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The International Finance Corporation (IFC) of the World Bank Group will provide a loan of 750 million pesos to a group of local microfinance institutions that will focus on supporting women entrepreneurs in the Philippines.
In a statement, the IFC said the financing would be provided to two lenders belonging to the Center for Agriculture and Rural Development Group of Mutual Strengthening Institutions (CARD MRI), namely CARD Bank Inc. and CARD SME Bank Inc.
IFC’s investment in CARD MRI, which has a network of some 120 bank branches and four million clients, is expected to benefit 60,000 businesses, including 44,000 women-led micro, small and medium-sized enterprises (MSMEs).
“Support from the Women Entrepreneurs Financing Initiative in the form of performance-based incentives will help banks meet predefined targets for lending to women-led or women-owned MSMEs,” said IFC.
“The financing will provide critical working capital for MSMEs, which have been hurt by the pandemic due to a lack of funding reserves and the ability to restart operations during quarantine periods. More than half of [MSMEs] They are led by women, and most of the companies operate in the wholesale and retail trade, which have been affected by COVID-19 ”, he added.
“The success of women-owned businesses in the Philippines is critical to the success of the economy. Our investment will help provide the necessary working capital at a crucial time for MSMEs, helping them maintain their operations and save jobs so that they are better placed for a successful post-crisis recovery, ”said Rosy Khanna, IFC Regional Director for financial institutions in Asia Pacific.
“Through this partnership with the IFC, we can reach more women-owned and managed MSMEs and help them continue their journey towards a better future,” said CARD MRI founder and president Jaime Aristóteles Alip. –BEN O. DE VERA INQ
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