UK to support 3,000 African women in business with £6.8M fund
London, Jan. 17, 2020 (AltAfrica)-Britain will commit to fostering a new generation of African women entrepreneurs at the first big international summit to be hosted by British PM, Boris Johnson.
Helping African women become independent and launch their own businesses will be a key focus at Monday’s UK-Africa Investment Summit in London, with the aim of boosting prosperity and women’s empowerment.
The summit will bring together African governments, business leaders and dozens of international organisations to generate new opportunities for investments and trade.
Some 3,000 women will get coaching to become self-employed entrepreneurs, with a 50 per cent increase in funding from £6.8 million to £10 million.
International Development Secretary Alok Sharma today announced an increase in UK policies to boost women in business with mentoring and training.
He told a British Tabloid, Standard: “When women are economically empowered, their whole community benefits. Experts estimate achieving this will add trillions to the global economy, but we also know it cuts rates of violence and abuse such as child marriage and FGM, abhorrent practices which we must end.”
It follows Mr Johnson’s stint as foreign secretary when he led a drive to increase the education of girls in developing countries.
Women already run a third of Africa’s small firms but their economic value is modest and many are held back by barriers such as difficulty persuading banks to lend funds.
The DfID estimates that increasing women’s income and opportunities could add $12 trillion (£9.2 trillion) to the global economy by 2025.