Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The fund, whose current goal is US$100 million, has already received over $20 million, with President Paul Kagame of Rwanda pledging $500,000/COURTESY

Kenya

Africa’s female fund managers to receive major boost through launch of a multi-million dollar fund

The fund, whose current goal is US$100 million, has already received over $20 million, with President Paul Kagame of Rwanda pledging $500,000/COURTESY

NAIROBI, Kenya, Feb 11 – A fund investing in women fund managers on the continent has been launched through a partnership between United Nations Economic Commission of Africa and Standard Bank Group.   

In a statement, the organizations say the fund will provide capital to both first time and experienced female fund managers.   

The fund targets those in support of UN Sustainable Development Goals 5 of Gender Equality and 8, on Decent Work and Economic Growth, and African Union Agenda 2063.  

The fund, whose current goal is US$100 million, has already received over $20 million, with President Paul Kagame of Rwanda pledging $500,000.  

Among the world leaders who witnessed the official launch of the innovative impact investment fund were UN Secretary-General, Antonio Gutteres, African Union Commission Chairperson, Moussa Faki Mahamat, Ethiopian President Sahle-Work Zewde. 

“We are turning the tables and making women the decision-makers of investable money in Africa. We want women to be on the supply side of money, not only on the demand side,” said Dr. Vera Songwe, UN Under Secretary General and Executive Secretary of ECA.  

“A key goal of the fund is to empower women financial leaders who will drive economic growth, job creation, and create prosperity.” 

In Africa women-owned funds and businesses struggle due largely to lack of successful fundraising, insufficient exposure to systems and procedures, and lack of track records, among others.  

They also contend with gender-based social expectation, resistance to women in leadership roles and lack of a support network.  

The fund will empower Africa’s women by giving them access to financial resources and investment management expertise.

Advertisement. Scroll to continue reading.

Sola David-Borha, Chief Executive of Africa Regions at Standard Bank Group, says the fund aligns with the Bank’s purpose to drive Africa’s growth and “presents an opportunity for Standard Bank to leverage our footprint and expertise on the continent, and the relevant experience of our asset management arms, Melville Douglas and STANLIB Multi-Managers, to build Africa’s economies. Africa is our home, we drive her growth”.

Women fund managers will receive a deployment of capital, and subsequently invest in majority female-owned businesses.  

Even though the fund is sector agnostic, priority sectors will be education, manufacturing, healthcare, clean energy and agriculture.  

Additionally, technical assistance for fund managers and entrepreneurs will be offered through the initiative.  

This ranges from building capacity, direct mentoring to leveraging technology in health and education.  

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...