Johannesburg, 20 September 2022 (TDI): The Economic Commission for Africa (ECA) and Standard Bank Group, with the collaboration of the Arab Bank for Economic Development in Africa (BADEA), and the African Union Commission (AUC), have announced the African Women Impact Fund (AWIF) Initiative’s achievement of its first commitment of USD$60 million.
The ECA & @StandardBankZA with the support of @badeabank, the Motor Industry Retirement Funds (MIRF), Copartes Pension Fund & the @_AfricanUnion announce the African Women Impact Fund (AWIF) Initiative’s achievement of its first commitment of $60 million.https://t.co/SLuvwwxxkk pic.twitter.com/PAG2ZKAuce
— ECA (@ECA_OFFICIAL) September 20, 2022
The announcement of the inclusive investment took place at the inaugural Global Africa Business Initiative. The event was held from 18th to 19th September 2022 during the week of the United Nations General Assembly.
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Empowering African women in investment
The Standard Bank Group announced the Investment at The Global Africa Business Initiative. About $60 million will be allocated to the African Women Impact Fund (AWIF). This investment would help in accelerating the initiative’s long-term ambitions.
These funds will provide capital to existing women owners and women fund managers across different asset classes and African regions. The AWIF Initiative’s main purpose is to overcome systemic barriers and investor biases in the asset management industry. Moreover, it envisions enabling and promoting women-owned and women-led funds on the African continent.
In addition, the AWIF aims to address the fundamental gap in women’s access to financial tools. It also supports emerging African female fund managers to accelerate the representation of women-led funds.
Lindeka Dzedze, Global Markets Head: Strategic Partnerships at Standard Bank and Chairperson of the AWIF Executive Committee said, “Without the economic empowerment of women, the vision to raise Africa’s financial output cannot be realized. Understanding this, Standard Bank supports the AWIF Initiative to raise the profile of established women-owned and women-managed funds that participate in listed and private markets, and short-term private debt.”
The initial $60m commitment to the Initiative includes $15m from BADEA. Moreover, it also constitutes $45m from The Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund in South Africa.
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