Nairobi, Kenya – The African Development Bank (AfDB) and UN Women have strengthened their collaboration to tackle gender-based economic disparities in Africa. This commitment was solidified during a side event held on the sidelines of the AfDB’s Annual Meetings 2024.
Themed “The Future of Finance and Women’s Economic Empowerment,” the event brought together leaders from governments, businesses, and civil society organizations.
A key outcome of the event was the announcement of the AfDB joining UN Women’s HeForShe Alliance. This global movement unites leaders across sectors to champion gender equality. Notably, AfDB President Dr. Akinwumi A. Adesina was designated a HeForShe Champion, recognizing his advocacy for African women’s economic empowerment.
“Empowering African women is not just morally right, it’s good economics,” declared Dr. Beth Dunford, AfDB’s Vice President for Agriculture, Human and Social Development. The Bank, she emphasized, is committed to promoting gender equality and eliminating economic barriers faced by women.
The event also served as a platform for showcasing the AfDB’s ongoing efforts towards women’s empowerment. Through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, the Bank has approved $1.7 billion in investments for women entrepreneurs across 43 countries. Additionally, over 18,000 women-led businesses have benefited from financing through AFAWA programs.
UN Women further capitalized on the event by launching its Women’s Economic Empowerment Strategy. This multi-pronged approach aims to accelerate gender equality and foster inclusive economic growth. The strategy prioritizes three key areas: enhancing women’s access to resources and leadership roles, promoting gender-responsive economic policies, and tackling discriminatory social norms.
“Unlocking the potential of women is crucial for driving sustainable development and building resilient economies in Africa,” said Sarah Hendriks, Director of UN Women’s Policy, Programme and Intergovernmental Division.
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