May 15, 2019 | 21:12 (GMT+7)
ADB assists female entrepreneurs with access to financial sources
PANO - The Asian Development Bank (ADB) has announced that it received USD 20.19 million from the Women Entrepreneurs Finance Initiative (We-Fi) to support small- and medium-sized enterprises (SMEs) run by women in Vietnam and the Pacific region.
This was the second non-refundable aid package from We-Fi to support the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) program to foster the inclusive and sustainable development through women-led businesses. Approximately 5,000 women-run SMEs will benefit from the five-year long program.
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Photo for illustration. Source: VNA |
Keiko Nowacka, ADB’s specialist in social and gender development said that women-led businesses play an important role to the inclusive and sustainable development in the region. We-Fi is a chance to promote gender equality and overcome long-time challenges which hamper the development of businesses run by women.
In Asia and the Pacific, women-led businesses comprise around 60 percent of all micro-, small-, and medium-sized enterprises; however, they have limited access to governments’ training programs and capital which has hindered their growth and development. The WAVES program will remove those limitations by giving female entrepreneurs an opportunity to access finance, capacity building programs, and favorable environment.
This is seen as an important program as Asia and the Pacific is among the regions that face insufficient financial resources for female entrepreneurs. The International Finance Corporation estimated that the financial gap for women-run businesses was at USD 1.19 billion.
Translated by Tran Hoai