Original Story Published by: The Namibian, www.namibian.com.na
Photo Source: Nnaemeka Ugochukwu for The Namibian
ENHANCING access to finance for Africa's fashion entrepreneurs is critical if the industry is to develop its full potential and tap global markets in a post-Covid-19 world.
This was the topline message at a Fashionomics Africa webinar hosted by the African Development Bank and the Heva Fund last week.
Roughly 150 fashion entrepreneurs and creative minds attended the fourth edition of the Fashionomics series, focused on finance, with discussions covering the challenges faced by fashion entrepreneurs, especially women and youth, in Africa's creative industries.
Participants were also presented with opportunities to access finance from investment funds, including the Alithea IDF Fund, for which the African Development Bank is an anchor investor; the Women's Investment Club (WIC) Capital; the African Export-Import Bank; the State Bank of Mauritius; Thundafund and Senegalese clothing brand, Sarayaa.
Vanessa Moungar, the bank's director for gender, women and civil society said the ongoing pandemic has prompted adaptations and innovations to keep Africa's US$31 billion fashion industry thriving.
“The crisis provides an opportunity to set up targeted support mechanisms and develop new and innovative financial tools for the textile, apparel and accessories industry that will not only help the entrepreneurs make it through, but set the basis for them to grow their businesses going forward,” she said.
To read the full article, visit www.namibian.com.na.
Related
