INF/MSME/W/46/Rev.1  
INF/TGE/W/7/Rev.1  
 
9 February 2024  
(24-1128) Page: 1/32 
  Original: English  
 
 
INFORMAL WORKING GROUP ON MSMES  
INFORMAL WORKING GROUP ON TRADE AND GENDER  
ACCESS TO FINANCE FOR WOMEN -LED MICRO, SMALL AND  
MEDIUM -SIZED ENTERPRISES (MSMES): A COMPENDIUM  
OF FINANCIAL INCLUSION INITIATIVES  
Revision  
The following communication, dated 9 February  2024, is being circulated at the request of the 
Coordinator of the Informal Working Group on MSMEs, Ambassador Matthe w Wilson (Barbados) and 
the Chairs of the Informal Working Group on Trade and Gender, Ambassador Ana Patricia Benedetti 
(El Salvador), Ambassador Simon Manley (United Kingdom) and Ambassador Clara Delgado (Cape 
Verde) . 
 
_______________  
 
 
1  INTRODUCTION  
1.1.  Women -led MSMEs make a critical contribution to growth, employment, and poverty reduction 
in their nat ional economies. However, they do not face the same growth trajectories as their male 
counterparts. Women -led businesses tend to be smaller, have lower levels of production efficiency, 
are less well connected to markets and institutions, and struggle to ac cess finance on the same 
terms as men.1 MSMEs  led or owned by women are particularly constrained by a lack of access to 
capital or financial services.2 The IFC estimates that the financing gap for women -owned MSMEs in 
2017 was USD  1.7 trillion and that w omen account for a disproportionate share of the financing gap 
facing firms in developing countries.3 
1.2.  In terms of trade dynamics, women -led MSMEs are less engaged in international trade than 
their male counterparts.4 Only one out of five exporting companies is led or owned by women. 
Supporting access to finance can help to increase the participation of women -led MSMEs in 
international trade.5 Increasing  women 's participation in trade by facilitating access to finance can 
enhance competitiveness given that trade -engaged firms are, on average, more productive than 
their non -trade counterparts .6 
 
1 Definitions for women -owned and women -led business are drawn from IWA 34:2021. Women's 
entrepreneurship  – Key definitions and general criteria https://www.iso.org/obp/ui/#iso:std:iso:iwa:34:ed -
1:v1:en . 
2 ITC. SME competitiveness surveys in 16 countries . 
3 IFC. MSME Finance Gap . (2017) doi :10.1596/28881.  
4 ITC. Unlocking Markets for Women to Trade . (2015) doi:10.18356/aa9eaa55 -en. 
5 ITC. ITC calculation based on surveys in 49 developing countries . (2023).  
6 Shu, P. & Steinwender, C. The Impact of Trade Liberalization on Firm Productivity an d Innovation. 
Innov. Policy Econ . 19, 39–68 (2018).  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  1.3.  Addressing the financing gap for women -led MSMEs has numerous positive social and economic 
impacts and can directly contribute to t he achievement of the United Nation 's Sustainable 
Development Goals. This compendium provides a non -exhaustive summary of current initiatives led 
by governments and international and regional institutions which support access to finance for 
women -led MSMEs  and serve to enhance women 's participation in the economy.  
1.4.  The compendium details common problems as well as success factors. Common problems 
include the perceived risk of investing in women -led MSMEs, low levels of financial literacy among 
beneficiaries,  high default rates, and difficulties associated with engagement with women in remote 
or rural areas. Common success factors include strong political will, the development of new 
partnerships both within and outside of government, the presence of strong lo cal institutions from 
either the public or private sectors, and robust monitoring and evaluation frameworks. This 
compendium is meant to be a living document that can be used to inspire and develop specific 
interventions to support women -led MSMEs.  
1.5.  Prepare d by the WTO Secretariat with the International Trade Centre (ITC), this document has 
been reviewed by members of the Informal Working Group on Trade and Gender7 and of the Micro, 
Small and Medium -sized Enterprise Informal Working Group and incorporates t heir comments and 
suggestions. It is organized into a first section of select government -led initiatives, a second section 
of financial institution -led initiatives, and lastly a section on international and regional -led initiatives. 
An Annex of all the lis ted programs completes the compendium.  
2  INITIATIVES  
2.1.  Today, governments, international organisations, financial institutions and CSOs have 
undertaken several initiatives to close the gender gap in access to finance. Many initiatives are 
focused on facilitati ng access to finance through the provision of loans, grants or other sources of 
capital. In addition, a number of initiatives provide non -financial support that is designed to facilitate 
access to networks, markets, and skills.  
2.1  SELECT  GOVERNMENT -LED INITIA TIVES  
2.1.1   Argentina: Reciprocal guarantee companies scheme  
2.2.  Argentina's Reciprocal Guarantee Companies (SGR) scheme granted guarantees to over 
21,000  MSMEs in 2020 -21, including women entrepreneurs. In 2021, to expand the total number of 
MSMEs accessing the banking credit system and the securities market,  the government implemented 
new regulations raising the minimum number of MSMEs that the SGR must incorporate into its 
portfolio every year, including the requirement to meet a quota for MSMEs h eaded by women, as 
well as to incorporate new MSMEs into its guarantees portfolio in order to be authorized to expand 
its risk funds.  
Source:  Obtener una garantía por parte de una Sociedad de Garantía Recíproca (SGR) | Argentina.gob.ar . 
2.1.2   Australia  
2.1.2.1   Aid for trade to support financial inclusion and access to markets  
2.3.  Australia supports an inclusive Aid -for-Trade agenda through bilateral, regional and multilateral 
initiatives that seek to address constraints faced by women. For example, i n the Pacific, Australia  
support s the following programmes: (1) Pacific Trade Invest; (2) the Pacific Private Sector 
Development Initiative IV; (3) Pacific RISE; and (4) the Pacific Financial Inclusion Programme. 
Globally, Australia invests in programs that enable developing countries and LDCs to access the 
benefits of the multilateral trading system. Australia's global inve stments mainstream 
women 's economic empowerment, as does all Australian development funding. Examples of 
multilateral aid -for-trade investments that support access to finance for women -led MSME 's include: 
World Bank 's DATA Fund (digital trade); Asian Devel opment Bank 's Trade and Supply Chain Finance 
Program Gender Initiative (SME financing); International Labour Organization 's Better Work Program 
(garment industry); and a trade financing vehicle for menstrual health. These programmes support 
 
7 WT/L/1095/Rev.1 . INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  women -led small  and medium -sized enterprises by facilitating their financial stability and growth 
and entry into new markets (among other objectives).  
Source:  Information provided by the Australian Government  and WTO Database Gender -Responsive Trade 
Policies (upcoming).  
2.1.2.2   Partnering with impact investors to support women -owned SMEs  
2.4.  The Australian Department of Foreign Affairs and Trade's Investing in Women project partners 
with impact investors to strengthen access to finance for women -owned and led SMEs in Indo nesia, 
the Philippines and Vietnam, and to build a business case for a more inclusive investing environment 
globally, across four components. The first component consists of business partnerships supporting 
coalitions of large employers committed to drivin g gender equality in workplaces. The second 
component consists of informing policy by supporting and building private sector perspectives and 
other evidence related to care economy or women 's economic empowerment. The third component 
is related to supporti ng local leadership, innovation, and action to address barriers to women 's 
economic empowerment. It seeks to leverage positive examples to catalyse broader adoption. The 
fourth component is focused on impact investment, through direct investments and partn erships 
with investors to strengthen women SMEs' access to finance and build the gender lens investing 
ecosystem.  
Source:  https://investinginwomen.asia/ . 
2.1.2.3   Access to finance to support female entrepreneurs grow their startups  
2.5.  The Australian Government 's Boosting Female Founders Initiative supports female founded 
startups (majority owned and led by women) to access finance to scale and grow their business. 
The objectives of the pr ogram are to: (1) stimulate private sector investments into innovative 
startups led by women; (2) help women entrepreneurs overcome barriers to accessing finance and 
support to grow and scale their startups; (3) enable female founders to scale -up, expand i nto 
domestic and/or global markets, and become self -sufficient; and (4) boost the economy through 
increasing the diversity of startup founders. The grants are available on a co -contribution basis, 
whereby the  grant amount comprises up to 50% of eligible project costs unless additional 
requirements  are met. Recipients may also receive expert mentoring and advice.  
Source:   https://business.gov.au/grants -and-programs/boosting -female -founders . 
