Connect with us

News

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

Published

on

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.

Continue Reading
Comments

Health & Wellness

COVAX and World Bank to Accelerate Vaccine Access for Developing Countries

Published

on

COVAX and the World Bank will accelerate COVID-19 vaccine supply for developing countries through a new financing mechanism that builds on Gavi’s newly designed AMC cost-sharing arrangement. This allows AMC countries to purchase doses beyond the fully donor-subsidized doses they are already receiving from COVAX.

COVAX will now be able to make advance purchases from vaccine manufacturers based on aggregated demand across countries, using financing from the World Bank and other multilateral development banks. Participating developing countries will have greater visibility of available vaccines, quantities available, and future delivery schedules, enabling them to secure doses earlier, and prepare and implement vaccination plans more effectively.

This important and timely financing mechanism, made possible now by the World Bank and Gavi teaming up on the AMC cost-sharing arrangement, will allow COVAX to unlock additional doses for low- and middle-income countries,” said Dr. Seth Berkley, CEO, Gavi, the Vaccine Alliance. “As we move beyond initial targets and work to support countries’ efforts to protect increasingly large portions of their populations, World Bank financing will help us advance further towards our goal of bringing COVID-19 under control.”

The scalable mechanism brings together COVAX’s ability to negotiate advance purchase agreements with vaccine manufacturers with the World Bank’s ability to provide predictable financing to countries for vaccine purchase, deployment and broader health systems investments. The new mechanism will mitigate risks and uncertainties in country demand and financing ability.

Accessing vaccines remains the single greatest challenge that developing countries face in protecting their people from the health, social, and economic impacts of the COVID-19 pandemic,” said World Bank Group President David Malpass. “This mechanism will enable new supplies and allow countries to speed up the purchase of vaccines. It will also provide transparency about vaccine availability, prices, and delivery schedules. This is crucial information as governments implement their vaccination plans.”

Countries with approved World Bank vaccine projects that confirm the purchase of additional doses through COVAX will agree with COVAX on the number of doses of a specific vaccine as well as related windows of delivery. On receiving a request from the country, the World Bank will provide COVAX a payment confirmation, allowing COVAX to make advance purchases of large amounts of vaccine doses with manufacturers at competitive prices.

Under the cost-sharing arrangement for AMC countries (92 low- and middle-income countries), COVAX plans to make available up to 430 million additional doses, or enough to fully vaccinate 250 million people, for delivery between late 2021 and mid-2022. There will be several supply offerings where countries will have the opportunity to select and commit to procuring specific vaccines that align with their preferences.

COVAX is co-led by the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi, the Vaccine Alliance and the World Health Organization (WHO). The World Bank and COVAX will work in partnership with UNICEF and the PAHO Revolving Fund as key implementing partners to ensure safe vaccine delivery and supply of materials such as syringes, safety boxes and other items essential for vaccination campaigns.

Continue Reading

EU Politics

Commission proposes draft mandate for negotiations on Gibraltar

Published

on

The European Commission has today adopted a Recommendation for a Council decision authorising the opening of negotiations for an EU-UK agreement on Gibraltar. The Commission also presented its proposal for negotiating guidelines.

It is now for the Council to adopt this draft mandate, after which the Commission can begin formal negotiations with the United Kingdom.

Vice-President Maroš Šefčovič, the EU’s co-chair of the Joint Committee and Partnership Council, said: “By putting forward this draft mandate, we are honouring the political commitment we made to Spain to start the negotiations of a separate agreement between the EU and the UK on Gibraltar. This is a detailed mandate, which aims to have a positive impact for those living and working on either side of the border between Spain and Gibraltar, while protecting the integrity of the Schengen Area and the Single Market.”

Gibraltar was not included in the scope of the EU-UK Trade and Cooperation Agreement agreed between the EU and UK at the end of 2020. The Commission committed to begin the negotiation of a separate agreement on Gibraltar, should Spain request so. That is why the Commission is now recommending that the Council authorises the launch of specific negotiations on Gibraltar.

Draft mandate

Today’s Recommendation builds upon the political understanding reached between Spain and the UK on 31 December last year. It is without prejudice to the issues of sovereignty and jurisdiction, and focuses on cooperation in the region.

