The UK has announced that it will give aid to female entrepreneurs in Africa in a bid to break down barriers faced by female entrepreneurs in Africa. Up to 10,000 women with essential business training are set to benefit from the aid.
Africa has the highest concentration of female entrepreneurs in the world. Despite this, women in African countries face significant barriers in starting their own businesses as compared to their male peers. Women often find it harder to access education, business loans, sign contracts, and even own property due to sex-based discrimination.
According to research conducted by the African Development Bank, there is a $42 billion gender gap for funding between male and female African entrepreneurs.
International Development Secretary Alok Sharma announced today that the UK will significantly increase its support to empower female entrepreneurs and businesswomen across Africa. The UK will provide business advice, training and financial support to back women-led businesses to support economic growth across the continent. According to experts, global advances in economic equality could add $12 trillion (11%) to the global GDP.
"Every woman deserves the same opportunities as her male peers to start and build a business. But this is not just about equal opportunities. By breaking down barriers and unleashing the potential of women across Africa, UK aid is supporting the private sector to thrive, helping nations across the continent to increase economic growth and shape their own future beyond aid.
"By investing in the economic empowerment of African women, we are investing in ending poverty, and in developing Britain’s trading partners of the future." Sharma said.
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