2.1.3   Barbados: National Policy Framework for the Development of MSMEs  
2.6.  Pillar 2 of Barbados' National Policy Framework for the Development of Micro, Small and 
Medium -sized Enterprises is Access to Finance. The policy objectives of this pillar are to mitigate the 
high level of bureaucracy experienced by MSMEs in accessing finance;  strengthening the risk 
mitigation framework to improve access to finance; and introducing or expanding options for 
alternative and innovative financing for MSMEs. Developed in 2016, the national policy framework 
recognizes women as playing a significant e conomic role and looks to ensure their equality and 
equity of opportunities between women -owned and men -owned MSMEs through identifying factors 
that constrain women's business participation; building capacity; facilitating training; developing 
tools and su pport services to facilitate innovation; and creating specific enterprise and employment 
opportunities for women with commensurate funding.  
Source:  https://www.barbadosparliament.com/uploads/sittings/attachments . 
2.1.4   Canada  
2.1.4.1   Women Entrepreneurship Strategy (WES)  
2.7.  To support women entrepreneurs, in 2018, the Government of Canada launched the Women 
Entrepreneurship St rategy, known as the WES. Coordinated by Innovation, Science and Economic 
Development Canada (ISED), the WES uses a "whole -of-government " approach to increase 
women -owned businesses ' access to the financing, networks and expertise they need to start -up, 
scale-up and access new markets. Since its launch, the WES has grown to represent nearly INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  CAD 7 billion in federal investments and commitments from almost 20 different federal departmen ts, 
agencies and Crown corporations.  
Source:  https://ised -isde.canada.ca/site/women -entrepreneurship -strategy/en . 
2.1.4.2   Women Entrepreneurship Loan Fund  
2.8.  Some WES programs have a focus on reducing barriers to financing for women entrepreneurs. 
Budget 2021 committed CAD 55 million towards the Women Entrepreneurship Loan Fund, managed 
by ISED. The Women Entrepreneurship Loan Fund is providing loans of up to CAD 50,000 for women 
entrepreneurs of diverse backgrounds through five loan administrators. While there are uniform 
parameters for loan delivery, the loan administrators offer a variety of services to a diversity of 
clients, such as zero interest loans, micro loans under CAD 15,000, loans for Indigenous women, 
and loans available online. These administrators also provide additional wrap -around support 
services to increase the likelihood of long -term success for recipients. As of 30 June 2023, loans  
totalling over CAD 9.9 million have been delivered to over 300 women entrepreneurs.  
Source:   https://ised -isde.canada.ca/site/women -entrepre neurship -strategy/en/women -entrepreneurship -
loan-fund. 
2.1.4.3   Inclusive Women Capital Initiative (IWVCI)  
2.9.  The WES Inclusive Women Venture Capital Initiative (IWVCI) is a CAD 15-million program 
launched in 2022 and led by ISED, t o build a more inclusive venture and angel environment for 
Canadian women entrepreneurs. Five recipient organizations were selected to administer this 
initiative in March 2023, and their projects are beginning to roll -out across Canada.  
Source:  https://ised -isde.canada.ca/site/women -entrepreneurship -strategy/en/wes -inclusive -women -
venture -capital -initiative . 
2.1.4.4   Financial Inclusion for Micro - Small and Medium -Sized Enterprises  
2.10.   Canada's Financial Inclusion Project aims to promote the economic prosperity of low -income 
women and men in Haiti and the Democratic Republic of Congo by creating a means to increase 
their income and savings, improve their livelihoods, raise their quality of life, and increase their 
revenues. Project activities include: (1) increasing the number of people, specifically women, who 
benefit from financial services through an extension of branches and banking agents and the 
provision of training; (2) increasing the use of financial services by MSMEs , particularly those 
controlled by women; (3) increasing the use of agricultural financial services by agricultural 
entrepreneurs in Haiti; and (4) improving access to mobile savings services and medical insurance 
for low -income individuals, particularly women in the Democratic Republic of Congo. Results 
achieved as of September 2021 include: (1) reached 438,000 low -income people in the Democratic 
Republic of Congo and Haiti with financial services (36% women); (2) launched the  Just for Her loan  
product in the Democratic Republic of Congo, targeting micro , small, and medium -sized enterprises 
controlled by women. Also distributed CAD 6.6 million to 1,001  women since its release in 
March  2021; (3) in Haiti, the agricultural loan p roduct continues its success, with beneficiaries 
doubling in year four and reaching a cumulative total of 2,080 beneficiaries, of whom 83% women 
who work in the agricultural value chain; and (4) cumulativ ely trained over 216,000  clients in 
financial litera cy (65% women).  
Source:  FINCA Canada: Fighting Poverty with Microfinance and Social Enterprise  and WTO Database 
Gender -Responsive Trade Policies (upcoming).  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.1.5   Chile  
2.1.5.1   Seed Starter funding for women -led businesses, CORFO  
2.11.   Programme for women -led businesses . In 2021, Seed Starter support was provided to 
45 women entrepreneurs, as part of the programme set out in the Institutional Gender Strategy of 
the Corporation for the Promotion of Production (CORFO) . These women entrepreneurs were 
awarded funding of CLP  765 million. T he capital initiative shares the same goal as the wider Seed 
Starter programme, but is unique in focusing solely on providing support to women entrepreneurs.  
Source:  https://www.corfo.cl/sites/cpp/convocatorias/semilla_inicia_empresas_lideradas_mujeres . 
2.1.5.2   Revitalization Support Programme (PAR - Women's Empowerment), CORFO  
2.12.   A programme supporting taxpayers in the micro, small and medium -sized enterprise sector 
to improve production potential and strengthen business management and entrepreneurship . It also 
supports the development of skills and capacities of entrepreneurs by co -financing investment 
projects to unlock new and sustain existing business opportunities.  Entrepreneurs must demonstrate 
a personal initiative that improves competitiveness by incorporating or building on one or more of 
the following : energy efficiency and/or the use of non -conventional renewable energy sources 
(NCREs) in their processes ; use of non -conventional water sources, such as recycling or processing 
of grey or black water, desalination, environmental mois ture capture or other source that do not 
increase the load, demand or competition for fresh surface, sub -surface or groundwater, renewables 
or fossil fuels ; "technified" irrigation or other water efficiency mechanisms ; circular economy 
processes, or recycling and reuse of waste.  
Source:  https://www.corfo.cl/sites/cpp/convocatorias/par_mas_metropolitana_elpm . 
2.1.5.3   SERCOTEC Entrepreneursh ip Bee Capital  
2.13.   A competitive fund from the Technical Cooperation Service (Sercotec) that provides support 
to help women to start their own new businesses and engage in the market.  
2.14.   To implement business ventures, co -financing is provided for a work plan tha t includes 
business management actions and investments in assets necessary to meet the project's objective.  
Source:  https://www.sercotec.cl/capital -abeja -emprende/ . 
2.1.5.4   Revitalization Support Programme (PAR) - Chile Supports, Women Focus - Region 
of Valparaíso (CO RFO 2022 ) 
2.15.   A programme designed to support women -led micro, small, and medium -sized enterprises in 
restoring their production and managerial capabilities . This involves funding individual projects that 
offer training, business plans, consultancy services, technical assistance, working capital and/or 
investment opportunities.  
Source:  https://www.corfo.cl/sites/cpp/convocatorias/parcam_valparaiso . 
2.1.5.5   ProChile Mujer Exporta (Women Export) Programme  
2.16.   Regarding internationalization pr ogrammes, ProChile's Mujer Exporta programme promotes 
women -led exporting businesses or with export potential, by actively working to integrate them into 
the international trade landscape.  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.17.   The Mujer Exporta programme's initiatives for 2023 centre around fo ur key areas:  
• Education and training schemes for both internal and external stakeholders . This 
initiative seeks to raise awareness about specific issues throughout ProChile's network of 
offices, both within Chile and abroad . ProChile has 16 regional office s in Chile and 56 offices 
overseas.  
• Creative industries . A major focus of ProChile's activities is on creative industries, including 
more traditional offerings typically associated with women, as well as other areas such as 
music, video games, the publishi ng sector and audiovisual productions . Women make up a 
significant part of the work teams in these sectors, and ProChile attaches great importance 
to highlighting their roles.  
• Food innovation . This sector has the highest number of women -led businesses . Activities 
are also being considered for this field, as the aim is not only to promote new areas, but 
also to maintain the traditional areas.  
• Mujer Exporta awards and networking . ProChile is working to promote the Mujer Exporta 
awards as a benchmark platform to recognize Chilean businesswomen . The upcoming second 
award ceremony will recognize women from across the country for their roles across six 
different categories.  
Source:  https://acceso.prochile.cl/landing/mujer -exporta/ . 
