Grace Ashiru
The Economic Commission for Africa (ECA) and Standard Bank Group, with help from the African Union Commission (AUC), the Motor Industry Retirement Funds (MIRF), the Copartes Pension Fund, and the Arab Bank for Economic Development in Africa (BADEA) have given USD$60 million to the African Women Impact Fund (AWIF) Initiative.
This information was shared during the inaugural session of The Global Africa Business Initiative, which took place in New York City on September 18–19, during the week that the United Nations General Assembly was in session.
The Motor Industry Retirement Funds (MIRF) and the Copartes Pension Fund, both South African pension funds, have each promised to give $45 million to the Initiative. BADEA has also given $15 million.
The African Union Commission’s Office of the Special Envoy on Women, Peace, and Security, the African Women Leadership Network, and the Economic Commission of Africa (ECA) have collaborated to establish the African Women Impact Fund (AWIF).
The Standard Bank Group, MiDA Advisors, and RisCura all worked together to build it. The Standard Bank Group is the main sponsor, MiDA Advisors is a key strategic advisor, and RisCura is the investment manager and provider of manager development and support services.
The Women in Finance Executive Leadership Initiative seeks to accomplish two primary objectives: first, to increase the number of qualified female financial executives in Africa; second, to have a constructive effect on the commercial influence of investors.
With its audacious goal of raising $1 billion over ten years for women fund managers, which will, in turn, invest in high-impact sectors and projects across Africa, this first-of-its-kind Initiative is well poised to enable economic stimulation through sustainable and gender-inclusive capital growth opportunities.
The fund will also help the AWIF Initiative make big steps toward achieving the AU Agenda 2063 and SDGs 5 and 8 of the Sustainable Development Goals (SDGs), which focus on equal rights for women and men, good jobs, and economic growth.
