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Women Entrepreneurs Finance Initiative Invests In Over 15,000 Women-Led Businesses

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The Women Entrepreneurs Finance Initiative (We-Fi) announced today its third funding allocation comprising $49.3 Million – expected to benefit over 15,000 women-led businesses and mobilize about $350 million of additional public and private sector resources.

We-Fi’s latest round of allocations addresses the needs of women entrepreneurs created by the COVID-19 crisis, and encourages innovation and digital development, partnership development and the use of results-based mechanisms to facilitate greater access to financing for women entrepreneurs.

The third round allocates funding for programs to boost women’s entrepreneurship that will be implemented by four multilateral development banks; the European Bank for Reconstruction and Development for programs in Central Asia and the North Africa region, the Inter-American Development Bank for projects in Latin America, the Islamic Development Bank for entrepreneurship activities in fragile contexts in West Africa, and the World Bank Group for projects in the Sahel region, MENA and global programs. Over 65 percent of the most recent allocations will benefit women entrepreneurs in low-income (IDA-eligible) countries and countries affected by fragility and conflict. As a result of three financing rounds which now total almost $300 million in allocations, programs backing women-led businesses will soon expand to 61 countries.

Due to the COVID-19 crisis, women entrepreneurs around the world are suffering large setbacks. New data about the disproportionate effects of lockdown measures on women-led SMEs are emerging; in several Sub-Saharan countries, about 60% of women-led small businesses have lost their sources of income, three times more than men-led businesses. Globally, women-owned SMEs are about 6 percentage points more likely to close their business than male-owned businesses, according to recent World Bank-led research.

“As we absorb the consequences of the COVID-19 pandemic around the world, we need to take strong actions to build back better. Many women-led SMEs are disproportionally affected by the economic disruptions of the COVID crisis and many more women are losing their jobs. Entrepreneurship is central to the economic empowerment of women, especially in developing economies. Actions and support, such as by We-Fi’s recent round of financing, reaches women entrepreneurs in this time of need, and will help reestablish their roles as engines of inclusive economic growth”, says Mari Pangestu, Managing Director of Development Policy and Partnerships of the World Bank, which hosts the We-Fi Secretariat.

“We-Fi’s third round of allocations could not have come at a more important time. I am very pleased to see our Implementing Partners preparing such strong proposals to support women-led SMEs. Projects to leverage digital technologies, support digital skills-building, and identify new business opportunities that may arise as a result of the pandemic will benefit so many women-led SMEs during this crucial time”, says Mathew Haarsager, Deputy Assistant Secretary for International Development Finance and Policy of the U.S. Department of the Treasury and chair of We-Fi’s Governing Committee.

Under the third round of funding:

The European Bank for Reconstruction and Development (EBRD) was granted $7.36 million for its “Stepping Up for Women” Program which aims to rapidly respond to the disproportionate pressures WSMEs face in the context of the ongoing COVID-19 related crisis. The program will deploy innovative solutions for WSMEs that will contribute to (a) improving access to markets through more inclusive supply chains; (b) enhancing competitiveness, growth potential, and access to finance by strengthening their ability to leverage digital technologies and (c) leveraging sex-disaggregated data to inform more effective public and private sector interventions. Program activities will be implemented in Kyrgyz Republic, Mongolia, Tajikistan, Uzbekistan, Egypt, and Morocco.

The Inter-American Development Bank (IDB) received $14.71 million for its program to support access to finance, markets, skills and networks for women-led businesses primarily in technology and science-supported sectors. The program will prioritize helping women entrepreneurs navigate the ongoing economic crisis, and also to identify new business opportunities that may arise as a result of the pandemic. The program will provide acceleration support as well as seed and venture capital to high-potential STEM women entrepreneurs.  The program focuses on countries in Central America, Ecuador and Guyana.

The Islamic Development Bank (IsDB) received $11.25 million for its program which supports women in West Africa engaging in entrepreneurial activities in the rice value chain. While women are heavily engaged in the rice industry, the prohibitively high cost of borrowing, and the non-financial constraints which hinder access to resources, assets, and markets, prevent women entrepreneurs from improving their livelihoods.  Accordingly, the program will aim to support upgrading and advancing women-owned SMEs within the rice value chain in West Africa though capacity development and grant matching, as well as increased access local and regional markets. Activities for this program will be carried out in Guinea, Niger, Senegal and Sierra Leone.

The World Bank Group (World Bank and IFC) received $16.01 million for a digitally enabled access to finance and markets program for women-led business in the Sahel region and globally, and an early-stage finance program supporting women entrepreneurs in several regions. The first program will foster market linkages between suppliers and buyers across the Sahel. It will provide services and training to women-led shea butter cooperatives on know-how, managerial capacity, networks, and marketing tools as well as support the digitization of payment systems. The second program seeks to create an inclusive entrepreneurial ecosystem, addresses financing gaps, and assists with skills-building and mentoring of women entrepreneurs. Activities for these programs will be implemented in Burkina Faso, Mali, Mauritania, Jordan, Iraq, and globally.

About We-Fi:

The Women Entrepreneurs Finance Initiative (We-Fi) is a multilateral partnership supporting women entrepreneurs with access to finance, markets, technology, mentoring, and other services, while working with governments and the private sector to improve the laws and policies inhibiting women’s businesses in developing countries.

We-Fi is supported by the governments of Australia, Canada, China, Denmark, Germany, Japan, the Netherlands, Norway, the Russian Federation, the Kingdom of Saudi Arabia, the Republic of South Korea, the United Arab Emirates, the United Kingdom, and the United States. The We-Fi secretariat is housed by the World Bank and its programs are implemented by six Multilateral Development Banks.

