L-R: Eloine Barry, CEO of the African Media Agency (AMA); Lindeka Dzedze, Executive Head: Institutional Clients, Global Markets Standard Bank Group & Chairperson of the AWIF Executive Committee; Heleen Goussard, Head of Alternative Investments RisCura; H.E. Madam Bineta Diop, Special Envoy of the Chairperson of the African Union on Women, Peace and Security
The Economic Commission for Africa (ECA) and Standard Bank Group, with the help of the Arab Bank for Economic Development in Africa (BADEA), the Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund and the African Union Commission (AUC), have introduced the African Women Impact Fund (AWIF) Initiative’s achievement of its first commitment of USD$60 million.
The announcement was made on the inaugural The Global Africa Business Initiative, held from 18 – 19 September throughout the week of the United Nations General Assembly in New York City.
The existence of gendered stereotypes and racial biases in society have detrimental results globally. This holds true throughout the investment area the place these prejudices hinder feminine entrepreneurship, appointment of ladies in management roles, and empowerment of feminine fund managers. Of the $69.1 trillion of economic belongings below administration globally, lower than 1.3% are managed by girls and other people of color. It is more and more alarming that solely 7% of personal fairness and enterprise capital funding is allotted to women-led companies in rising markets.
The AWIF Initiative’s major function is to overcome the systemic boundaries and investor biases within the asset administration business, by enabling and selling women-owned and women-led funds on the African continent.
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The AWIF is an Initiative of the Economic Commission of Africa (ECA) collectively with its companions: UN Women, the Office of the Special Envoy on Women, Peace and Security of the African Union Commission, and the African Women Leadership Network. It has been established in collaboration with the Standard Bank Group as lead sponsor, MiDA Advisors as key strategic advisor, and RisCura because the investment supervisor and supplier of supervisor growth and help companies.
The Initiative has a two-fold agenda of constructing a business influence for traders whereas empowering girls monetary leaders to drive development in Africa. With a daring ambition to increase up to $1 billion over 10 years for ladies fund managers, who will in flip put money into high-impact sectors and initiatives throughout Africa, this first-of-its-kind initiative is effectively positioned to allow financial stimulus by sustainable and gender-inclusive capital development alternatives.
The preliminary $60m commitment to the African Women Impact Fund Initiative contains $15m from BADEA, and $45m from The Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund in South Africa. MIRF and Copartes have agreed to deliver their $45m in belongings lately allotted to growing start-up girls fund managers in South Africa below the AWIF Initiative.
Empowering Africa’s girls in investment
The Standard Bank Group sees gender fairness as each a basic human proper and a enterprise crucial. Lindeka Dzedze, Global Markets Head: Strategic Partnerships at Standard Bank and Chairperson of the AWIF Executive Committee explains: “Without the economic empowerment of women, the vision to raise Africa’s financial output cannot be realised. Understanding this, Standard Bank supports the AWIF Initiative to raise the profile of established women-owned and women-managed funds that participate in listed and private markets, and short-term private debt.”
As proof of this commitment, the Standard Bank Group introduced at this time at The Global Africa Business Initiative that $60 million shall be allotted to the AWIF Initiative to speed up its long-term ambitions.
Malcolm Fair, Chief Executive Officer at RisCura explains additional: “We believe that investing with women-led asset managers supports empowerment for women in all of society. With 20 years’ experience in supporting diverse and start-up investment managers on the African continent, we are excited to manage the investments of the African Women Impact Fund and continue the journey of empowerment.”
He provides: “The commitment by African institutions to the AWIF Initiative assists us in attracting potential global institutional investors on the next fundraising drive.”
The preliminary $60m commitment to the Initiative contains $15m from BADEA, and $45m from The Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund in South Africa. MIRF and Copartes have agreed to deliver their $45m in belongings lately allotted to growing start-up girls fund managers in South Africa below the AWIF Initiative.
Adam Essat, MIRF and Copartes Principal Officer explains: “Through our initial commitment of $45m to the AWIF Initiative, we hope to show that institutions on the African continent believe in and support this Initiative and its objectives. We encourage global investors to take action and invest alongside us in facilitating diversity, development and empowerment in bright and unstoppable Africa.”
These funds will present capital to current girls homeowners and girls fund managers throughout completely different asset courses and African areas. Dr. Sidi Ould TAH Director General at BADEA says: “I believe this fund will accelerate fundraising and capital allocation by female fund managers on a transformative level. It is through barrier-braking initiatives such as these that together, we can create a sustainable and scalable investment environment that drives inclusive growth for all who live in Africa.”
Furthermore, it is going to give the AWIF Initiative the power to take an enormous step ahead in realising the United Nation’s Sustainable Development Goals (SDGs) 5 and eight, which goal gender equality, first rate work, and financial development, in addition to the AU Agenda 2063.
“AWIF aims to address the fundamental gap in women’s access to financial tools. As a result, the fund contributes to the achievement of several Sustainable Development Goals (SDGs), including SDG 1 that calls for an end to poverty. Supporting emerging African female fund managers will accelerate the representation of women-led funds. This will help close the current gender gap in labour markets, promote the emergence of women fund managers and entrepreneurs, address identified barriers to attracting capital in a sustainable manner, and increase economic output, job creation, and women’s economic empowerment and prosperity,” stated Antonio Pedro, performing Executive Secretary, ECA.
The African Women Impact Fund Initiative’s major function is to overcome the systemic boundaries and investor biases within the asset administration business, by enabling and selling women-owned and women-led funds on the African continent. The initiative introduced its first commitment of USD$60 million on the inaugural The Global Africa Business Initiative in New York City.
Our continent’s development drives international enterprise
With a $2.5 trillion market alternative, the African continent has been recognized as crucial driver of world enterprise The announcement of the primary allocation of funds to the AWIF Initiative will appeal to and empower many gifted feminine asset managers all through Africa and set a precedent for a gender-inclusive asset administration strategy sooner or later.
Aymeric Saha, CEO of MiDA Advisors shared: “MiDA Advisors was honored to play a role in the creation of AWIF by facilitating the connection between all three key players in the Initiative – ECA, the Standard Bank Group, and RisCura. We feel that work on gender economic empowerment within the financial sector is not only a necessity for further economic development across the continent but is also wholly feasible with the right partnerships and programming. We look forward to the future successes of the fund managers selected, and to the impact they will in turn have in their home markets.”
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