The African Development Bank (AfDB) has reiterated that closing the gender gap in economic opportunities in Africa is critical for the future of the continent.

The multilateral finance bank warned of the impact of gender inequality on food systems in Africa as it emphasised the importance of providing access to finance for women-owned small and medium enterprises.

Speaking during the pre-summit to the 2021 United Nations Food Systems Summit in Rome, Italy, AfDB’s Vice President for Agriculture, Human and Social Development, Beth Dunford, reaffirmed the bank’s commitment to women’s empowerment in every sector.

Africa has a gender-inclusion gap of 11 percent as compared to the global average of nine percent, according to the 2017 Findex Report.

Also, records show that West Africa has the highest gender disparity in Africa as reflected in the region’s Gender Development Index of 0.825 versus the African average of 0.871.

‘Closing gaps in economic opportunities is not only essential for women’s empowerment but for African economies, particularly for GDP growth, poverty reduction, and structural transformation for sustainable development’, Dunford said.

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

Women play a pivotal role in agriculture and agribusiness, and require more robust and responsive regulatory and policy frameworks for countries to benefit from their contributions.

According to Dunford, the AfDB will provide a road map for gender interventions in the next four years, focusing on the agriculture sector, where women have the highest entrepreneurial potential.

Through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, the bank has committed up to $5billion to finance women’s businesses in Africa.

‘For example, in Ghana, a $20 million AFAWA Financing Climate-Resilient Agricultural Practices project is expected to benefit 400 women-led micro, small and medium enterprises through a line of credit from Ecobank Ghana’, AfDB said in a statement.

‘This support comes with technical assistance, and training in climate-resilient agricultural practices’.

Representatives of more than 100 countries attended the pre-summit, which was held to discuss the latest evidence-based and scientific approaches to food systems.

Source: AfDB

Photo source: World Bank