The President and Chair of the Board of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has pledged the institution’s full support for women entrepreneurs and the growth of their businesses. Oramah made this commitment at a forum organized by the African Union (AU) during the official opening of the Industrialisation Week at the Intra-African Trade Fair (IATF2023) in Cairo, Egypt. The IATF, organized by Afreximbank in collaboration with the AU and the Africa Continental Free Trade Area Secretariat, aims to celebrate women and promote their participation in industrialization.
Oramah emphasized the importance of women in industrialization and assured them of Afreximbank’s partnership and support. He highlighted the diverse range of products and services available to women entrepreneurs, describing Afreximbank as a trade and budget finance supermarket for Africa. He encouraged women to take advantage of the facilities offered by Afreximbank to benefit from intra-African trade and receive support for the industrialization of their ventures.
In his address, Oramah outlined the various services and funds provided by Afreximbank, including advisory services, equity funding, venture funds, trade and project financing, credit guarantees, investment guarantees, and access to insurance. He reiterated the bank’s recognition of the transformative impact of women in business and stressed the need to support them.
Oramah also urged women to join the MANSA platform, which facilitates Customer Due Diligence and KYC checks on African entities, enabling seamless interactions on the Pan-African Payment and Settlement System (PAPSS). He praised the ingenuity and resilience of women, emphasizing the importance of encouraging and supporting those who are building businesses.
Mr. Souleymane Abdalah, a Senior Economist at the Economic Commission for Africa, advocated for the integration of gender dimensions in strategies for industrialization in Africa. He emphasized the need to support African women in businesses to bridge gender gaps.
Ms. Ron Omar, Acting Head of Division of Industry for Economic Development, Trade, Industry and Mining (ETTIM) at the AU Commission, highlighted the African Women in Processing (AWIP) initiative, which aims to address gender gaps in the manufacturing sector and provide a platform for African women to exchange experiences, access new opportunities, and establish partnerships. She emphasized the importance of inclusive strategies and policies to empower women in processing to transition into entrepreneurship.
The AWIP summit aims to support the AU’s industrialization agenda and achieve the goals of Agenda 2063 by catalysing and accelerating the transformation of industrial processing led by women. The discussions at the IATF2023 focused on creating a supportive entrepreneurial environment and promoting investment in Africa and its diaspora. The event underscored the significance of empowering women in business and fostering gender equality in industrialization efforts. (NAN)
Edited by Chinyere Joel-Nwokeoma