Wednesday, 21 July 2021 13:49

CABEI and ONU Mujeres made financial contribution of US$1 million for the growth of MSMEs led by women

Written by Alondra Gutiérrez

The Covid-19 pandemic has had a general impact on the region's economy, particularly on small and medium-sized enterprises (SMEs), which are finding it difficult to access financial resources.

The Central American Bank for Economic Integration (CABEI) and the United Nations Entity for Gender Equality and the Empowerment of Women (ONU Mujeres), through the Ministerio de Asuntos de Relaciones Exteriores y Cooperación Internacional de la República de Italia (MAECI) and the Agencia Italiana de Cooperación para el Desarrollo (AICS) officially launched a non-refundable financial contribution of US$1 million to support the growth and development of micro, small and medium-sized enterprises (MSMEs) led by women.

The resources will be added to the US$28.1 million Guarantee Fund created by CABEI in 2020, with contributions of US$14 million from CABEI and US$14.1 million from the European Union under its Facilidad de Inversión para América Latina (LAIF).

The initiative, which is expected to restore productive capacities, economic recovery and job creation for MSMEs led by women, is part of the Facilidad de Apoyo al Sector Financiero, as one of the components of the Bank's “Programa de Emergencia de Apoyo y Preparación ante el Covid-19 y de Reactivación Económica”.

"This alliance with ONU Mujeres and its Programa Mujeres, Economía Local y Territorios (MELYT) will enable small Central American businesswomen who do not have sufficient assets to back their debt to access financing guaranteed by this Guarantee Fund, thus promoting women's autonomy and economic empowerment", explained CABEI Executive President Dante Mossi.