World Bank Group Launches Women Entrepreneurs Finance Initiative In Zambia

The World Bank Group have announced the launch of the Women Entrepreneurs Finance Initiative (We-Fi) Pipeline Development Programme for female-led small and medium enterprises (SMEs).

The launch of the initiative, officiated by the Minister of Small and Medium Enterprise Development, Honourable Elias Mubanga, aims to assist female-owned SMEs to overcome financial constraints, stimulate growth as well as to inspire more women to participate in the local economy as entrepreneurs.

Recognising the key role which women entrepreneurs play in economic development, the We-Fi initiative is a global programme which will enable more than US$1 billion in financing to improve access to capital, provide technical assistance, and invest in projects and programmes that support women and women-led SMEs in World Bank Group client countries.

In Zambia specifically, the initiative supports formal women-led WSMEs with more than five (5) employees for support. Under the We-Fi Zambia Pipeline Development Program which is Phase 2 of the country program, the objective is to reach at least 1,000 WSMEs in Lusaka and Kitwe through a combination of in-person and digital trainings while providing a virtual platform for other WSMEs around the country.

Speaking at the launch, Honourable Mubanga said “We are delighted by this timely gesture by the World Bank Group and we strongly believe that this program has come at the right time as it resonates with my ministry’s mandate of growing and supporting the development of SMEs in Zambia.”

We-Fi will run until June 2023.