AWIF receives $60 million for Female Startups.
The African Women's Impact Fund (AWIF) Initiative received an initial commitment of US$60 million for its launch, as announced by the Economic Commission for Africa (ECA) and the Standard Bank Group.
They also received support from the African Union Commission (AUC), the Automotive Industry Reform Funds (MIRF), the Copartes Pension Fund and the Arab Bank for Economic Development in Africa (BADEA).
The initiative was announced at the first The Global Africa Business Initiative, which took place in New York City from 18 to 19 September 2022, during the week of the United Nations General Assembly.
The support
The South African Pension Funds, the Automotive Industry Reform Funds (MIRF) and the Copartes Pension Fund have pledged US$45 million for the Initiative, with BADEA coming forward with US$15 million.
In line with the AWIF Initiative, MIRF and Copartes Pension Fund have decided to allocate their US$45 million to support female startup fund managers in South Africa.
The AWIF Initiative
The main objective of the AWIF Initiative is to eliminate investor bias and systemic obstacles in the asset management industry by encouraging and enabling women-owned and female-led funds across the African continent.
The African Union Commission's Office of the Special Envoy on Women, Peace and Security, the African Women's Leadership Network and the African Economic Commission (ECA) have joined forces to create the African Women's Impact Fund (AWIF).
Standard Bank Group, as lead sponsor, MiDA Advisors, as key strategic advisor, and RisCura, as investment manager and provider of manager development and support services, worked together to build it.
The Initiative's objectives are to develop women executives in finance, to stimulate economic growth in Africa and have a positive business impact on investors.
Furthermore, the fund will enable the AWIF Initiative to make significant progress towards achieving the AU Agenda 2063 as well as SDGs 5 and 8 of the Sustainable Development Goals (SDGs), which focus on gender equality, decent work and economic growth. .
Conclusion
This unique initiative is well positioned to enable economic stimulus through sustainable, gender-inclusive capital growth opportunities.
The aim is to raise up to US$1 billion over 10 years for women managers who will in turn invest in high-impact sectors and projects across Africa.
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Picture: © 2022 DR
