of the AGF, “AFAWA also aims to bring together financial and public sector actors to boost human and financial capital so that women can attain their full potential and participate completely in the growth of our continent. We are extremely optimistic that the impact will be significant in the long term and will stimulate economic growth in Togo.”

The financing gap for women-led small and medium-sized enterprises in Togo is close to $45 million. Closing this gap represents a priority for the Togolese authorities, who intend to strengthen women’s economic empowerment, boost the private sector and thereby support inclusive economic growth.

“Through the government’s action, 25 percent of public contracts are now awarded to women and young people, and on the economic front, the government aims to resolve the problem of access to credit for women and girls with the establishment of the National Fund for Inclusive Finance, which has helped more than 1.2 million women,” said Koffi Gani, Principal Private Secretary for the Togolese Minister for Social Action, the Advancement of Women and Literacy.

The AFAWA Finance Series Togo conference is part of a series of events organised right across Africa to promote access to finance for businesses run or owned by women. It represents a considerable step towards accomplishing the ambitious goal of funding women-led businesses to the tune of $5 billion by 2026.

The African Development Bank, through the AFAWA initiative, has approved approximately $1.7 billion in cumulative investments and $54.5 million in technical assistance, and has partnered with 96 financial institutions in 32 regional member countries. Over 7,000 women-led small and medium-sized enterprises have now reaped the benefits of its support in Africa.

AFAWA is supported by the Women Enterpreneurs Finance Initiative (We-Fi), the G7 countries of France, Italy, Canada and Germany, as well as the Netherlands and Sweden.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Désirée Bataba
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

The African Legal Support Facility (ALSF) has appointed Akere Muna, an eminent lawyer and international legal consultant, as Goodwill Ambassador, marking a new chapter in its commitment to build sustainable legal capacity on the African continent.

Muna was  appointed by the Governing Council of the ALSF for a term of three years – a first time in the history of the young institution.

A renowned lawyer and committed to fighting corruption, Muna will assist ALSF in mobilising resources to make its services accessible to its member countries. His vast network and expertise are expected to inspire other leading figures on the continent to engage alongside ALSF in its pan-African ambitions.

The ALSF was created in 2008 by the African Development Bank, to support African countries in negotiating complex debt and natural resources and investment transactions. The organisation plays a crucial role in levelling the legal playing field for African nations and their counterparties and is uniquely positioned to restore fairness in the exploitation of the continent’s natural resources and to assist African countries to effectively manage their sovereign debt.

Muna’s reputation as an an activist lawyer has been built on decades of experience with many major African institutions and causes. He is a former president of the Pan African Lawyers Union (PALU), the Cameroon Bar Association, and the Economic, Social and Cultural Council of the African Union. He is the founder of Transparency International Cameroon and a former vice-chair of Transparency International’s global board.

Muna’s vast experience includes being a former member of the International Monetary Fund (IMF) Advisory Group for Sub-Saharan Africa and the first ever Commissioner of the Sanctions Commission of the African Development Bank. As international legal consultant, he has advised many African countries on governance and anti-corruption, including the governments of Togo and the Democratic Republic of Congo.

Commenting on the appointment, ALSF Chairperson, Stephane Mousset, said: “With Muna by our side, we strengthen our front in terms of our ability to generate goodwill and support in favour of the Facility in its efforts to accomplish its unique mandate. His vision, network and wealth of experience will not only reinforce the ALSF’s management but also benefit our beneficiaries and partners through the institutionalization of a constructive dialogue”.

Muna said: “I understand the scale of the task that awaits me, and I am ready to tackle it with all the necessary commitment and rigour. Our unity and solidarity will allow us to succeed in making a significant difference in the protection of Africa’s legal interests”.

To date ALSF has approved more than $120 million in funding for more than 300 projects across 50 African countries. These initiatives cover critical areas such as creditor disputes, debt restructuring and complex contract negotiation, and have resulted in savings and public revenues estimated at around $15 billion. The ALSF’s intervention have also facilitated private investments of around USD 20 billion, while providing relevant training for more than 12,500 African legal professionals and government officials.

Under its current ambitious Medium-Term Strategy 2023-2027, the ALSF is expanding its activities to deepen the impact of its interventions. In 2023, the ALSF approved 45 new advisory services and capacity-building projects, totalling about $16 million.

After an initial fourteen year term, the ALSF Governing Council extended the term of the organisation for an additional 14 years up to 2036, reflecting the institution’s commitment to intensify and broaden its impact on the continent.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Communication and External Relations Department
African Development Bank
Email: media@fdb.org

Eve Ehoura
Communication Officer
African Legal Support Facility
Email: e.ehoura@afdb.org

About the ALSF:
The ALSF was established in 2008 as an international organization hosted by the African Development Bank. Its specific mandate is to assist African governments with legal and technical support in negotiating complex commercial transactions, litigation, capacity building, public private partnerships (PPPs), energy, minerals and natural resources, and sovereign finance.

Website: www.ALSF.int

The African Development Bank (www.AfDB.org), through its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF) (https://apo-opa.co/3J81Cnx), has approved a $999,000 grant to support an initiative to foster green jobs for women, youth and people with disabilities.

The Strengthening Women, Youth and People with Disabilities’ Micro-Entrepreneurship for Green Jobs (https://apo-opa.co/3U9MFqb) in Natural Resources (MicroGREEN) project aims to foster inclusive economic growth by providing up to 500 green job opportunities and business development services to marginalized groups in Ghana and Senegal.

The target reach group includes women, youth and people with disabilities/special needs, engaged in managing natural resource sectors such as agroforestry, fisheries and biodiversity.

The MicroGreen project, to be implemented over two years, will empower  with entrepreneurship capacities and business skills at least 1,000 youth aged 15-35 years with female youth-led (60%) , people with disabilities/special needs ( 10%) and other youth (30%) in both countries.

By focusing on capacity building and utilizing value chain-based SME development models, the project endeavors to enhance employment creation, ensure the sustainability of micro-enterprises, and integrate beneficiaries into the economic systems.

Implemented by Invest in Africa (www.InvestinAfrica.com), a non-profit organization dedicated to fostering African SME growth and creating prosperous economies across the continent, the MicroGREEN project will leverage its expertise in market access, skills development, and access to finance to drive sustainable business growth and job creation in Ghana and Senegal.

The African Development Bank founded the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund in 2017 to promote innovation and entrepreneurship as well as to create durable and sustainable jobs for youth on the continent. The trust fund provides grants to support the Bank’s Jobs for Youth in Africa Strategy (https://apo-opa.co/43RFw2b) programs and initiatives. The Jobs for Youth in Africa Strategy aims to create 25 million jobs and equip 50 million youth with employable and entrepreneurial skills by 2025.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: media@afdb.org

Technical Contact:
Salimata SOUMARE
Senior Natural Resources Governance Officer
African Natural Resources Management and Investment Centre
Email: s.soumare@afdb.org 

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org