The proposed negotiating directives put forward solutions to remove physical checks and controls on persons and goods at the land border between Spain and Gibraltar, while ensuring the integrity of the Schengen area and the Single Market. The proposals include rules establishing responsibility for asylum, returns, visas, residence permits, and operational police cooperation and information exchange.

Other measures are included in different areas, such as land and air transport, the rights of cross border workers, the environment, financial support, and establishing a level playing field. It envisages a robust governance mechanism, including a review of the implementation of the agreement after four years, the possibility for both parties to terminate the agreement at any time and the possibility of unilateral suspension of the application of the agreement under certain circumstances.

Spain, as the neighbouring Schengen Member State and as the Member State to be entrusted with the application and implementation of certain provisions of the future agreement, will be particularly affected by the agreement. The Commission will therefore maintain close contacts with the Spanish authorities throughout the negotiations and afterwards, taking their views duly into account.

With regard to external border control, in circumstances requiring increased technical and operational support, any Member State, including Spain, may request Frontex assistance in implementing its obligations. The Commission acknowledges that Spain has already expressed its full intention to ask Frontex for assistance.

Background

The UK-EU Trade and Cooperation Agreement excluded Gibraltar from its territorial scope (Article 774(3)). On 31 December 2020, the Commission received a note of the proposed framework for a UK-EU legal instrument setting out Gibraltar’s future relationship with the EU. The relevant services in the Commission have examined this in close consultation with Spain. Building upon the proposed framework and in line with Union rules and interests, the Commission has today adopted a Recommendation for a Council decision authorising the opening of negotiations for an EU-UK agreement on Gibraltar and presented its proposal for negotiating guidelines.

Continue Reading

Energy News

IRENA Outlines Action Agenda on Offshore Renewables for G20

Published

on

Boosting offshore renewables will accelerate the energy transition and allow G20 countries to build a resilient and sustainable energy system, a new report by the International Renewable Energy Agency (IRENA) finds. Offshore Renewables: An Action Agenda for Deployment actively contributes to the G20 agenda by identifying actions which support the commercialisation of offshore technologies such as wind, wave, tidal, ocean thermal and floating PV in pursuit of extending their deployment worldwide. The report was launched by IRENA’s Director-General Francesco La Camera during the meeting of G20 Environment, Climate and Energy Ministers in Naples.

“Offshore renewables have the potential to meet more than twenty times of today’s global power demand”, said Francesco La Camera, Director-General of IRENA. “Particularly offshore renewables constitute a critical pillar for decarbonising energy systems and fostering a global blue economy. I congratulate the G20 Presidency for their forward-looking decision to integrate offshore renewables in the G20 agenda. IRENA is pleased to support the G20 Offshore Renewables Action Agenda with our energy transition expertise and valuable input from our global membership.”

To put the world on a climate-safe pathway, IRENA’s 1.5°C scenario foresees a massive growth of offshore wind,  ocean energy and floating photovoltaic in the coming decades. Offshore wind for example would increase from 34 gigawatts (GW) today to 380 GW by 2030 and more than 2,000 GW by 2050. Ocean energy would represent additional 350 GW of offshore renewable generation capacity by 2050.

Today’s report includes 50 concrete actions that G20 countries could take while defining their national strategies for offshore renewables. Suggested actions include the strengthening of oceans governance in line with UN Law of the Sea, the integration of offshore renewables in national marine spatial planning and early planning for infrastructure like underwater cables and grids. Policy frameworks, international cooperation and investment in R&D are key recommendations to drive offshore globally. The report recommends to promote financing for offshore within the “Finance Track” of the G20.

Offshore renewables have the potential to greatly contribute to SDG 14 on the sustainably use of oceans while boosting blue economy activities such fishery, shipping and tourism. A blue economy fuelled by offshore renewables would help islands and countries with coastal areas to meet their national goals aligned with the Paris Agreement and 2030 Sustainable Development Agenda.

The G20 is well placed to foster offshore renewables. Members account for the vast majority of global economic activity and trade and are home to over three-quarters of total offshore renewable installed capacity to date. 99.3% of total offshore wind capacity and nearly all installed ocean energy capacity globally can be found in G20 countries.

Today’s report was prepared by IRENA on the request and to the Italian Presidency of the G20. It benefited from the input of the G20 Working Group on Energy and insights by IRENA’s global membership gained under the Agency’s Collaborative Framework on Offshore Renewables.

Continue Reading

Publications

Latest

Trending