The Board of Directors of the African Development Bank Group (AfDB) has approved a $1.4 million technical assistance grant to the Export Trading Group (ETG) to finance women-run businesses in three Sub-Saharan African countries, namely Mozambique, Tanzania and Zambia.
ETG is reportedly one of the largest integrated agricultural supply chain managers and processors, with one of the fastest growing in Sub-Saharan Africa. This time, the project will enable 600 women-led businesses in the three referenced countries (200 in each country) to improve their business skills through training under ETG’s Women’s Employability and Entrepreneurship project.
The Board of Directors of the African Development Bank Group (AfDB) has approved a $1.4 million technical assistance grant to the Export Trading Group (ETG) to finance women-run businesses in three Sub-Saharan African countries, namely Mozambique, Tanzania and Zambia.
ETG is reportedly one of the largest integrated agricultural supply chain managers and processors, with one of the fastest growing in Sub-Saharan Africa. This time, the project will enable 600 women-led businesses in the three referenced countries (200 in each country) to improve their business skills through training under ETG’s Women’s Employability and Entrepreneurship project.
According to ADB, the project’s main objective is to increase the efficiency of small and medium-sized enterprises owned and managed by women in the ETG’s operations, and it will run until 2025.
Of the grant funding, $1.4 million will come from ADB grant resources managed by the Women Entrepreneurs Finance Initiative (We-Fi) and will be used to conduct a diagnostic study and capacity building for the selected companies in the main ETG locations.
In the same context, as the Bank’s note advances, an additional co-financing of up to $400,000 will come from the ETG for the employability aspects of the project, which will also be used to facilitate collaboration with financial institutions and other relevant stakeholders.
“This new technical assistance project complements a $150 million trade and agricultural financing package approved by the Bank in November 2021 to our strategic partner Export Trading Group (ETG). This is the first project to directly leverage the Bank’s “Affirmative Financial Action for Women in Africa” program for our private sector agricultural projects, increasing development impact while supporting women farmers and women-led small and medium enterprises,” noted Atsuko Toda, AfDB’s Director of Agricultural Finance and Rural Infrastructure Development.
