Women to be protagonists of CABEI’s regional corporate finance program

Roatán, June 29, 2016. - The Central American Bank for Economic Integration (CABEI) presented the Regional Financing Program for Women Entrepreneurs (FEM), which is aimed at promoting the empowerment and economic independence of women and contributing to the regional development and economic integration process with regard to gender issues in order to benefit women entrepreneurs in the region.

FEM is designed to provide investment financing for women entrepreneurs, especially those located at the base of the economic pyramid; this is a key component of the Regional Financing Program for Women Entrepreneurs, which represents an effective instrument for addressing the credit needs of women by means of a differentiated financial program.

With this initiative, CABEI expects to promote and strengthen the position of women in the labor market and to provide opportunities for advancement to the most vulnerable groups in the region.

The launch took place at Roatan, Honduras during the Regional Facilitation and Competitiveness Forum, "Challenges for Central America in the XXI Century," which was organized by the Honduran government, in its capacity as Pro Tempore President of SICA, and the Secretariat for Central American Economic Integration (SIECA). It was part of various events held in the framework of the XLVII Summit of SICA Heads of State and Government.

At the event Mr. Sergio Avilés, CABEI Coordinator of the Financing for the Majority Unit, explained that FEM has funds available amounting to US$10 million, which will be channeled through CABEI’s network of intermediary financial institutions, with a focus on entities that have gender policies in place.

According to projections made by CABEI, based on statistics accumulated since 2001, FEM will benefit more than 3,320 women or MSMEs led by women.

The FEM program will have the support and follow-up of an Advisory Group composed of different organizations of the Central American Integration System (SICA), including: the Council of Ministers for Women of Central America (COMMCA), SIECA, CABEI and the Regional MSME Promotion Center (CENPROMYPE). In addition, FEM will have the specialized support of UN Women and the Central American Microfinance Network (REDCAMIF); these organizations have been proactively involved in the program’s design process.

CABEI continues to make progress promoting gender equality
As part of its efforts to promote the balanced economic and social development of the Central American region, CABEI approved its Gender Equity Policy in 2010. In this regard, CABEI Acting Executive President Attorney Alejandro Rodríguez Zamora stated that, "The FEM is consistent with the commitments made by CABEI aimed at promoting the economic empowerment of women in the framework of its Gender Equity Policy. CABEI has continued to make progress on providing equal opportunities to both women and men. For CABEI, the efforts made to improve and expand women's participation in the labor force and provide economic opportunities for women, represent a contribution to economic growth, poverty reduction and expanding markets, which are fundamental principles of economic integration."

He also emphasized that CABEI promotes the active inclusion of women in companies through the generation of differentiated programs, projects and instruments with a focus on gender equity in order to meet changing needs of women, especially the most disadvantaged, such as women farmers, women in ethnic groups, young women and women microentrepreneurs.