CABEI strengthens the empowerment and economic autonomy of more than 4,600 businesswomen in the region
With the implementation of two different initiatives, it has been possible to channel more than US$75 million to MSMEs with female leaders.
Tegucigalpa, November 19th, 2022.- In the framework of International Women's Entrepreneurship Day, which is commemorated every November 19th, the Central American Bank for Economic Integration (CABEI) reaffirms its commitment to continue promoting the empowerment and economic autonomy of the region's businesswomen and entrepreneurs, through the implementation of various initiatives such as the Business Financing for Women Regional Program (FEM)and the Financial Sector Support Facility for MSMEs affected by COVID-19, which have served 4,685 micro, small and medium-sized enterprises (MSMEs) led by women.
"The role of women in the economy of our region is key to social and productive development, which is why as the Central American Integration Bank, we are committed to continue promoting initiatives that support the empowerment of women and their economic autonomy, as contemplated in our2020-2024 Institutional Strategy”, said CABEI Executive President, Dr. Dante Mossi.
As a contribution to the growth and modernization of women-led businesses in the region, CABEI has benefited a total of 6,024 women through its FEM program, with the placement of more than US$30.9 million in financing channeled through 12 Intermediary Financial Institutions (IFIs) to promote their businesses.
"The strength with which women develop their businesses to contribute to their families is admirable, since 52% of the financing disbursed through this initiative went to women who wanted to start a business, while 36% went to companies owned by women, and more than 50% of the women in these companies were employees," added Dr. Dante Mossi.
Another key initiative with a gender equality focus is the Financial Sector Support Facility for MSMEs affected by COVID-19, which, since its implementation in 2020, has protected more than 22,000 women's jobs and impacted more than 3,200 women-led businesses, through the placement of more than US$45 million in loans, and more than US$5 million was backed by the guarantee fund with resources from UN Women.
The credits channeled through the Financial Sector Support Facility for MSMEs affected by COVID-19 were used to retain and rehire personnel, as well as to promote and generate new jobs in sectors such as hotels and tourism, agri-food production, trade, services and media, construction, and renewable energy, among others.
With these efforts, CABEI supports women's entrepreneurship in order to continue promoting sustainable and inclusive development in the region, fostering the growth and capitalization of MSMEs.