Illustrative image (Photo: VNA)
 
Hanoi (VNA) – The Asian Development Bank (ADB) has reported that it received 20.2 million USD from the Women Entrepreneurs Finance Initiative (We-Fi) in support of small and medium-sized enterprises (SMEs) led by women.

Accordingly, nearly 5,000 SMEs will be given access to critical financing and training courses in both Vietnam and the Pacific during five years.

It is the second time the ADB has received the second non-refundable aid from We-Fi to support the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) programme.

Women-led businesses comprise roughly 60 percent of all micro, small, and medium-sized enterprises in Asia and the Pacific. However, they face capital constraints, which hamper their growth and development.

In April 2018,  the ADB received a 12.6 million USD grant from We-Fi - which is managed by the World Bank - to promote women entrepreneurship in Sri Lanka.

The lender has been investing in women’s entrepreneurship in the Asia and Pacific region as part of its commitment to advancing women’s economic empowerment, which is one of the priorities of its newly adopted Strategy 2030.

By 2030, it is expected that 75 percent of all ADB-funded projects will promote gender equality.-VNA