The African Development Bank Group (AfDB), through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, has joined forces with the Graca Machel Trust (GMT) and Women Creating Wealth (WCW) to enhance financing opportunities for women entrepreneurs in Tanzania.
Speaking at a recent graduation ceremony, AfDB Country Manager Dr. Patricia Laverly reaffirmed the bank's commitment to supporting women-led businesses across Africa. "Today, we celebrate approximately 34 women-owned businesses in Tanzania that have benefited from the training provided through our programme," she announced.
Dr. Laverly highlighted that the initiative equips women with the necessary skills to meet loan requirements and secure funding from banks across the country, thereby enabling them to expand their enterprises. "AfDB is sending a clear signal to all women in Tanzania that the bank is ready to stand by them, helping to develop, grow, expand, and make their businesses profitable," she added.
John Ulanga, Ambassador and Director of International Trade and Economic Diplomacy in the Ministry of Foreign Affairs and East African Cooperation, praised the significant role women play in the country's economy. "Women contribute immensely to employment opportunities through entrepreneurship and small businesses, driving innovation, productivity, poverty reduction, and community development. They are pivotal to financial inclusion and serve as role models for the younger generation," Ulanga noted. He encouraged women to seize business opportunities and expand their markets beyond national borders.
Ms. Korkor Cudjoe, GMT Senior Entrepreneurship Manager, emphasized the program's goal to inspire women to ambitiously grow their businesses. She revealed that AfDB's investment of $250,000 (equivalent to 655 million Tanzanian shillings) has helped raise an additional $2.2 million as direct investment into women's businesses. "The programme has empowered women to manage their financial records, prepare their businesses, and access the necessary technical assistance to secure financing," Cudjoe explained. "Proper preparation and disciplined record-keeping are essential for attracting investors, and that is why we focus on teaching these skills."
This collaboration between AfDB, GMT, and WCW is a significant step towards empowering women entrepreneurs in Tanzania, fostering economic growth, and promoting financial inclusion.