MICROCAPITAL BRIEF: Major Development Funders Launch “Alliance for Entrepreneurship in Africa” to Support SMEs - Especially Those Run by Women, Youth

A group of organizations involved in international development recently launched the Alliance for Entrepreneurship in Africa (AforE) with the aim of supporting the growth of small and medium-sized enterprises (SMEs), particularly those owned or operated by youth and female entrepreneurs. The alliance seeks to boost the financing of SMEs, reduce regulatory barriers to growth, and encourage businesses involved in technology and reducing human impact on the environment.

The members of the alliance are African Development Bank; European Bank for Reconstruction and Development; European Development Finance Institutions, an NGO representing 14 bilateral entities; European Investment Bank (EIB); International Finance Corporation (IFC); and two entities of the French government, the Directorate General of the Treasury and Proparco (Société de Promotion et de Participation pour la Coopération Economique).

EIB Vice President Ambroise Fayolle stated, “This initiative combines the financial and technical strengths and local insight of African and international partners, and together we can ensure a better future for African business.”

The French Treasury and IFC, a member of the World Bank Group, will manage the alliance, which remains open to new members.

By Sheen Gupta, Research Associate

Sources and Additional Resources

IFC press release
https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=26881

African Development Bank homepage
https://www.afdb.org

European Bank for Reconstruction and Development homepage
https://www.ebrd.com

European Development Finance Institutions homepage
https://www.edfi.eu/

European Investment Bank homepage
https://www.eib.org

PROPARCO homepage
https://www.proparco.fr

Directorate General of the Treasury (France) homepage
https://www.tresor.economie.gouv.fr/

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