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G7 Warm-Up Event: 'Financing Africa's Female Future'

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G7 Warm-Up Event: 'Financing Africa's Female Future' FOR IMMEDIATE RELEASE, JUNE 8TH 2020. Email: info@thefivefoundation.org G7 Event To Call For Power Shift To African Women on Funding and Trade View online on June 9th at 4pm BST: g7.goalshouse.com Ahead of this year’s G7 Summit, The Five Foundation is hosting a warm-up event, where senior UK government ministers, foundations and African economists will discuss reducing structural barriers for international trade with the African continent, as well as the urgent need to transform international development and fund evidence-based, locally-led solutions, thereby shifting the power to grassroots African activists. “Financing Africa’s Female Future” will take place on June 9th from 16:00-17:00 in Central London and stream live at goalshouse.com. The golden moment will bring together UK Home Secretary Priti Patel, Dr. Vera Songwe, Executive Secretary of the Economic Commission for Africa (UNECA), alongside international donors, foundations, women’s funds and the private sector, to discuss how to improve their investments in African women and girls. The event also aims to galvanise new sources of support for grassroots women’s activists, and leverage private sector support and engagement - and to help ensure that the African continent is seen as a strategic partner for international trade rather than just a recipient of funding. The context for this re-think is extremely urgent. In May 2021, AWID reported that only 1% of gender equality funding reaches women’s organisations - and foundations are donating less than half a percent to women’s rights. G7 member states, foundations and multilateral donors are under increasing pressure to do more to get core funding to local African activists - and for decisions on how this funding is used to improve choices and opportunities for women and girls on the continent to be made by Africans for Africans. We also have an urgent need to recover from Covid-19, which has caused devastation to much of the African continent and exposed the enormous gaps in how funding is distributed. Ahead of the Generation Equality Forum in late June, commitments made for African women and girls at the G7 Summit can also serve as a signpost for this and other events during 2021. “The African continent wants to stand on its own two feet but we need support to do so. At this moment of reckoning in the world, where Black Lives Matter has become a mantra, we need G7 member states and other donors to shift the power, respond to the sexism and racism in the sector and fund local African women directly. We urge them to see that Africa can be an incredible strategic investment partner. This will fuel economic growth, and increase not only the continent’s skills, knowledge, health and resilience, but also decrease its dependency on external assistance.” - Nimco Ali, CEO of The Five Foundation, The Global Partnership To End FGM. Priti Patel, Home Secretary, said “The Government is committed to building a brighter future for women across Africa – whether that’s working with international partners to tackle violence against women and girls or working to create jobs to improve their livelihoods. The UK hosting the G7 Summit this year gives us a real opportunity to be driving change for women across the world. I am greatly looking forward to Wednesday’s event and hearing from experts like Nimco Ali on what more we can do to invest in women.” Liz Truss, Minister for Women and Equalities, said: "I would like to thank The Five Foundation for the important work they are doing, empowering women all over the world. As we recover from this pandemic everyone must be able to realise their full potential. Enterprise and trade has the potential to transform women's lives. Globally we must invest in our women, supporting them so they can flourish. At the G7 Summit, the Gender Equality Advisory Council will be driving this agenda forward and setting out how countries around the world can make a real difference to the lives of women." “Funding grassroots feminist movements is critical. Full stop,” said Latanya Mapp Frett, President and CEO of Global Fund for Women. “Over the past 50 years, feminist movements have led to more egalitarian workplace regulations; more equitable land rights; better access to financial institutions; and expanded legal protections, including for LGBTQ+ people. Global Fund for Women urges G7 members to reckon with their legacies of racism and colonization and scale up, not dismantle, critical funding for locally-driven solutions that shift power and allow all to thrive.” “Evidence and history shows us time and again that feminist movements are catalytic in driving progress and accountability towards gender equality. Yet, less than 1% of development aid and foundation grants are directed to women’s rights and feminist organizations. In Sub-Saharan Africa almost 50% of women’s rights organizations are operating on budgets of $30,000 USD or less and most of this funding is project-based and fails to deliver long-term sustainable outcomes. There is an urgent need to provide long term, flexible funding to build the capacity and resilience of these organizations. As donors we have a role and responsibility to drive more equitable and impactful philanthropic practices.” - Alfonsina Penaloza, Director of Programs (Global), Co-Impact. “There is no doubt that gender equality has accelerated up the agenda, but it is also true that much of the progress over the last decade has been adversely affected by the Covid-19 pandemic. Empowering women through education and financing with programs such as Ellevate by Ecobank can help to contribute to a world where women can enjoy equal opportunities and truly reach their full potential.” - Emelia Atta-Fynn, Head of Group Microfinance, Ecobank ENDS.
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