For the benefit of women entrepreneurs in the region, UN Women channels US$1.0 million to CABEI Guarantee Fund
The new resources come from the Italian cooperation through the Women, Local Economy and Territories Program (MELYT).
Tegucigalpa, July 20th, 2021.- The COVID-19 pandemic has affected the region's economy across the board, particularly the small and medium-sized entrepreneurs who are finding it difficult to access financial resources.
In response to this situation, the Central American Bank for Economic Integration (CABEI) and UN Women through the Foreign Affairs and International Cooperation Ministry of the Republic of Italy (MAECI) and the Italian Agency for Development Cooperation (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$14.0 million from CABEI and US$14.1 million from the European Union under its Latin American Investment Facility (LAIF).
"This alliance with UN Women and its Women, Local Economy and Territories Program (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 Dr. Dante Mossi.
The initiative, which is expected to restore the productive capacity, economic recovery and employment generation of MSMEs led by women, is part of the Financial Sector Support Facility, as one of the components of the Bank’s “"Emergency COVID-19 Support and Preparedness and Economic Reactivation Program".