Islamic Finance

U.N. bodies launch fund for women enterprises in South and Southeast Asia

Published 11 Jan,2021 via The Financial Express -  The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), in collaboration with the United Nations Capital Development Fund (UNCDF), recently launched a fund for women enterprises to support innovative business solutions.

The initiative, named 'Women Enterprise Recovery Fund: Promoting and Upscaling Digital Solutions for Enhancing Women Enterprise Growth and Resilience', is supported by the Dutch Entrepreneurial Development Bank (FMO), the Government of Canada, and Visa Inc, according to a press release received on Monday.

'Through this Fund, we will support innovative business solutions that address the constraints faced by women enterprises in South and South-East Asia. These solutions are especially crucial today as we know women enterprises have suffered disproportionately from COVID-19,' said UNCDF Deputy Executive Secretary Xavier Michon.

'Now is the opportunity to innovate and find solutions that recover better and build resilience,' Xavier added.

Applicants to the Fund can be based anywhere globally, but the project implementation and solution must target women enterprises in one or more of the following countries: Bangladesh, Cambodia, Indonesia, Myanmar, Nepal or Viet Nam.

Eligible applicants who can apply for the fund include regulated financial institutions, FinTechs, technology institutions, among others.

'The Fund will provide up to US$ 50,000 in co-funding to innovative solutions, along with technical assistance provided through our extensive partner networks. We are pleased to be partnered with UNCDF, FMO, the Government of Canada and Visa Inc. on this exciting initiative, which will bring to market innovative financial and business solutions for women entrepreneurs who have been impacted by the pandemic,' said ESCAP Deputy Executive Secretary Kaveh Zahedi.

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