$150 Million to be capitalized for Women in Agriculture by the Africa Development Bank (AfDB), the Bank’s Vice President for Agriculture, Human and Social Development disclosed in the Pre-Summit to the 2021 United Nations Food Systems

By Abdul Rahman Bangura–

Adult Female wearing Traditional clothes and face paint holds back her head and laughs , holding a basket filled with vegetables, spinach, she has harvested. Photo Credit: iStock

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The African Development Bank (AfDB) Vice-President for Agriculture, Human, and Social Development announced this during the pre-summit to the 2021 United Nations (UN) food systems summit. Berth Dunford regurgitated the institution’s dedication to nearing
the financing ravine for women and advised 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 asserted.

She reaffirmed the Bank’s obligation 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.

Dunford said, the AfDB will deliver a road map for gender interventions in the next four years, concentrating on the agriculture sector where women have the greatest entrepreneurial potential. She also said providing access to finance for women-owned small and medium enterprises in Africa is a significant organ of the bank’s strategy to
stabilize a conducive business environment for women entrepreneurs to prosper.

“By the end of 2021, the Bank is expected to have provided close to $500 million of which $150 million will benefit women in the agriculture sector, and to work with public and private sector partners to develop alternative financial models to increase the ability of women farmers to access the financing and skills they need to grow
sustainably,” she expanded.

“In sub-Saharan Africa, the financing gap for African women in agricultural value chains is estimated at $15.6 billion.”

It clarified that, women influence a climacteric position in agriculture and agribusiness and expect more robust and responsive regulatory and policy frameworks for nations to boost from their donations. The UN food systems summit is slated to carry on in New York in September 2021. In July, AfDB similarly approved a $50 million loan facility to First City Monument Bank (FCMB) to support local enterprises and women-led businesses.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent