SheInvest has mobilized €2 billion in gender-responsive financing in Africa in less than three years; Additional objective of 2 billion euros for SheInvest and geographical scope extended to Asia and Latin America; New cooperation signed with the Development Bank of Rwanda within the framework of the African Women Rising Initiative.
Speaking at the Finance in Common Summit in Abidjan, Thomas Östros, Vice President of the European Investment Bank (EIB), announced the extension of the Bank’s SheInvest initiative to raise €2 billion additional gender-responsive investments in Africa, Asia and Latin America. America. In less than three years since the launch of SheInvest at the end of 2019, the EIB has mobilized a total of €2 billion in investments to boost gender equality and women’s economic empowerment in Africa, with its partners on the continent and through Team Europe.
Thomas Östros, Vice-President of the EIB (https://bit.ly/3eOKKXm) said, “I am very proud of what the SheInvest initiative has achieved over the past three years. This has been a game-changer in our EIB support to women-led businesses across Africa. Combining this success with our track record of gender projects in Asia and Latin America as well – ranging from gender-sensitive metro projects in India to access to finance for women entrepreneurs in Brazil – it was natural for us to no only raise the bar in monetary terms, but also expand this initiative geographically.
SheInvest is complemented by a €2 million technical assistance program, the African Women Rising Initiative (https://bit.ly/3CMq9L6), which provides capacity building and mentorship to women entrepreneurs and supports entrepreneurs. intermediaries in the design of appropriate financial and non-financial services. to their needs in sub-Saharan Africa.
As part of this initiative, the EIB and the Development Bank of Rwanda (BRD) are today signing a new cooperation agreement that will enable the BRD to increase women’s access to finance and develop advisory services. targeted for women entrepreneurs in micro and small and medium enterprises. in the country. The two banks have already jointly funded a €30 million long-term facility (https://bit.ly/3TdbvDE) at the end of 2021 to help businesses impacted by COVID-19.
Chairman and CEO of BRD, Kampeta Sayinzoga said: “At BRD we have a saying – ‘the best gift you can give a woman is the gift of her choice.’ With the African Women Rising Initiative, we are excited to offer women-led businesses financial choice, implementing policies and strategy that give them access to finance, capacity building and mentorship. It is therefore with pleasure that we partner with the European Investment Bank in this effort to design and offer financial services adapted to the needs of women in our region. finance is the direction we are taking for the goals we want to achieve for women’s empowerment.
Vice President Ostros (https://bit.ly/3eOKKXm) added, “I am delighted to strengthen our cooperation with the Development Bank of Rwanda to provide much-needed advisory and mentoring services to women entrepreneurs in the country. Investing with a gender perspective is key to building stronger societies and achieving greater development impact.
Through this new cooperation, the EIB and the BRD will jointly define strategic objectives and key performance indicators to integrate gender equality considerations into the BRD’s lending and advisory activities, with the aim of further strengthening the economic empowerment of women in Rwanda.
Deployed in Uganda, Senegal, Côte d’Ivoire, Ghana and Rwanda, the African Women Rising Initiative helps local banks and microfinance institutions to design, implement and actively promote financial and non-financial products and services. gender-smart financial institutions better suited to the needs of women entrepreneurs, with the desired outcome of increased economic empowerment of women in selected countries.
Investments under SheInvest are guided by the 2X Challenge criteria (https://bit.ly/3eFzJaQ) applied by the EIB to increase the impact of its financing on gender equality and the economic empowerment of women. women in developing countries. The criteria for the 2X Challenge have been endorsed by, among others, the G7 development finance institutions. The EIB was the first multilateral development bank to join the 2X Challenge, as well as the Gender Finance Collaborative alongside our development finance partners.
Distributed by APO Group on behalf of the European Investment Bank (EIB).
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About the European Investment Bank:
The European Investment Bank (EIB) (https://bit.ly/3CNLhRb) is the European Union’s long-term lending institution and is owned by EU member states. It makes long-term finance available for smart investments to help achieve EU policy objectives, both in Europe and beyond, including the UN Sustainable Development Goals. Created in early 2022, EIB Global (https://bit.ly/3AMfXRX) is the new specialist arm of the EIB Group dedicated to increasing the impact of international partnerships and development finance. It is designed to foster a strong and focused partnership within Team Europe (https://bit.ly/3qhWSC0), alongside other development finance institutions and civil society.
To improve the impact of its activities on women and girls, the EIB has adopted a strategy on gender equality and women’s economic empowerment (https://bit.ly/3rdLW8P) and a Action on Gender Equality (https://bit.ly/3K29upG) with the aim of integrating gender equality and, in particular, women’s economic empowerment into the EIB’s business model covering its lending, mixing and consulting activities inside and outside the European Union.
More information on EIB initiatives on gender equality (https://bit.ly/3K3vVec)
SheInvest video for media use: https://bit.ly/3Txz1uU
About the 2X Challenge:
The 2X Challenge calls on the G7 and other development finance institutions to collectively mobilize $3 billion to support women’s economic empowerment in developing countries by the end of 2020. The 2X Challenge exceeded its target (https://bit.ly/3DeOxqo) in mid-2020 by committing and mobilizing €4.5 billion in capital for women’s economic empowerment.
Fulfilling one of the four criteria of the 2X Challenge makes an investment eligible.
More information on the 2X Challenge (https://bit.ly/3eFzJaQ)
About Development Bank of Rwanda PLC:
The Development Bank of Rwanda (BRD) PLC is the sole national development finance institution in Rwanda with a mandate to ensure that the private sector plays its role in sectors critical to the achievement of the National Transformation Strategy (NST1 ) and Sustainable Development Goals (SDGs) to provide affordable, long-term and personalized development financing. Turning 55 this year, the Bank has contributed to the country’s economic growth and development through financial and non-financial investments in key growth areas. It is gradually being reorganized to ensure the relevance, the creation of increased value, the competitiveness and the sustainability of its operations. Through its financial and non-financial products and services, the Bank helps small, medium and large enterprises directly or through other financial institutions to reach a broader market base.
The BRD has seven key focus areas, including energy, agriculture, exports, housing and infrastructure, education, climate change and the digital economy. The Bank’s product and service offerings include investment loans, grants, guarantees, trade finance and advisory services.
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