2.1.6   China  
2.1.6.1   Supporting Entrepreneurship of Women Researchers  
2.18.    In June 2021, the Ministry of Science and Technolog y, and All -China Women's Federation, as 
well as other 11 departments, jointly launched "Measures on Supporting Women Researchers to Play 
a Greater Role in Sci -Tech Innovation". 16 measures were put forward relating to career 
development of female talents, including training high -level female sci -tech talents, enhancing their 
innovation and entrepreneurship capabilities, improving the evaluation mechanisms, and supporting 
women researchers during pregnancy and nursing periods. With regard to supporting women  
researchers in innovation and entrepreneurship, measures include : (1) to support national high -tech 
industrial development zone and business incubators to provide more resources for female sci -tech 
talents for business set -up; (2) to build platforms and p rovide services to female sci -tech talents to 
accelerate the commercialization of their technological output in collaboration with companies; 
(3) prioritize female candidates for the applications of competitive research funding, programs and 
awards.  
Source :  www.gov.cn/zhengce/zhengceku/2021 -07/19/content_5625925.htm . 
2.1.6.2   Financial Support Initiative for women -led SMEs  
2.19.   In 2020, the All -China Women's Federation and China Construction Bank jointly launched a 
nationwide initiative to support women -led enterprises. It aims at providing a total credit of 
CNY 10 billion ( USD 1.37 billion) to at least 10,000 women -led SMEs within 3 years. At present, 
provincial women 's federations are working with local financial institutions to develop credit and 
loans products specifically for women -led SMEs. On -line training courses are also developed to help 
women entrepreneurs better un derstand financing and related policies, laws and regulations, 
enhance managerial expertise and leadership capacities, as well as share experience.  
Source:  All-China Women 's Federation  
2.1.7   Colombia  
2.1.7.1   Women Entrepreneurs Fund  
2.20.   Created by decree, the Women Entrepr eneurs Fund (Fondo Mujer Emprende) was launched 
in February 2021 by Colombia. Its objective is to finance and strengthen the capacities of women's INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  enterprises. It seeks to contribute to closing the gaps that women face when it comes to starting a 
business by facilitating : (1) access to finance; (2) structuring of profitable, sustainable, scalable 
productive projects and a source of quality employment; (3) ICT utilization; (4)  addressing barriers 
to integration into global value chains; (5) strengthening con tact networks for commercialization. 
Priority sectors for rural women are avocados, cocoa, coffee, sugar cane, livestock and handicrafts. 
Fashion, tourism and processed foods, among others are priority areas for urban women. This Fund 
has resources from th e national budget, international cooperation, and the business sector to 
support women entrepreneurs.  
Source:  Fondo Mujer Emprende | Agencia Presidencial de Cooperación Internacion al 
(apccolombia.gov.co) and WTO Database Gender -Responsive Trade Policies (upcoming).  
2.1.7.2   Fund for financing development in the agricultural sector  
2.21.   The Fondo para el Financiamiento del Sector Agropecuario (FINAGRO) finances t he 
production, marketing, processing and support services for agricultural, livestock, fisheries, fish -
farming and forestry and rural activities  including handicrafts, rural tourism, processing of precious 
metals and stones and mining. Loans can go to all producers that are natural or legal persons 
classified and defined by FINAGRO as small, medium -sized or large producers, low -income rural 
women or MSMEs. The interest and discount rates on the loans depend on the category of producer 
requesting the loan, i n accordance with FINAGRO's classification. The terms and grace periods for 
FINAGRO loans depend on the production cycle of the activity to be financed. To be entitled to 
FINAGRO loans, 75% of the applicant's total assets must be invested in the agricultur al sector, or 
two thirds of their income must stem from the sector. FINAGRO credit lines bring the farmer a 
number of benefits, since they give access to a loan at a capped interest rate, which is lower for 
smaller or vulnerable producers. Furthermore, FIN AGRO encourages financial intermediaries to grant 
loans to farmers. This incentive is based on the differential between the maximum interest rate for 
each category of producer and the rediscount rate granted by FINAGRO to the financial intermediary. 
This i nterest spread, or intermediation margin, varies between 7.5 and 12 percentage points, 
depending on the category of producer.  
Source:  Fondo para el financiamiento del sector agropecuario | Finagro . 
2.1.7.3   Pact for Colombia  
2.22.   Colombia's  National Development Plan (2018-2022) "Pact for Colombia", includes a chapter 
on gender, the XIV Pact for Gender Equity for Women. Line G of the Gender Equity Pact considers  
rural women to be agents of transformation of the countryside . The Pact guarantees the  inclusion of 
rural women in the processes of social and productive planning, the provision of agricultural 
extension services, and access to credit, leading to equitable rural developme nt. As part of the Pact, 
the Ministry of Agriculture will promote both savings and access to credit instruments. In particular, 
it will support  the inclusion of family farmers and small producers through the Agricultural Guarantee 
Fund (Fondo Agropecuario de Garantías  – FAG), as well as alliances with the Ministry of Environment 
and Sustainable Development to incentivize the use of payments for environmental services and the 
targeting of resources for the development of sustainable projects within the frame work of the Green 
Growth Policy. The Ministry of Agriculture and Rural Development will also coordinate strategies to 
provide relevant and effective economic and financial education for women in the financial education 
for women in rural areas.  
Source:  Plan Nacional de Desarrollo "Pacto por Colombia, pacto por la equidad" 2018 - 2022 | Observatorio 
Regional de Pl anificación para el Desarrollo (cepal.org) . INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.1.7.4   Legal support for preferential access to credit  
2.23.   Colombia's Law 731/02 explicitly prioritizes  rural women . Article 9 created credit lines with 
preferential rates for rural women. It opened access to the Agricultural Guarantee Fund (FAG) to 
support women entrepreneurs with access to credit for productive activities. Resolutions 1 and 6/02 
of the National Agricu ltural Credit Commission defines access to credit with resources from the 
Agricultural Financing Fund (FINAGRO). Conditions are defined for accessing credits and guarantees 
from the FGA ( Fondo Agropecuario de G arantías ) and FINAGRO is authorized to open li nes of credit 
to finance rural activities for women. Law 823/03  authorizes  credit for women and support for 
underprivileged single mothers for the development of productive projects.  
Source:  Ley 731 de 2002 - Gestor Normativo - Función Pública (funcionpublica.g ov.co)  and WTO Database 
Gender -Responsive Trade Policies (upcoming).  
2.1.8   Côte d'Ivoire : Credit fund for women to start and expand their businesses  
2.24.   The Fonds d'aide aux  femmes de Côte d 'Ivoire (FAFCI) aims to enable women in C ôte d'Ivoire 
to create or expand their income -generating projects by providing access to credit at preferential 
rates. Women aged 21 or above, with an income -generating project, are eligible to apply for a loan 
from partner micro -finance institutions. Three types of credit instruments are available:  credit for 
women who are at the initial stage of income -generation , credit for women who are already 
implementing their income -generating project , and group credit for women 's groups and women 's 
NGOs. Since its launch, FAFCI has supported 250,000 women from various regions in Côte  d'Ivoire 
and achieved a loan repayment rate of 97%.  
2.25.   Success factors include political will and effective local micro -finance institutions. The FAFCI  
is supported by th e Office of the President and the First Lady. With the support of government, the 
initial FAFCI budget was increased from USD 2 million to USD 8 million. The Office of the President 
aims to eventually increase the budget to USD 40 million in 2025. In addit ion to government support, 
local micro -finance institutions are key partners for the project. These micro -finance institutions are 
responsible for housing funds, assisting women in opening their own bank accounts, and managing 
the loans.  
Source:  Authentification .:: FAFCI ::. Fonds d'Appui aux Femmes de Cote d'Ivoire  and 
https://www.shetrades.com/outlook/home . 
2.1.9   Ecuador: Improving access to finance for rural women  
2.26.   BanEcuador , a national development bank in Ecuador, created two financial products 
specifically for women : Credito Super Mujer  and Credito Mujer Emprendedora . Credito Super Mujer  
is targeted at women in agriculture who seek to finance their agricultural activities. Credito Mujer 
Emprendedora  is aimed at financing the purchase of f ixed assets and working capital for women 
entrepreneurs in the production, commercial, and services sec tors. 
2.27.   In 2021, BanEcuador granted USD 187.2  million worth of total credit to women. This 
represented 42.51% of the total credit awarded by Ban Ecuador across all their credit lines. In total, 
69,813  women's credit operations were generated.  Under the Credi to Super Mujer, loans were 
granted to women entrepreneurs managing family gardens or farms. In 2021, 9,285 loans, worth 
approximately USD 23 million, were directed to 9,259 women.  
