World Bank Approves $100 Million to Boost Women Entrepreneurs in Benin

• The World Bank has approved funding of $100 million from IDA towards financing women business owners in Benin
• WEDAF will offer financing and other resources such as training and mentorship to over 10,000 women-led MSMEs

A $100 million IDA financing has been approved by the World Bank for Benin, aimed at supporting access to finance and promoting growth for women entrepreneurs in both the formal and informal sectors.

The funding will finance the Women Entrepreneurship Development and Access to Finance Program (WEDAF), a results-based program, or PforR.

The program will help the government establish a Woman’s Business Center, as well as ensure over 10,000 women-led Micro, Small, and Medium Enterprises (MSMEs) have access to loans, training, mentorship, and job guidance.

As part of the result-oriented approach, the project would competitively choose a group of enterprising women, referred to as Les Agodjié, who are the leaders or owners of these businesses because Agodjié is the champion for women entrepreneurs.

These Agodjié Champions would then be provided with a range of services such as technical assistance, network for accessing specific financing products, investment readiness, market, and mentoring. The purpose of this project is to make these businesses beacon projects for the Benin economy.

World Bank Acting Country Manager for Benin Mamadou Tanou Baldé stated, “In addition to the challenges that all businesses face, women face specific barriers that limit the creation, development, and growth of their businesses. The WEDAF program aims to accelerate the growth of women-owned and women-led businesses and strengthen their role in creating jobs and wealth. When women entrepreneurs have access to finance, training, and mentorship, their business performance and job creation increase significantly.”