BoI, Partners AfDB, Others To Finance Female-Owned SMEs
The Bank of Industry (BoI) and African Development Bank (AfDB) are collaborating to provide funding for female-led businesses, and small and medium-sized enterprises, SMEs.
Managing Director of BoI,Olukayode Pitan who disclosed about the partnership at a webinar to celebrate International Women’s Day (IWD) 2021, said the partnership is line with AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) guarantee for growth (G4G) program.
The AFAWA G4G program aims to make up to $3 billion in financing available for women entrepreneurs through de-risking and technical assistance measures
Asides from the partnership with AfDB, BoI is also collaborating with Islamic Development Bank (IDB) to implement the business resilience assistance for value-adding enterprise (BRAVE) women Nigeria project.
“BRAVE Nigeria is part of a larger $32.2 million five-year initiative coordinated by the Islamic Development Bank,” Pitan said.
“The project combines training and grant-matching to support the growth and resilience of women-led enterprises in spite of their challenging operating environment.”
He listed some of BoI’s initiatives in financing and supporting female-led businesses to include $10 million investment in Alitheia Identity Fund, a joint venture company that drives growth in African SMEs by leveraging gender-balanced businesses to generate high returns and impact.
He also said the Nigerian Content Intervention (NCI) fund, a partnership between BoI and Nigerian Content Development & Monitoring Board (NCDMB), allocated $20 million as an intervention fund to women businesses in the oil and gas sector.
“The female gender have also been marginalised when it comes to access to finance. The gender financing gap in Africa is believed to be $42 billion between men and women.
“It is believed that if Nigeria enhances gender equality in the labour market, politics, legal system, education and healthcare, it could add 1.25 percent points to the economy.”
Pitan said BoI remains committed in its drive to support women and take deliberate steps to address issues around gender equality in entrepreneurship.
He urged other organisations to endeavour to do same “because when women win, the society wins.
