European Investment Bank announces $1.1bn to enhance women entrepreneurship in Africa

The European Investment Bank has announced USD 1.1 billion lending programme to help women entrepreneurs on the continent at the sidelines of the ongoing Africa Investment Forum in South Africa’s Johannesburg.

The President of European Investment Bank, Ambroise Fayolle revealed that the bank has signed three further agreements to enhance sustainable development on the continent.

But the major deal is what the European Investment Bank (EIB) has dubbed SheInvest. The EIB expects the gender-lending initiative to allow women to play a more active role in economies.

“This initiative aims to promote female entrepreneurship,” said Fayolle, noting that female entrepreneurs will also gain business skills from the initiative. He explained that the financing will promote gender investment related to climate change and is part of broader European engagement to provide targeted support for new investment that supports increased female economic participation in Africa.

Patricia Hamisi, a Senior Manager at Malawi’s FDH Bank, says the money will help the bank enhance its long-term credit to small businesses owned by women. “The agreement comes with technical assistance which will help the bank enhance its trade financing,” Patricia Hamisi, a Senior Manager at Malawi’s FDH Bank said.

The Africa Investment Forum inaugural edition was launched in 2018 in partnership with Africa50, Afrexim Bank, the Trade Development Bank, the Development Bank of South Africa, the Islamic Development Bank, the Africa Finance Corporation and the European Investment Bank.