The ILCU International Development Foundation (Foundation), in partnership with the United Nations International Fund for Agricultural Development (IFAD) and the Ethiopian Cooperative Commission (ECC), have officially launched the Women’s Financial & Economic Empowerment (WFEE) project in Addis Ababa.
The project, funded by the Government of Ireland, will promote women’s financial inclusion in three countries – Ethiopia, Tanzania and Rwanda by ensuring they have access to affordable financial services. The launch was attended by representatives from the Embassy of Ireland, the Development Bank of Ethiopia, IFAD, the ECC and other key stakeholders.
Donagh Healy, International Programme Manager at the Foundation, welcomed everyone to the launch and explained how the Foundation and IFAD have extensive expertise in rural finance and experience in promoting women’s financial and economic empowerment. The Foundation will be responsible for the rural finance technical assistance component of the programme. Aimed at improving access to financial services for smallholder households, the project’s purpose is to help women diversify their income-generating activities and play a greater role in their local economies. This will be achieved by building capacity to promote an inclusive, modern, and sustainable rural financial sector. SACCOs play a crucial role within their communities by providing access to secure savings and affordable loans. This project will support women in rural communities in East Africa in achieving financial inclusion.
Speaking at the official launch, Dr Shiferaw, Commissioner, ECC, noted, “We enthusiastically welcome the new Women’s Finance and Economic Empowerment (WFEE) project, a landmark partnership between the ILCUF, IFAD, the Government of Ireland, and the ECC which will promote women’s financial inclusion in Ethiopia, Tanzania, and Rwanda. And we celebrate that RUFIP III, our largest rural finance program to date, has an explicit objective to increase access to finance for rural households, with a particular focus on smallholder farmers and women. These initiatives are not afterthoughts; they are the logical and powerful culmination of all the foundational work we have done together.” Dr. Shireraw added, “our vision is for an Ethiopian cooperative movement that is the pride of Africa—a movement that is financially sound, technologically modern, democratically governed, and a powerful force for the inclusion and prosperity of all its members.“
The keynote speech was delivered by Fergal Ryan, Deputy Head of Mission, Embassy of Ireland. He explained that the relationship between Ireland and Ethiopia has existed now for over three decades, “we have worked together, as partners and as friends, navigating challenges and celebrating progress. Ethiopia is, and remains, the largest recipient of Ireland’s bilateral development assistance, a fact that speaks volumes about our unwavering commitment to Ethiopia.” Speaking about the cooperative movement, Fergal outlined that the cooperatives are built on the philosophy of ‘people helping people’, and “our own credit union movement in Ireland grew from humble, grassroots beginnings to become a cornerstone of Irish society, providing accessible financial services when no one else would”. Fergal thanked the partners involved in the WFEE project, and noted that “together, we share a vision for a more inclusive, prosperous, and gender-equal Ethiopia. The road ahead is long, but by working in partnership, with shared purpose and mutual respect, I am confident that we can, indeed, help to build a better world.”
Donagh Healy thanked everyone for attending and reiterated his thanks to the Government of Ireland for their funding. He noted that the Foundation looks forward to partnering with IFAD and local partners on the ground to implement this project, supporting rural women’s access to financial services, and working together towards the achievement of the UN Sustainable Development Goals.