Menu

The United Nations Economic Commission for Africa (ECA) has launched the African Women Leadership Fund (AWLF) to facilitate the growth of women-led businesses across the continent. In a statement released on Wednesday, the ECA explained that the Fund will facilitate access to sustainable capital for African women entrepreneurs and cooperatives.

The AWLF is also expected to lower barriers to entry for female fund managers focused on investing in women-owned and women-led businesses. Furthermore, the Fund will provide technical assistance to accelerate the training and growth of female fund managers.

Launched on the sidelines of the fifth session of the ongoing African Regional Forum for Sustainable Development (ARFSD 5), the AWLF is a brainchild of the Deputy Secretary-General of the United Nations, Chairperson of the African Union (AU) and the African Women Leadership Network (AWLN). The Fund has the support of UN Women and the Office of the Special Envoy for Women, Peace and Security of the African Union Commission.
 
Last June, Vera Songwe, ECA's Executive Secretary, gave some heads up on plans to establish the AWLF. She said: “The Fund complements the Africa Women’s Fund of the African Union, the Graça Machel Trust, and other similar mechanisms. Our target is to invest up to $500 million in businesses run by African women over the next decade and create a network of young women fund managers, train them for two years and put them out in the market."

The ARFSD 5 is taking place in Marrakesh, Morocco, from April 16-18. The ECA and other sister organizations in the region are seeking to advance the implementation of the Sustainable Development Goals (SDGs) 2030 Agenda and the goals set out in Africa’s Agenda 2063.

“Women financial inclusion in African economies is a must,” said Thoko Ruzivido, ECA’s Gender, Poverty and Social Policy Division Director, who added that the fund will be earmarked for each of the regions, namely, North Africa, East Africa, Central Africa, West Africa and Southern Africa, with a strategy for each region to address unique elements of its markets and reflect its priorities.

Speaking at the launch ceremony, a representative of UN Women in Morocco, Leila Rhiwi, emphasized the importance of women accessing finance to bolster their businesses. “They have already proven themselves as entrepreneurs and drivers of the economy,” she said.

According to an ECA report published in 2013, failure to integrate gender equality and women’s empowerment into national economies has cost the continent up to $95 billion in lost productivity annually. Giovanie Biha, Deputy Executive Secretary of ECA, said the AWLF is an impact fund that aims to strengthen the economic empowerment of women. She added that using the right actions to integrate gender in Africa will result in financial inclusion, guarantee women’s economic empowerment and achievement of the SDGs.