2.28.   Challenges to implementation include the geographical distance of the rural population, a lack 
of trust in the banking institutions, and rural poverty and gender inequality. Success factors include 
political will, especially from BanEcudador and the Ministry of Agriculture, as well as the development 
of new partnerships and synergies between Ban Ecuador, the Ministry of Agriculture, UN WOMEN, 
and the ProAmazonia Project of the United Nations Development Program (UNDP) and the Ministry 
of Environment.  
Source:  Crédito Súper Mujer Rural - BanEcuador ; https://www.shetrades.com/outlook/home . INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.1.10   European Union  
2.1.10.1   Invest  EU 
2.29.   The InvestEU programme 2021 -2027 aims to give an additional boost to sustainable 
investment, innovation, social inclusion and job creation in Europe. The programme consists of three 
building blocks: the InvestEU Fund, the InvestEU Advisory Hub and the Inve stEU Portal. It aims at 
triggering EUR 372 billion in investments using an EU budget guarantee, through debt and equity 
financing. To bridge the gender investment gap in equity financing (in Europe only 1% of equity 
raised went to women -only founders and 1 5% to mixed teams), the European Commission decided 
to support investment funds that are women -led and gender diverse. This has been done through 
the introduction of a target for equity intermediaries supported by the InvestEU Fund through the 
European Inv estment Fund. The objective is that at least 25% of the supported funds have to include 
women in senior management or investment decision -making. This is contributing to more funding 
flowing to women -led and diverse companies as studies show that diverse f unds are 2 -3 times more 
likely to invest into diverse companies. Under the InvestEU Advisory Hub, technical support and 
capacity building will be provided to women gender -diverse investors and financial institutions 
aiming at supporting their capacity in t erms of establishing financial services and products as that 
widen the scope for the financial inclusion of women and nurture the growth of women owned/led 
companies.  
Source:  InvestEU Programme  (europa.eu) . 
2.1.10.2   Financial Inclusion Programme "InclusiFi"  
2.30.   The European Union's Financial Inclusion Programme "InclusiFi" was implemented by CDP  
(Italy) and AECID (Spain), to increase the financing available for local entrep reneurs in Sub -Saharan 
and Northern Africa, who currently struggle to access the loans or capital they need to start or 
expand their businesses. The EU, by providing a financial guarantee of up to EUR 60 million, is set 
to leverage a total project budget u p to EUR 235 million. It will particularly support small businesses 
led by women, young people and migrants. As a result, the Programme will help to reduce inequality 
and create jobs.  
Source:  InclusiFI Programme | CDP . 
2.1.10.3   Team Europe Initiative Investing in Young Businesses in Africa  
2.31.   In May 2021, the EU launched the Team Europe Initiative (TEI) "Investing in Young 
Businesses in Africa " (IYBA). TEI IYBA brings together the EU, 11 EU Member States (including their 
development agencies and development finance institutions), the European I nvestment Bank and 
the European Bank for Reconstruction and Development. The initiative increases financial and 
technical support to early - and very early -stage companies in Africa, with a focus on women -led 
ventures. Two of the three building blocks exten d access to finance for businesses at the pre -seed, 
seed, Series A and Series B financing stages. They include:  IYBA-WE4A (Women Entrepreneurship 
for Africa), a programme which will provide women entrepreneurs with training and technical 
support, as well a s clear opportunities to access financial support. The programme is set to support 
more than 4,000 women entrepreneurs directly, and more indirectly. A planned blended finance 
programme to which the EU will contribute EUR 13 million; this will invest in lo cal funds which will 
in turn invest up to EUR 500,000 in promising early -stage businesses and entrepreneurs. The third 
building block is about strengthening the ecosystem of organisations that support entrepreneurs and 
young businesses. It includes a new p rogramme entitled IYBA SEED (Support for Entrepreneurship 
Ecosystem Development), to which the EU is contributing EUR 19.65 million, Germany EUR 2 million, 
France EUR 1 million and Slovakia EUR 200,000.  
Source:  Investing in Young Businesses in Africa - Overview August 2023.pdf (europa.eu) . 
2.1.10.4   Investment Climat e Reform (ICR) Facility  
2.32.   The ICR Facility works with public and private partners in African, Caribbean and Pacific 
countries to improve the investment climate – including access to finance – so that the private sector 
can thrive, create decent jobs and sust ainable growth. Its focus is on business environment reforms INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  that support women 's full participation in the economy. This includes technical assistance to national 
and sub -regional development finance institutions (DFIs) in African, Caribbean and Pacific c ountries 
to become stronger institutions and to identify, prepare and implement projects and 
investments  with high development impact, especially related to women 's economic empowerment 
and gender -lens investing. Since 2020, over 50 DFIs have benefitted fr om this support. For example, 
in March 2023, the state -owned Tanzanian Agricultural Development Bank (TADB) launched a new 
woman and youth financing scheme, which it developed with the ICR Facility. Women and youth 
farmers can now receive loans whose condi tions are adjusted to their needs. The ICR Facility is 
co-funded by the European Union (EU), the Organization of African, Caribbean and Pacific States 
(OACPS) under the 11th European Development Fund (EDF) ( EUR 20 million), together with the 
German Federal Ministry for Economic Cooperation and Development (BMZ) ( EUR 6.5 million) and 
the British Council ( EUR 0.25 million). It is implemented by GIZ, the British Council, Expertise 
France, and SNV.  
Source:  ICR Facility (icr -facility.eu) . 
2.1.11   European Union Member States  
2.1.11.1   Germany  
2.33.   Germany supports a set of funds which directly or indirectly aim at providing access to finance 
for women -owned and/or women -led MSMEs. Through first loss i nvestments, Germany (through 
Kreditanstalt für Wiederaufbau (KfW)) de -risks investments of other public and private stakeholders 
and thus enables a broader range of actors to join forces in supporting women -led MSMEs. Such 
funds include, but are not limite d to: 
2.34.   AfricaGrow:  is a fund of funds providing capital to start -ups and MSMEs in Africa (focus on 
Compact with Africa countries) that was launched in 2019, that focusses, among others, on access 
to finance for women -led MSMEs.  
Source:  KfW and Allianz establish fund for joint investments in African companies | KfW . 
2.35.   Microfinance Enhancement Facility (MEF):  is a large globa l fund supporting MSMEs with 
a special focus on women -led and women -owned MSMEs active since 2009.  
Source:  Welcome to MEF — Microfinance Enhancement Facility (mef -fund.com) . 
2.36.   The Afric a Conservation & Communities Tourism Fund (ACCT):  is a fund with focus on 
sub-Saharan Africa which supports MSMEs in the tourism and hospitality sector, including women -led 
MSMEs launched in 2021.  
Source:  https://innpact.com/references/acct -africa -conservation -and-communities -tourism -fund/ . 
2.37.   The Women Entrepreneurs Finance Ini tiative (We -Fi): is one of its largest donors and 
currently chairs the Governing Committee of the initiative. This World Bank hosted partnership 
among governments, multilateral development banks, public and private sectors supports women 
entrepreneurs by s caling up access to finance, skills, markets and entrepreneurial ecosystems.  
Source:  Women Entrepreneurs Finance Initiative | Women Entrepreneurs Finance Initiative (we -fi.org) . 
2.1.11.2   Ireland  
2.38.   Enterprise Ireland  believes that Ireland 's economic success will be driven by harnessing a 
strong entrepreneurial ecosystem which utilises the skills, ambition and talent of a diverse 
population. Increasing opportunities for women entrepreneurs and in management is a strong focus 
for Enterprise I reland, and this work is underpinned by a six -year Action Plan for Women in Business. 
A key objective of the Women in Business Strategy is to grow the number of women 
becoming  entrepreneurs and leaders. While there is still work to do, progress is now clea r and in 
2022, 37% of the 161 start -ups we invested in were women -led, up from just 8% in 2012.  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.39.   Enterprise Ireland supports the provision of a number of capability -building programmes for 
women entrepreneurs, including:  
2.40.   Inspiring Women Entrepreneurs:  is a specially tailored initiative, which is mindful of the 
specific challenge of encouraging more women to establish scalable, innovative business, which are 
focused on export markets.  
Source:  Inspiring W omen Entrepreneurs • Why not join them?  
2.41.   Going for Growth:  funded by Enterprise Ireland and KPMG, assists ambitious female 
entrepreneurs to achieve their growth ambitions.  
Source:  Supporting Female Entrepreneurs | Going for Growth . 
2.42.   HPSU Feasibility Study:  enables start -ups to access up to EUR 30,000 to help them  to test 
how feasible their business strategy is, identify risks and understand the resources they need to 
begin scaling.  