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Environment

Greenpeace Africa reacts to DRC President’s decision to suspend illegal logging concessions

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The President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, ordered on Friday, October 15th, the suspension of all dubious logging concessions, including the 6 granted in September 2020. Greenpeace Africa, one of the civil society organizations that denounced these concessions, applauds the decision taken by the Head of State and encourages him to remain vigilant and ensure its effective execution by Deputy Prime Minister Ms. Eve Bazaiba.

Greenpeace Africa reiterates its call for maintaining the moratorium on new industrial logging concessions to prevent a human rights and climate catastrophe. This logging sector, characterized by bad governance, favors corruption and remains out of touch with the socio-economic needs of the Congolese people and the climate crisis we live in.

Irène Wabiwa Betoko, Head of the International Congo Basin Forest Project of Greenpeace: “The decision of H.E. President Tshisekedi against the illegal actions of former Minister Nyamugabo sends an important message to the Congolese people and their government. It is also a red light for the plans of Ms. Ève Bazaiba, current Minister of the Environment, to open a highway to deforestation by multinational logging companies through lifting the moratorium on new industrial concessions.”

The President asks to “Suspend all questionable contracts pending the outcome of an audit and report them to the government at the next cabinet meeting.” Greenpeace Africa maintains that the review of illegalities in the forest sector must be transparent, independent, and open to comments from civil society organizations.

Ms. Wabiwa adds that “Both the protection of the rights of Congolese peoples and the success of COP26 require that the moratorium on granting new forest titles be strengthened. We again call on President Tshisekedi to strengthen the 2005 presidential decree to extend the moratorium.”

Ms. Wabiwa concludes that “instead of allowing new avenues of destruction, the DRC needs a permanent forest protection plan, taking into account the management by the local and indigenous populations who live there and depend on them for their survival.”

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Tech News

Standards & Digital Transformation – Good Governance in a Digital Age

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In celebration of World Standards Day 2021, celebrated on 14 October every year, the United Nations Industrial Development Organization (UNIDO) is pleased to announce the launch of a brochure, “Standards and Digital Transformation: Good Governance in the Digital Age”.

In the spirit of this year’s World Standards Day theme “Shared Vision for a Better World”, the brochure provides insights into the key drivers of the digital transformation and its implications for sustainable development, particularly people, prosperity and planet. Noting the rapid pace of change of the digital transformation, with the COVID-19 pandemic serving as an unanticipated accelerator, the brochure highlights the role of standards in digital transformation governance. It further considers the principles necessary for guiding the collaborative development of standards in the digital technology landscape to ensure that the technologies remain human-centered and aligned to the goals of sustainability.

This year’s World Standards Day theme highlights the Sustainable Development Goals (SDGs) representing a shared vision for peace and prosperity, for people and planet. Every SDG is a call for action, but we can only get there if we work together, and international standards offer practical solutions we can all stand behind.

This brochure is a summary of a publication set to be released in November 2021.

Download it here.

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Human Rights

UN: Paraguay violated indigenous rights

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An indigenous community in Paraguay wait to receive their COVID-19 vaccination. WHO/PAHO

Paraguay’s failure to prevent the toxic contamination of indigenous people’s traditional lands by commercial farming violates their rights and their sense of “home”, the UN Human Rights Committee said in a landmark ruling on Wednesday. 

The Committee, which is made up of 18 independent experts from across the world, monitors countries’ adherence to the International Covenant on Civil and Political Rights.  

Lands represent ‘home’ 

The decision on Paraguay (in Spanish) marked the first time it has affirmed that for indigenous people, “home” should be understood in the context of their special relationship with their territories, including their livestock, crops and way of life.  

“For indigenous peoples, their lands represent their home, culture and community. Serious environmental damages have severe impacts on indigenous people’s family life, tradition, identity and even lead to the disappearance of their community. It dramatically harms the existence of the culture of the group as a whole,” said Committee member Hélène Tigroudja. 

The decision stems from a complaint filed more than a decade ago on behalf of some 201 Ava Guarani people of the Campo Agua’e indigenous community, located in Curuguaty district in eastern Paraguay. 

The area where they live is surrounded by large commercial farms which produce genetically modified soybeans through fumigation, a process which involves the use of banned pesticides. 

Traditional life affected 

Fumigation occurred continuously for more than 10 years and affected the indigenous community’s whole way of life, including killing livestock, contaminating waterways and harming people’s health. 

The damage also had severe intangible repercussions, according to the UN committee.  The disappearance of natural resources needed for hunting, fishing and foraging resulted in the loss of traditional knowledge.  For example, ceremonial baptisms no longer take place as necessary materials no longer exist. 

“By halting such ceremonies, children are denied a rite crucial to strengthening their cultural identity,” the Committee said.  “Most alarmingly, the indigenous community structure is being eroded and disintegrated as families are forced to leave their land.” 

Toxic exposure 

The indigenous community brought the case to the Human Rights Committee after a lengthy and unsatisfactory administrative and judicial process in Paraguay’s courts. 

“More than 12 years after the victims filed their criminal complaint regarding the fumigation with toxic agrochemicals, to which they have continued to be exposed throughout this period, the investigations have not progressed in any meaningful way and the State party has not justified the delay,” the Committee said in its decision. 

Recommendations, reparations 

Members found Paraguay did not adequately monitor the fumigation and failed to prevent contamination, adding “this failure in its duty to provide protection made it possible for the large-scale, illegal fumigation to continue for many years, destroying all components of the indigenous people’s family life and home.”  

The Committee recommended that Paraguay complete the criminal and administrative proceedings against all parties responsible and make full reparation to the victims. 

The authorities are also urged to take all necessary measures, in close consultation with the indigenous community, to repair the environmental damage, and to work to prevent similar violations from occurring in the future. 

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