The feds have committed a whopping $13 million to be spent on warehousing facilities in Africa — without most taxpayers even knowing.The spending was announced in March by Global Affairs Canada, and will continue to be given in increments until 2033.The money is given to the 2X Ignite Africa Warehousing Facility program, a global initiative that "unlocks capital for first-time women-led and gender-balanced fund managers" in Africa by providing loans to warehouses.The money would be given to the initiative, based in Luxembourg, which would then disperse the loans..As the feds state, the projects hopes to promote "economic stability and resilience across African markets by expanding women’s access to capital and strengthening women’s leadership in investment."Loans will be given to women in either the South or North Sahara for their small to medium-sized businesses. The loans, the feds claim, will help strengthen "gender equality and climate considerations" in the region.The expected results the feds later state clearly, include "reducing gender inequality and promoting climate action.".To be eligible for the loans 2X Ignite explains the business must be at least 50% owned by women, and 50% of four different levels of the business's team must also be female.They must also be implementing a "broader impact strategy," which according to what the feds have stated, includes climate considerations.
