Banks must be held accountable for women financing, says AfDB President

President of the African Development Bank (AfDB), Mr Akinwumi Adesina, wants banks and financial institutions “fully held accountable’’ for lending to women.

In an interview with newsmen in Washington, Adesina said he strongly believed Africa would get it right if it got the issue of women right.

To this end, he announced plans by AfDB to provide “more resources at a more discounted rate’’ to banks that prioritise lending to women.

“I will like to see financial institutions in Africa being held fully accountable when it comes to financing women.

“The bank will be launching what we called the Women Financing Index (WFI) for Africa in which all financial institutions in Africa will be rated based on their lending to women.

“Both in terms of the volume of lending and its development impact for women.

“So, those who lend more to women will get more resources at a more discounted rate from the bank,’’ he said.

Adesina said the bank was also providing financing for women through an initiative called Affirmative Action for Women in Africa (AFAWA).

He explained that AFAWA would see the mobilisation of three billion dollars for businesses for women on the continent.

“We also supported another fund, which is called the Alitheia Identity Fund (AIF).

“AIF has just closed at $75 million, and that is to support growth capital for the businesses for women.

“In other words, the small, medium and the large businesses for women are what we are supporting.

“We are focused on how we can drive investments for women.

“We raised $251 million from the G7 leaders when I was in Beria with President Macron.’’