The European Investment Bank (EIB) – the lending arm of the European Union – has announced a US$1.1 billion programme to help female African entrepreneurs grow their businesses.
The announcement was made at this week’s Africa Investment Forum in Johannesburg, South Africa, where hundreds of investors, development partners and wealth funds have gathered.
The SheInvest gender-lending initiative has been launched by the EIB to allow women to play a more active role in economies, with the financing – which aims to promote gender investment related to climate change – part of broader European engagement to provide targeted support for new investment that supports increased female economic participation in Africa.
“This initiative aims to promote female entrepreneurship,” said EIB vice president Ambroise Fayolle.