Source:  HPSU Feasibility Study Grant | Business Support | Enterprise Ireland (enterprise -ireland.com) . 
2.43.   Pre-Seed Start Fund:  provides support and funds to early -stage companies. They can apply 
for investment of up to EUR 100,000.  
Source:  Pre-Seed Start Fund | Business Support | Enterprise Ireland (enterprise -ireland.com) . 
2.44.   Innovative HPSU Fund:  Helps high potential start -ups develop an idea, product or 
technology with co -funded equity investment of up to EUR 800,000.  
Source:  Innovative HPSU Fund | Business Support | Enterprise Ireland (enterprise -ireland.com) . 
2.45.   Examples of financial supports that are available to encourage innovative entrepreneurship, 
where key priorities include female entrepreneurship, regional development and sustainability are : 
2.46.   The Irish Innovation Seed Fund Programme:  launched in 2022 , is a EUR 90 million 
fund-of-funds, made up of a EUR 30 million investment from the Department of Enterprise, Trade 
and Employment, through Enterprise Ireland, which is matched by a EUR 30 million investment from 
the European Investment Fund, and a EUR 30 million co-investment from Ireland Strategic 
Investment Fund.  
Source:  Irish Innovation Seed Fund (IISF) (eif.org) . 
2.47.   Women 's Financial and Economic Empowerment for Gender Transformative Rural 
Development:  This programme is a partnership between the Irish Department of Foreign Affairs, 
the Irish League of Credit Unions Foundation (ILCUF) and the Int ernational Fund for Agricultural 
Development (IFAD). The goal of the programme is to improve access to finance for women in rural 
areas and to support value chain development in Ethiopia, Tanzania and Kenya. The programme will 
build the capacity of Rural S avings and Credit Co -operative Societies across the three countries. In 
Ethiopia, the support will cut across a number of value chains focusing on clearly identified needs 
emerging from the ongoing Rural Financial Intermediation Programme and building on I LCUF's 
extensive experience in the country. In Rwanda and Tanzania, the programme will link both ILCUF 
and IFAD programmes focusing on the dairy value chain. The aim of this work will be to enhance 
women 's role in the sector through improved access to fina ncial services.  
2.48.   Accelerating the Creation of Rural Nascent Start -ups (ACORNS):  for early stage female 
entrepreneurs living in rural Ireland, began as a pilot in 2015, continues to be funded through the 
Rural Innovation and Development Fund by the Irish Dep artment of Agriculture, Food and the 
Marine. Now in its 9th year and going from strength to strength, ACORNS is a six -month part time 
development programme for aspiring rural female entrepreneurs. The programme is aimed at 
providing early stage female entr epreneurs living in rural Ireland with the knowledge, support and 
networking opportunities to advance the development of their businesses to meet and exceed their 
goals. The programme addresses the skills, enterprise and capability gaps of rural start up f emale INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  entrepreneurs. It also includes further development phase s ACORNS Plus and ACORNS Community 
for those who successfully completed the programmes. Many previous participants report new sales, 
increased sales, first time exports and job creation.  
Source :  ACORNS – Accelerating the Creation Of Rural Nascent Start -ups. 
2.1.11.3   Spain  
2.49.   Several examples of Spanish financial inclusion initiatives for women -led MSMEs are listed 
below:  
2.50.   Innovatia 8.3 Programme:  Beginning in 2011 as a collaboration between the Spanish 
Institute of Women and the Univer sity of Santiago de Compostela, this initiative has been a pioneer 
in promoting the incorporation of gender perspective in programmes for the creation of 
technology -based companies that emerge from universities. It created tools and conducted training 
to break with the androcentric biases of entrepreneurship. The Programme also honoured and made 
visible those women who have taken the lead in business initiatives and academic spin -offs in highly 
competitive sectors, generating social and business value, bein g active agents in the new knowledge 
society already underway. Several activities have been organized between entrepreneurs and 
investment entities, such as training courses, a mentoring programme, different conferences and 
competitions and financial meeti ngs. Currently, already 48 universities have joined the Innovatia 
network. Moreover, the Innovatia 8.3 Investment Forum has been held with a gender perspective.  
Source:  https://innovatia83.es/ . 
2.51.   PAEM Programme:  This is a continuity programme that has been in place since 2000. It is 
managed through a partnership between the Spanish Institute of Women and the Spanish Chamber 
of Commerce and is co -financed by the European Social Fund. The Programme is designed to provide 
support and advice to the initiatives of women with entrepreneurial concerns, at any stage of their 
project, both at the beginning of the business idea and during its start -up or modernization. The 
ultimate goal is to incre ase the number of women entrepreneurs, facilitating the start -up of their 
business initiatives, their access to credit and supporting the projects launched. The Programme has 
been developed in most of the different provincial Chambers of Commerce in Spain.  Information and 
advice are provided to start up projects, mainly for self -employment. Since 2012, the Official Spanish 
Chamber of Commerce has been the intermediary entity designated by the Spanish Institute of 
Women to develop the collaboration agreement  with MICROBANK. The different participating 
Chambers in the PAEM programme would issue a prior viability report on the entrepreneurial projects 
of women participating in the programme, which endorses the application for microcredits.  
Source:  Ayudas para Mujeres Emprendedoras - Programa PAEM (camara.es) . 
2.52.   Collaboration agreement with Microbank : The aim of this agreement is the collaboration 
between the Spanish Institute of Women and MicroBank in order to facilitate access to specific 
financing for the start -up, promotion, consolidation, growth and improvement of business projects 
promoted by wo men. The financing line for this microcredit programme is EUR 10  million. To achieve 
the objective of the agreement, the Spanish Institute of Women assumes, among others, the 
following commitments: the promotion of policies aimed at facilitating women's ac cess to 
self-employment and the consolidation, growth and improvement of their business projects through 
the financing of their business plans; the development of business support to women entrepreneurs 
through the mentoring of their business projects; the  establishment of the appropriate agreements 
with wide experienced intermediate organizations, in order to provide the necessary technical 
business advice for the preparation, validation and processing to the financial entities of business 
projects for whi ch the microcredit is requested; the provision of subsequent advice and mentoring 
to the business projects that are set up within the scope of the programme.  
Source:  Banca ética y social | MicroBank . 
2.53.   Digital Entrepreneurs Programme:  The Ministry of Economic Affairs and Digital 
Transformation of Spain, will allocate up to EUR 51 million over the next three years to boost female 
digital entrepreneurship, through the Dig ital Entrepreneurs Programme (ENISA Emprendedoras 
Digitales). The aim is to support and promote, through financing, female digital entrepreneurship 
projects and reduce the existing gender gap in this area. Loans may be granted to small and INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  medium -sized eme rging or growing companies in which women hold a relevant position of leadership 
within the company in any of these areas: the shareholding, the administrative bodies or the 
management team. This line is intended for both start -up companies and those that are considering 
a consolidation, growth or internationalization project.  
Source:  Emprendedoras Digitales (enisa.es) . 
2.54.   The Break: Women Entrepreneurship & Internationalization in Spain (School of 
Industrial Organization, EOI):  The programme has a budget of EUR 10 million until 
December  2023 and aims to assist 833 women entrepreneurs so that they can learn about the 
Spanish business ecosystem, establish business relationships with Spanish entities and  invest in our 
country, while contributing to the resolution of sectoral challenges in favor of Spanish local 
development. The programme also aims to promote the return of Spanish female talent and is 
directed to entrepreneurs from EU countries except Spai n and also to Spanish entrepreneurs with 
residence in an EU country who wish to return to Spain. The programme is aligned with the "Spain 
as an Entrepreneurial Nation" Strategy, the long -term vision promoted by the Government in order 
to let Spain become a  benchmark country in innovative entrepreneurship by the year 2030. This EOI 
programme is developed in collaboration with The Break Alliance, an alliance formed by the following 
organizations: Impact Hub Madrid, Startups St and Mentor Day.  
Source:  The Break. Programa de Atracción de Talento Femenino | EOI . 
2.1.12   Fiji: Supporting the sustainable growth of SMEs  
2.55.   In 2002, Fiji passed the Small and Micro Enterprise Development Act and e stablished the 
National Centre for Small and Medium Enterprises Development (NCSMED) to support sustainable 
growth, investment, and meaningful employment in SMEs. NCSMED runs business support 
programmes which are designed to enhance beneficiaries' skill, p roduct development, and facilitate 
access to finance. Some of this training has been specifically targeted at women traders.  
2.56.   Training has been undertaken in 13 major areas in Fiji, benefitting 832 communities and 
villages.  Participating entrepreneurs have reported an increase in range, quality and sales volume.  
