Addis Ababa July 15/2019 Leading Development Finance Institutions (DFIs) are partnering to bolster women entrepreneurs in East Africa through 2x Challenge Initiative, which is women-focused business competition.
They have launched the 2x Invest2Impact business competitions, which aims at supporting the growth of high potential women-owned businesses to increase their commercial competence and impact in Addis Ababa today.
Director of Impact Finance Development (FinDev) Canada, Stephanie Emond said it is a big program to mobilize substantial capital to support women-centered enterprises.
She added that the credit gap faced by women-owned businesses is large and global issue which is estimated at 300 billion USD worldwide.
According to her, 70 percent women-owned Small and Medium Enterprises (SME) do not have access to the funds they need to operate and grow and it is more acute in some region.
“We decided to pick East Africa because we saw vibrant private sectors that are innovative, resilient and diverse,” the director pointed out.
FinDevCanada provides easier access to capital for entrepreneurs in developing markets with the potential to create jobs, empower women and mitigate climate change.
It is to be recalled that FinDevCanada, CDC Group of the United Kingdom, Proparco of France, and Overseas Private Investment Cooperation (OPIC) of the US along with Mastercard Foundation joined to sponsor 2 x Invest2Impact competitions this year.