The African Development Bank plans to provide $150m financing to 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 contained 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 and published on the bank’s website on Sunday.
The statement read, “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 systems in Africa.”
Bank’s Vice President for Agriculture, the Human and Social Development, Dr. Beth Dunford, was quoted as saying, “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.”
“In sub-Saharan Africa, the financing gap for African women in agricultural value chains is estimated at $15.6bn.”
He added that women played a pivotal role in agriculture and agribusiness, and required more robust and responsive regulatory and policy frameworks for countries to benefit from their contributions.