There is strong government support for the NCSMED to continue providing these training 
programmes and assisting entrepreneurs.  International agencies have recognized the importance  of 
NCSMED and partnered to provide specialized training for women involved in specific agricultural 
projects.  The training is in high demand, as it is tailored to meet the needs of participants.  
Source:  Fiji Microfinance Policy Review (worldbank.org)  and https://www.shetrades.com/outlook/home . 
2.1.13   Guyana: Women of Worth  
2.57.   The Women of Worth (WOW) is a microfinance scheme , established in 2010 through an Act 
of Parliament,  with the objective of assisting  single mothers in Guyana to start or expand their own  
MSMEs. The  programme is a pub lic-private partnership between  the Government of Guyana, through 
the Ministry of  Human Services and Social Security, and a private  commercial bank, the Guyana 
Bank for Trade and  Industry . Business ventures under multiple sectors were supported  under the 
programme. These sectors include agriculture  and agro -processing, health and beauty, handicraft,  
childcare, design and fashion, and dressmaking.  Under the W OW, women – who are  single parents 
and e arning less than USD  195 per month – can access  loans up  to USD 1,200. The interest rate is 
6% per  annum and the maximum repayment term is 24 months.  Between January 2011 and 
May 2015, 3,422 loans were issued to 3,296 women, including repeat borrowers. The total amount 
of loan disbursed during this period was U SD 1.85 million.  
2.58.   WOW faced a number of challenges including a concentration of borrowers from urban areas, 
low survival rates for businesses, and excessive documentation requirements for accessing loans. 
Measures taken to address these challenges include e xpanded engagement efforts to increase the 
geographical spread of loans, mentorship and support programmes to increase business survival 
rates, and support from loan officers in preparing documentation.  
2.59.   Success factors that underpin WOW include political w ill, the involvement of beneficiaries, and 
the development of new partnerships. WOW received bipartisan support from parliament, the INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  provision of counselling and mentoring opportunities which encourage engagement, and a  
public -private partnership between t he Ministry of Human Services and Social Security and the 
Guyana Bank for Industry and Commerce.  
Source:  3961-agreeme nt_on_national_micro_credit_programme_women_of_worth_(wow)_facility.pdf 
(parliament.gov.gy)  and https://www.shetrades.com/outlook/home . 
2.1.14   Japan  
2.1.14.1   Female Entrepreneurs Support  
2.60.   In 2019, the Ministry of Economy, Trade and Industry (METI) conducted a nationwide 
stocktaking among startup support institutes and organizations on what are typical issues for women 
in business, and what could be ef fective solutions for them. METI identified issues that are 
particularly common for budding female entrepreneurs. One is that it is important not to discourage 
women entrepreneurs from the beginning, even in cases where they may not have sufficient 
knowled ge, networks or skills when starting their own businesses. In this regard, a number of 
support measures need to be specifically designed for women.  
2.61.   Based on the findings, METI formulated a nationwide network called "Watashino kigyo 
oendan ", which means "My cheerleaders for starting a business ", consisting of about 290 support 
organizations. Organizations are expected to meet certain conditions to become a network member, 
including the ability to understand specific needs for female entrepreneurs, and the c apability to 
provide support appropriately, not to mention, to also ensure psychological safety.  
2.62.   In the past few years, METI has been implementing programs to help women entrepreneurs 
through support organizations affiliated with "Watashino kigyo oendan ", as well as offering training 
programs for support organizations, including financial institutions.  
Source:  https://www.meti.go.jp/policy/economy/jinzai/joseikigyouka/index.html . 
2.1.14.2   The Nadeshiko Brands  
2.63.   "Nadeshiko Brands " is an initiative that aims to introduce certain Tokyo Stock Exchange, Inc. -
listed companies that are outstanding in their efforts in encouraging women 's empowerment in the 
workplace as attractive stocks to investors who place emphasis on improving corporate value in the 
medium - and long-term. This thereby further encourages investment in such companies and 
accelerates company efforts.  
Source:  https://www.meti.go.jp/policy/economy/jinzai/diversity/nad eshiko.html . 
2.1.15   Kenya: Affordable credit for women to improve lives  
2.64.   In 2007, the Ken yan Government set up the Women Enterprise Fund  (WEF)  to promote access 
to affordable credit for women entrepreneurs.  The Fund offers unsec ured lending, interest free loans 
and other business services (such as capacity -building on marketing and networking) to women in 
business.  It has also established a partnership with Safaricom to offer mobile banking for loan 
repayments and other related s ervices.  The Fund has provided over 1.6 million beneficiaries from 
all 47 counties of Kenya with loans totalling KES 16,653,170,580 (approximately  USD 157 million).  
One group of women who received funding from the Women Enterprise Fund reported better 
nutrition for their families, stable homes because of reliable incomes, additional projects providing 
diversity of income, improved access to health care and concomitant health benefits, better housing, 
and the ability to pay school fees.  
2.65.   To ensure successful implementation of their priority enterprise s and full repayment of the 
fund, women  are required to be in groups of 10 -15 members. In addition , funds are allocated to 
women for institutional support, beneficiary groups receive basic train ing in bookkeeping, among 
other entrepreneurial and business management skills development  projects . 
2.66.   Challenges to the Fund's operations include low uptake in some areas, low levels of financial 
literacy, high default rates, public transport challenges, re gional insecurity, lack of self -confidence INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  among participants, droughts, and a lack of suitable partners in remote counties. Political will, the 
development of new partnerships, and the deployment of technology have all been cited as success 
factors.  
Sourc e: Welcome - Women Enterprise Fund Kenya (wef.go.ke)  and 
https://www.shetrades.com/outlook/home . 
2.1.16   Malawi: Promoting women's transition from the informal sector with a loan fund  
2.67.   In order to mitigate the specific challenges women face in accessing credit, such as lack of 
access to collateral, Malawi has established a targeted loan fund which provides oppo rtunities to 
women entrepr eneurs.  The Ministry of Gender Affairs is the leading institution and coordinates and 
provides technical assistance, in collaboration with selected commercial banks, who grant and 
administer loans. As a complement to funding, wome n-owned MSMEs receive capacity building 
training.  The fund uses a group approach to ensure that groups, clusters or associations monitor 
each other to reduce the risk of default. This initiative has not reached full implementation yet due 
to delays in rele asing the seed c apital by the National Treasury.  This fund is possible thanks to a 
close public -private partnership between the Government of Malawi and commercial banks.  
Source:  https://www.shetrades.co m/outlook/home . 
2.1.17   Malaysia: Financing for women in rural areas  
2.68.   MARA (the People's Trust Council) , a government agency, provides a loan scheme s pecifically  
designed for women. This initiative targets rural women particularly those who are most vulnerable 
in Malaysia. It requires only one guarantor and is open to businesses that are solely online. MARA 
awards l oans from MYR 10,000 up to MYR 50, 000. Mara also provides entrepreneur ship courses for 
participants in the loan scheme to foster successful use of the loans.  
2.69.   This loan scheme has provided  417 women across Malaysia the opportunity to start or expand 
their businesses . Since 2017, the programme has a llocated MYR 11.8 million, o ut of the 25 million 
initially allocated, out of which 5 million have been used f or entrepreneurship training for women 
who have participated  in the loan scheme.  
2.70.   Most applicants having little business training. This was remedied by also providing capacity 
building as a complement to funding. The overall success  of the scheme is a function of political will 
and the reach of MARA. The Minister of Rural Development, a woman, has been supportive of the 
scheme. MARA  is presen t in state offices across the country , which  facilitates rural wom en's' to 
access financial information and resources.  
Source : DanaNITA – Majlis Amanah Rakyat (mara.gov.my)  and https://www.shetrades.com/outlook/home . 
2.1.18   Maldives: Financi al instruments tailored to SMEs  
2.71.   The SME Development Finance Corporation (SDFC) was established as a specialized financial 
institution to provide financial products and ancillary services to MSMEs and en trepreneurial 
start-ups in Maldives. The  SDFC provides 25% of its loan portfolio to women, youth and persons 
with disabilities.  The SFDC provides three primary types of loans: loans targeted at startups ( Fashaa 
Viyafaar  Loan), loans for agricultural produc ers (Dhanduveri Nafaa Loan) , and a COVID -19 recovery 
loan ( Viyafaari Ehee Loan) . 39 applications were granted loans amounting to MVR 18.04 million  
under the startup loan scheme alongside 4 loans valued at MVR 985,400  under the agricultural loan 
scheme. A total of 576 women applicants had been approved for  MVR 117.4 million under the 
COVID -19 recovery loan scheme.  
