- The African Development Bank (AfDB) has signed a technical assistance agreement with the Mauritanian financial institution, the Bank for Trade and Industry Group (BCI).
- It aims to close the $42 billion financing gap for women in Africa by unlocking $5 billion in funding for women-owned and managed small and medium enterprises (SMEs), including energy firms, by 2026.
The African Development Bank (AfDB) has signed a technical assistance agreement with the Mauritanian financial institution, the Bank for Trade and Industry Group (BCI), to improve access to financing for women in Africa. The deal falls under the Affirmative Finance Action for Women in Africa program, a pan-African initiative that aims to close the $42 billion financing gap for women in Africa by unlocking $5 billion in funding for women-owned and managed small and medium enterprises (SMEs), including energy firms, by 2026.
AfDB Director General signs the agreement for North Africa, Mohamed El Azizi and Managing Director of BCI’s Trade and Industry Group, Isselmou Tajidine. It will strengthen BCI’s financing capacity while supporting women-owned SMEs across West Africa.
According to Tajidine, “This technical assistance project reinforces the BCI Group’s strategic partnership with the AfDB, which will position us as the bank of choice for women entrepreneurs in Mauritania, Senegal, Mali and Guinea. It will help expand our offering of financial products and technical support for women-led businesses. The signing of this technical assistance agreement with the BCI Group is an important step in supporting the financing inclusion and growth of women-led SMEs, which play a crucial role in Mauritania’s economic development.”