The African Development Bank (AfDB) has secured $61.8 million to foster the development of female entrepreneurs in Africa.

The funding is in line with AfDB’s Affirmative Finance for Women in Africa (AFAWA) program. The funds will be provided by the governing committee of the Women Entrepreneurs Finance Initiative (We-Fi).

This move by We-Fi will go a long way in proffering financial support to more than 35,000 women-owned Small and Medium Enterprises (SMEs) in 21 African countries including Nigeria.

According to the European Investment bank, access to finance remains a genuine challenge to micro and small and medium-sized enterprises in the African region.

AfDB also reports that the financing gap for women in sub-Saharan Africa is estimated to be $20 billion.

However this initiative by AfDB will not only provide financial benefits to women and their individual business. Even more, it will spur their (women’s) contribution to the social and economic development of the society.

By contributing to bridging the finance gap and economic empowerment of women, AFAWA joins a list of other organizations such as the Economic Commission for Africa (ECA) that have supported African women entrepreneurs with a $500 million fund.

Another initiative launched in recent memory is the Women’s Global Development and prosperity (W-GDP).

President Trump launched this initiative in February. The platform looks to reach 50 million women globally.