2.72.   Factors that have enabled the financing operations of the SDFC include political will, 
engagement from applicants, and the development of new part nerships. SDFC's capital is allocated 
from the national government budget which demonstrates a national commitment to 
SME development. The  high volume of applications from both existing MSMEs and startups highlights 
clear interest and need of applicants. E mphasizing the importance  of partnership development, SDFC 
works in collaboration  with various national organizations, including the Business Centre Corporation INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  (BCC), the AgroNet  Corporation, and with the relevant Ministries to develop products  targeted to 
priority sectors.  
Source : SDFC - Home Page  and https://www.shetrades.com/outlook/home . 
2.1.19   Mexico: Supporting women entrepreneurs with targeted financial products  
2.73.   Mexico's Nacional Fina nciera (NAFIN) is mainstreaming gender in credit products to as sist 
women entrepreneurs in growing their businesses.  NAFIN has in troduced two financial produ cts 
aimed at women  entrepreneurs: Mujeres Empresarias and Mujeres R égimen de Incorporación  Fiscal 
(RIF)-Crezcamos Juntas. Both offer loans with preferentia l conditions to foster growth and 
compe titiveness in small and medium entrepreneurships owned by wome n. 
2.74.   Mujeres  Empresarias offers women -owned businesses up to MXN 5 mi llion (USD  251,000) for 
working capital and fixed asset acquisition. It does not require any collateral for loans up to 
MXN 2.5 million (USD  125,000). Mujeres RIF -Crezcamos Juntas is aimed at women registered with 
the RIF and offers loans up to MXN  300,000 ( USD 15,000) for work capital and fixed asset 
acquisition.  The two products have a national coverage. Between 2015 and 2021, 20,234 loans have 
been granted, totaling an amount of MXN 26,184  million (USD  132 million). Out of the granted loans, 
16,152 were awarded to women -led businesses.  
2.75.   One of the challenges in introducing these financial products was getting commercial banks 
to accep t them. To address this challenge, participating ban ks were sensitized to the need for 
differentiated financial products for wo men entrepreneurs with the help of concrete statistics. 
Political will resulting in the coordination of national institutions, the development of new 
partnerships between national i nstitutions and private banks, and strong local institutions including 
commercial banks were critical success factors.  
Source:  NAFIN :: home  and https://www.shetrades.com/outlook/home . 
2.1.20   The Republic of  Moldova : Women in Business  
2.76.   The Republic of Moldova approved the Women in Business program with Government Decision 
nr. 1064 on 16.09.2016. The program , which is  financed by the European Union , is being managed 
by the Organization for Entrepreneurial Development of the Republic of Moldova (ODA) . The program 
aims to help  women gain managerial skills through business developm ent, especially in rural areas, 
and to increase their access to modern resources, services and technologies , thereby reducing 
gender inequality.  Women in Business also aims to promote  MSME internationalizatio n. 
2.77.   The Women in Business program has two pillars. The first is support for the business initiative 
through training and guidance to prepare women planning to launch their business with a principal 
goal of creating an individual financing plan. The second pillar is to support newly created busines ses 
through small -scale investment and support in business development to reduce the risk of business 
failure. Beneficiaries of the second pillar will obtain a non -reimbursable financial support of maximum 
MDL 165,000 (approximately EUR 8,500) and business  development services designed to streamline 
investments.  
2.78.   Altogether, the aim of the programme is to increase economic opportunities for women by 
reducing barriers to starting or developing a business; facilitating access to investment and 
assistance for t he development of women -managed businesses, meant to complement the financial 
and non -financial support currently available in Moldova; creating an integrated national model of 
support for the development of female entrepreneurship, targeting different sta ges of business 
development from business planning to newly created and growing businesses; strengthening the 
national MSME support infrastructure by expanding the services offered; and contributing to the 
implementation of priority policies on gender equa lity and economic development.  
Source:  https://www.oda.md/ro/femei -in-afaceri . INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.1.21   New Zealand: Supporting women exporters through capacity building and 
investment events  
2.79.   New Zealand Trade and Enterprise (NZTE), in partnership with Te Taurapa Tuhono, hosts 
events to support women exporters: InvestHer Showcase and Women in Export Leadership. 
InvestHer Showcase is a platform for women -led companies to raise investments by pi tching their 
ideas to investors. Women -led companies receive coaching to develop and deliver their pitches. Each 
year a different partner organization in the investment ecosystem is chosen to host the event and 
ensure investors participate. Women in Export  Leadership is a networking event for women exporters 
to share knowledge and experiences in participating in trade. Online events last for one hour, with 
the first half dedicated to a woman sharing her export story and the second half focused on 
questions/ feedback on the story. In -person events are longer and include an additional half hour for 
networking, followed by a presentation and feedback or questions. Two InvestHer Showcases were 
hosted in the last three years. In the latest showcase, six women entr epreneurs raised investments 
totaling more than NZD 6.6 million.  
2.80.   NZTE faced two primary challenges: ensuring that the language used in the InvestHer and 
Women in Export Leadership events was strength -focused and pushback regarding the women -only 
nature of the events. Success factors include strong local institutions – including investment which 
are willing to increase the representation of women in their portfolios – as well as the political will 
of NZTE itself.  
Source:  InvestHER: NZTE's female founder investment showcase  and 
https://www.shetr ades.com/outlook/home . 
2.1.22   Rwanda: Government guaranteed loans  
2.81.   To guarantee funding for women entrepreneurs, the Government of Rwanda,  under the 
Business Development Fund, created the Women 's Guarantee Fund,  which covers between 50 and 
75% of collateral required by a lending institution . Women are supported to apply for a loan, and if  
it is determined to be viable, the financial  institution applies to the Women 's Guarantee  Fund for a 
credit guarantee for the loan.  The maximum guaranteed amount is RWF 500 million  for agricultural 
projects and RWF 300 million  for other sectors, within a maturity period  of 10 years.  To date, the 
Women 's Guarantee Fund has  administered RWF 89,212,654,691 (approx. USD 93 million) to over 
40,000 women support access to  finance.  
2.82.   The major challenge facing  the Women 's Guarantee Fund has been a general lack of 
understanding of the Fund's goals and operation by women entrepreneurs. Some women 
entrepreneurs thought that the Fund provided grants rather than loans . This  misunderstanding 
resulted in loan defaults.  To overcome this, the organizing institutions conducted joint awareness 
campaigns to ensure that women  understand the nature of funding opportunities and their liabilities 
and respo nsibilities in relation to funding. More broadly, the Fund has been successful due to high 
levels of political will as evidenced by the level of funding for the Fund that is drawn from the 
government ordinary budget and the engagement of partners from both  the public and private 
sectors.  
Source : Business Development Fund - Rwanda - 50 Million African Women Speak (womencon nect.org)  and 
https://www.shetrades.com/outlook/home . 
2.1.23   Senegal  
2.1.23.1   Supporting women 's entrepreneurship through microfinance  
2.83.   The governme nt of Senegal h as created the National Fund of Credit for Women (Fo nds 
National de Crédit pour les Femmes – FNCF) to promote women 's access to microfinance.  The FNCF 
has established a line of credit and a financing system for the activities of women's organizations 
to: develop productive  and income -generating activities; strengthen, through training, managerial 
capacitie s; propel women towards formal entrepreneurship;  create project i ncubator spaces in 
promising market niches;  and contribute to the fight against the feminization of poverty . The FNCF 
has raised more than XOF 2.5 billion for female beneficiaries. More than 3,000  women  received 
financial support, whereas 2,387 additional women benefited from capacity building a nd technical 
support on project management.  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.84.   The FNCF has been supported by political will, the involvement of beneficiaries in novel loan 
management processes, and the development of new partnerships. The FNCF benefi ts from an 
annual sub sidy provided by the Government of Senegal. This subsidy supports the continuous 
operation of FNCF.  Most of the loan beneficiaries are or ganized in groups which provide refina ncing 
to all active members and ensure full repayment of the  loan. Each group is well-organized, with a 
president, a treasurer, a  secretary, and an auditor. Finally, having an extended network of fi nancial 
partners makes it possible  to reach the maximum number of targets throughout the countr y. 
Source:  https://www.shetrades.com/outlook/home . 
2.1.23.2   Access to finance for women  
2.85.   The National Fund for the Promotion of Women's  Entrepreneurship (Fonds National de 
Promotion de  l'Entreprenariat Féminin – FNPEF) is a  government agency that provides  women with 
access to financial resources to support  them in carrying out income -generating activities. The Fund 
aims to provide financial services to increase  women 's access to finance, a nd technical and 
non-financial  assistance to women through training, networking and  information dissemination.  
