What's Happening?
The African Development Bank Group (AfDB) has approved a $310 million financial package for FirstRand Bank to support micro, small, and medium-sized enterprises (MSMEs) in South Africa, with a focus on women-led
businesses and agribusinesses. The package includes a $200 million line of credit for MSMEs, a $100 million gender-focused line of credit, and a $10 million concessional line of credit for women-owned agribusinesses. This initiative aims to empower women entrepreneurs and drive socio-economic transformation in South Africa.
Why It's Important?
This financial package is significant as it addresses the gender financing gap in South Africa, promoting inclusive economic growth and empowering women entrepreneurs. By providing targeted support to women-led businesses, the AfDB aims to enhance their access to capital, create jobs, and contribute to the country's development. This initiative aligns with AfDB's broader strategy to foster private-sector-driven growth and gender equality across Africa.
