President of the African Development Bank (AfDB) Akinwunmi Adesina
The African Development Bank (AfDB) has disclosed its plan to provide $150m to finance women in the agricultural sector in a move to close the gap in financing for women in Africa by the end of 2021.
This was communicated in a press statement titled “African Development Bank affirms commitment to closing the gap in financing for women at United Nations Food Systems pre-summit”.
The statement read in part, “The African Development Bank has reiterated its commitment to closing the financing gap for women and warned of the impact of gender inequality on food system in Africa.”
Vice President for Agriculture, Human and Social Development, Dr Beth Dunford said “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 added that “In sub-Saharan Africa, the financing gap for African Women in agricultural value chains is estimated at $15.6bn.”
He added that women played an important role in agriculture and agribusiness and required more robust and responsive regulatory and policy frameworks for countries to benefit from their contributions.