SPECIAL FEATURE
For each bamboo stem cut at the Ghana Bamboo Bikes Initiative, 10 more are planted by the team
this year launched the “She Wins Africa” initiative, a program designed to unlock the potential of hundreds of women-owned start-ups by offering advice, training, mentorship and improved access to finance. In addition to training women entrepreneurs, “She Wins Africa” will provide gender-smart investing training for funds, accelerators and venture capital investors to help accelerate investments in women-led start-ups.
PHOTO: Monkey Business Images/Shutterstock.com
The role of development institutions Unlocking Africa’s entrepreneurial potential is no small task. Development finance institutions play a critical role in ensuring the advancement of entrepreneurial ventures. Several initiatives are actively engaged in this mission. In 2019, the African Development Bank (AfDB) partnered with the European Commission and the European Investment Bank (EIB) to launch the “Boost Africa” Initiative to stimulate youth entrepreneurship and innovation across the continent with a specific emphasis on empowering entrepreneurs and start-ups. The program aims to empower African youth to create innovative businesses able to compete regionally and globally, attract domestic and foreign investment, while contributing to job creation and economic growth. “We seek to position ‘Boost Africa’ as the go-to platform for launching globally competitive companies from Africa, contributing significantly to job creation and economic growth on the continent,” said Martha Phiri, AfDB’s Director of Human Capital, Youth and Skills Development. The International Finance Corporation (IFC), together with African and European partners, launched the “Alliance for Entrepreneurship in Africa” to support a stronger private sector, entrepreneurship and the growth of small and medium-sized businesses across Africa. “Small businesses and entrepreneurs in Africa are drivers of inclusive growth, economic stability and resilience.
Supporting their growth will be critical to creating jobs and helping Africa recover from the COVID-19 crisis,” stated IFC’s Managing Director Makhtar Diop in March 2022. To support women entrepreneurs across sub-Saharan Africa, IFC earlier
THE OPEC FUND AND AFRICAN ENTREPRENEURSHIP Recognizing the importance of amplifying African entrepreneurship and enabling the key demographics of women and youth, the OPEC Fund works with partners to boost the continent’s development. In June 2023, the OPEC Fund partnered with Access Bank Botswana to provide lending to women-owned businesses through a US$20 million loan. “By empowering small businesses and women entrepreneurs, who play a significant role in Botswana’s economy, we are contributing to the resilience, inclusiveness and overall economic sustainability of the country,” said Director-General Abdulhamid Alkhalifa. At least 30 percent of the funds are being specifically directed towards women-owned small businesses. In 2020, the OPEC Fund provided a public sector loan for the “Transforming Agriculture through Diversification and Entrepreneurship” project in Malawi to support the value chain and build the capacity of smallholder farmers and rural organizations – benefiting around 1.3 million people.
In 2018, to boost the promotion of quality entrepreneurial training across East Africa, the OPEC Fund provided a technical assistance grant to ICEP, an independent Austrian development organization. The project directly funded nine vocational training centers in Kenya and Uganda, supporting around 116 teachers and trainers, 4,200 underprivileged youths and 2,700 small entrepreneurs. Africa is full of entrepreneurs with energy, ideas and creativity that are reshaping the continent’s future. The potential to contribute to economic development and greater inclusion and to promote a more vibrant economy, is enormous. Governments, policy-makers and the international development community must address the constraints that limit founders’ growth potential. The development community has a vital role to play by encouraging and supporting entrepreneurs and actively engaging women and youth, who represent a wealth of untapped potential. A more inclusive and vibrant entrepreneurial ecosystem, that acts as a catalyst for growth and development across Africa, is not only possible but actually now within our reach.
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