The African Development Bank (ADB), in partnership with the Common Market for Eastern and Southern Africa (COMESA), ECOWAS, and the East African Community (EAC) launched a project called “50 Million women Speak Platform” lThursday 28th February, 2019 in a local hotel in The gambia with a budget estimated at UA 9.8 million.
The aimed is to set up a technology platform aims at reaching 50 Million African Women with the purpose of improving their access to information and financing on the hand, and networking them with institutions or partners that could support their businesses.
Speaking during the event, The Executive Director Women’s Bureau Fanta Bai Secka said project is in line with the provisions relating to the empowerment of Women and youth as set out in Agenda 2063 of the African Union and with the Sustainable Development Goals (SDGs).
The project aims to create for women entrepreneurs a dynamic virtual networking platform that will connect them to each other in order to promote peer learning, mentoring and sharing information and knowledge within communities, access to funding their business and commercial opportunities between urban and rural areas, as well as cross- border and transnational opportunities, and access of African Women entrepreneurs to information on financial and non-financial services for the development of their business.
However, she said this week is the week for Gambian Women and that it will be a week of celebration till the 8th of March, a day women are celebrated throughout the World. She congratulated Gambian Women for achieving this project describing it as the independent’s day for Gambian Women.
Resident Representative, ECOWAS Commission Ms. Vabah K. Gayflor described the event as a historic one. She said the platform is designed to support women and foster development for women in the continent. ECOWAS member countries are expected to support the implementation of the following activities; Establishment of a country team made up of representatives of ministries in charge of gender, ICT, economy, trade, the private sector (chamber of commerce, employers, etc.) and civil society (groups, associations, and women’s networks etc.); support the collection and provision of information, statistics and other commercial, economic and financial data related to entrepreneurship and women entrepreneurs. Support for advocacy, publicity and advocacy with primary targets and also support for the animation and updating of the platform content. She explained.
As a continent, Africa is globally well positioned regarding entrepreneurship. In several African countries, there is quasi-parity between men and women in that domain. Nevertheless, women entrepreneurs still face certain gender barriers. These obstacles according to the project presentation include; poor education and entrepreneurial training, poor property rights that prevent them from having collateral and tangible assets, legal barriers that undermine their economic activities and cultural barriers that obstruct their advancement in business. In short, these constraints make it difficult for women to access financial and non-financial services.
This tremendously affects the size and prosperity of women-initiated businesses in sub-Saharan Africa. In recent report, the IFC estimates that 70% of women-owned SMEs in developing countries do not or insufficiently benefit from the services offered by financial institutions, resulting in a funding gap of $285 billion.
In sub-Saharan Africa, the financial gap for women is estimated at more than $20 billion and is likely to be higher among younger women entrepreneurs and beginners.
The project is being implemented over a three-year period, starting in 2017. The total project cost is estimated at AU 9.l8 million broken down as follows; A UA 8.82 million grant to COMESA, ECOWAS, and EAC, And a contribution in kind from RECs of UA 0.98 million.
By: ADAM DRAMMEH
The aimed is to set up a technology platform aims at reaching 50 Million African Women with the purpose of improving their access to information and financing on the hand, and networking them with institutions or partners that could support their businesses.
Speaking during the event, The Executive Director Women’s Bureau Fanta Bai Secka said project is in line with the provisions relating to the empowerment of Women and youth as set out in Agenda 2063 of the African Union and with the Sustainable Development Goals (SDGs).
The project aims to create for women entrepreneurs a dynamic virtual networking platform that will connect them to each other in order to promote peer learning, mentoring and sharing information and knowledge within communities, access to funding their business and commercial opportunities between urban and rural areas, as well as cross- border and transnational opportunities, and access of African Women entrepreneurs to information on financial and non-financial services for the development of their business.
However, she said this week is the week for Gambian Women and that it will be a week of celebration till the 8th of March, a day women are celebrated throughout the World. She congratulated Gambian Women for achieving this project describing it as the independent’s day for Gambian Women.
Resident Representative, ECOWAS Commission Ms. Vabah K. Gayflor described the event as a historic one. She said the platform is designed to support women and foster development for women in the continent. ECOWAS member countries are expected to support the implementation of the following activities; Establishment of a country team made up of representatives of ministries in charge of gender, ICT, economy, trade, the private sector (chamber of commerce, employers, etc.) and civil society (groups, associations, and women’s networks etc.); support the collection and provision of information, statistics and other commercial, economic and financial data related to entrepreneurship and women entrepreneurs. Support for advocacy, publicity and advocacy with primary targets and also support for the animation and updating of the platform content. She explained.
As a continent, Africa is globally well positioned regarding entrepreneurship. In several African countries, there is quasi-parity between men and women in that domain. Nevertheless, women entrepreneurs still face certain gender barriers. These obstacles according to the project presentation include; poor education and entrepreneurial training, poor property rights that prevent them from having collateral and tangible assets, legal barriers that undermine their economic activities and cultural barriers that obstruct their advancement in business. In short, these constraints make it difficult for women to access financial and non-financial services.
This tremendously affects the size and prosperity of women-initiated businesses in sub-Saharan Africa. In recent report, the IFC estimates that 70% of women-owned SMEs in developing countries do not or insufficiently benefit from the services offered by financial institutions, resulting in a funding gap of $285 billion.
In sub-Saharan Africa, the financial gap for women is estimated at more than $20 billion and is likely to be higher among younger women entrepreneurs and beginners.
The project is being implemented over a three-year period, starting in 2017. The total project cost is estimated at AU 9.l8 million broken down as follows; A UA 8.82 million grant to COMESA, ECOWAS, and EAC, And a contribution in kind from RECs of UA 0.98 million.
By: ADAM DRAMMEH