The African Development Bank Group (AfDB) has announced a $310 million financial package to FirstRand Bank, aiming to enhance access to finance for micro, small, and medium-sized enterprises (MSMEs) in South Africa, with a focus on women-led businesses and agribusinesses.
This package includes a $200 million line of credit for general MSME financing, a $100 million gender-focused line specifically for women-owned businesses, and a $10 million concessional credit targeting women-owned agricultural enterprises.
AfDB’s Director General for Southern Africa, Kennedy Mbekeani, said the importance of supporting MSMEs in driving economic development.
Over one-third of the funding is dedicated to women entrepreneurs, reflecting the bank’s commitment to addressing the gender financing gap in Africa.
The initiative aligns with the bank’s strategic priorities, focusing on inclusive growth, private sector development, and gender equality, while providing technical assistance to strengthen the bankability of women-led businesses.