Posted on June, 14, 2019 at 09:12 am
The Bank is also supporting the integration of financial markets across the continent, through its Africa Financial Markets Initiative, which is helping to link stock exchanges with a combined total market capitalization of $1 trillion.
African Development Bank President Dr. Akinwumi Adesina made the statement at the Banks Annual Meetings that are being held in Malabo, Equatorial Guinea.
Adesina said that as we connect nations, through quality transport infrastructure, support ICT backbone networks and financial markets, the Bank is poised to further boost regional integration.
“And let’s just be clear: regional integration will be meaningless unless women, who form majority of the traders, effectively participate” adding that to advance opportunities for women, the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) is being rolled out to leverage $3-5 billion, specifically for women businesses in Africa,”
The President was delighted that the Women Entrepreneurs Finance Initiative (We-Fi) has just invested over $68 million in AFAWA. Saying it’s very exciting for women across Africa. When women win, Africa wins!
“To help Africa win more, we are positioning the Bank very well to meet the challenges ahead. I am pleased to report that since we last met in Busan, a lot has happened at the Bank. The AAA rating of the Bank was again maintained, as it has been for the past three years. Our loans to countries have expanded, and so have our disbursements.” He noted
Adding that the bank is paying greater attention as well to quality of the projects. The Bank was rated 4th among the 45 development organizations in the 2018 Aid Transparency Index Report - a clear sign of progress made in ensuring greater transparency and reporting across all of our operations.
Women have often lamented that lack of financial capacity to do businesses is one of the setbacks that impede their development in the region.However, according to reports women resolved that East African member states should carry out specific awareness training programs for women entrepreneurs on existing regional /international treaties, policies, protocols and legislation to enable them identify opportunities and benefits entailed therein.
Source: IPP Media