Funding for the FNPEF is provided by the national government budget on an annual basis. The FNPEF  
has worked to increase the participation of wom en in its activities by including women's network in 
its steering committee.  
2.86.   FNPEF faced challenges in reaching women, especially in rural areas. This was addressed 
through partnerships with insurance companies, which enabled the fund to expand and reach more 
women in rural areas.  Monitoring and evaluation become a challenge for FNPEF. To remedy this, 
monitoring is conducted through regular on -site visits. Following the site visits, road maps are 
developed to consider potential problems and solutions.  
Source: Demander un financement du Fonds national de promotion de l'entreprenariat féminin | Sénégal 
Services (senegalservices.s n) and https://www.shetrades.com/outlook/home . 
2.1.24   Seychelles: Grants help seed women -led startups  
2.87.   Seychelles ' Seed Capital Grant -Scheme aims to enhance the development of more 
competitive and resilient businesses and provides seed capital to businesses less than 3 years old. 
In 2017, the grant  scheme was administered by the Department of Industry an d Entrepreneur ship 
Development.  In 2018, the grant sch eme was moved to the Enterprise Seychelles Agency (ESA) for 
administration . Eligible startups can each receive up to S CR 50,000 ( approximately USD 3,600) to 
assist them in the ir early stages of development. The Seed Capital Committee, under th e Enterprise 
Seychelles Agency, administers the scheme. The committee is co mprised of representatives from 
the Department of Industry and Entrepreneurship Development , the Ministry of Finance, Trade, 
Investment and Economic p lanning, the National Institute of Science, Technology and Innovation , 
and members of the private sector . In 2017, a total of 278 grants were administered from various 
sectors such as agriculture, cleaning, maintenance, fisheries, manufacturing and handicrafts  
– 54% of grantees were  women.  
2.88.   The Grant -Scheme faced a number of challenges including, the low literacy rates among 
applicants, a lack of compliance reporting, weak administration and enforcement of the scheme, 
unclear responsibilities for committee membe rs, and the lack of an appeal mechanisms. Measures 
taken to address these challenges include assistance in the drafting and submission of applications, 
the provision of advisory services to beneficiaries to assist in compliance reporting, changing the 
designated authority to the Enterprise Seychelles Agency, revision to the governance structures of 
the committee, and the inclusion of an appeals mechanism. The Grant -Scheme has been facilitated 
by the political will and commitment of the Government of Seychel les. 
Source:  www.gov.sc/edoc/pubs/frmpubdetail.aspx?pubId=2075  and 
https://www.shetrades.com/outlook/home . 
2.1.25   South Africa: providing access to finance and industry and export market 
development  
2.89.   South Africa's Women's Fund provide s affordable, usable and responsive  finance to 
enterprises to accelerate the economic empowerment of women. It targets formally registered INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  enterprises that are 50% + 1 share owned and/or managed by women. The fund supports start -up 
enterprises and expansions. While not especially targeting the export sectors, these women could 
operate in export sectors.  
2.90.   South Africa's Sector Specific Assistance Scheme (SSAS ) aims  to develop the  industrial  sector  
and broaden  the export base . The SSAS addresses factors that  constrain  export growth  and supports 
the participation of wome n in the export sector (among other groups). The scheme is a n 
80:20  cost-sharing  grant for projects to develop particular sectors, find new export markets , and 
promote the economic empowerment of women.  
Source:  Isivande Women's Fund | South African Government (www.gov.za)  and Sector Specific Assistance 
Scheme – The Department of Trade Industry and Competition (thedtic.gov.za)  and WTO Database 
Gender -Responsive Trade Policies (upcoming).  
2.1.26   Switzerland: Advisory services to financial institutions  
2.91.   Switzerland's Women Banking Champions Program is designed to increase access  to financial 
services for women and women entrepreneurs in the Middle East and North Africa region through 
the provision of advisory services to financial institution s (banks and microfinance institutions). More 
specifically, the Program will provide support to financial intermediaries in key Middle East and North 
Africa markets to position themselves  as women banking champions, in turn creating a 
demonstration effect in their respective markets. The support provided will help financial institution 
expand their offering s, including financial and non -financial services, such as networking 
opportunities and trainings to women clients. The indirect impact of the project is  to improve women 
economic empowerment and ease the business environment for women in the region.  
Source:  Factsheet: Women Banking Champions Program (ifc.org)  and WTO Database  Gender -Responsive 
Trade Policies (upcoming).  
2.1.27   Togo:  National Fund for Inclusive Finance  
2.92.   Togo's National Fund for Inclusive Finance (Fonds national de la finance inclusive  – FNFI)  was 
set up in 2014 to strengthen the financial and operational capacity of decentralized financial service 
providers (FSPs) to meet, on a permanent basis, the need for local financial products expressed by 
communities that do not have access to traditional financial services. The FNFI provides loans 
designed to support and encourage income -generating activities (petty trading, agriculture, crafts, 
etc.) among women and men. By 21 July 2023, more than 1.8 million people from all socio -economic 
strata had bene fited from loans allocated via 13 fund products with a repayment rate of 94.76%.  
While the number of beneficiaries is evolving, the Togolese authorities are maintaining their 
2025 vision of reaching 255,000 additional beneficiaries by 2025.  
Source:  FNFI – Fonds National de la Finance Inclusive  and WTO Database  Gender -Responsive Trade Policies 
(upcoming).  
2.1.28   Tunisia: Assistance services to women entrepreneurs  
2.93.   Tunisia 's Competitiveness Support and Export Development Fund (TASDIR+) promotes 
exports by offering a range of support and assistance services such as partial subsidies with 
non-reimbursable co -financing to individual businesses and trade associations. It gives preference 
to companies headed by women (among others).  
Source: Fonds TASDIR+ : Près de 600 entreprises bénéficiaires  ! | La Presse de Tunisie . 
2.1.29   Uganda : Promoting affordable credit and financial literacy  
2.94.   Uganda 's Women Entrepreneurship Programme (UWEP) aims at improving access to financial 
services for women and equipping them with skills for enterprise growth, value addition and 
marketing of their products and services. This programme is implemented as a Rolling Programme 
under the Ministry of Gender, Labour and Social Development (MGLSD). The Programme is designed 
to address the challenges women face in underta king economically viable enterprises. One of the 
four targeted objectives of the Programme is to provide affordable credit and support access to other 
financial services to enable women establish and grow their business enterprises. The Programme INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  establish ed the Women Enterprise Fund (WEF) providing women groups with interest -free credit for 
enterprise development on a revolving fund basis. Women are required to be in groups of 
10-15 members to  ensure successful implementation of their priority enterprise a nd full repayment 
of the fund. In addition , funds are allocated to women for institutional support – beneficiary  groups 
receive basic training in bookkeeping, among other entrepreneurial and business management skills 
development.  
Source:  https://mglsd.go.ug/uwep/  and WTO Database Gender -Responsive Trade Policies (upcoming).  
2.1.30   United Kingdom  
2.1.30.1   Investing in Women Code  
2.95.   The Investing in Women Code is a commitment to improving female entrepr eneurs' access to 
tools, resources, and finance in the United Kingdom (UK). The Code commits signatory financial 
services organisations (currently 215) to promoting female entrepreneurship b y: (1) h aving a 
nominated member of the senior leadership team who  will be responsible for supporting 
gender -equality ; (2) increasing the transparency of financial services firms' data concerning support 
for female entrepreneurs ; and (3)  Adopting internal practices to improve female entrepreneurs' 
access to finance.  The Code's signatories (e.g. , Banks, Angel Investors and Venture Capital Funds) 
represent over GBP 1 trillion in assets managed.  The Investing in Women Code continues to grow.  
As more signatories join, the gender desegregated data set increases and more of the market is 
covered. Thanks to the Code, more organisations are committed to supporting women -owned MSMEs 
to access finance and reduce the gap between men and women . 
2.96.   The UK  supports  The Women Entrepreneurs Finance Initiative (We -Fi). This is a World Bank 
hosted partnership among 14 governments, 6 multilateral development banks, and others. Modelled 
closely on the UK Code, We -Fi is developing the Women Entrepreneurs Finance C ode. This initiative 
aims to get financial institutions globally to consistently track levels of women -owned MSME 
financing and to take measures to expand financing . 
Source:  Investing in Women Code closing the finance gap - GOV.UK (www.gov.uk)  and WTO Database  
Gender -Responsive Trade Policies (upcoming).  
2.1.30.2   The Global Small and Medium Enterprises Finance Facility  (GSMEF)  
2.97.   The Globa l Small and Medium Enterprises Finance Facility  (GSMEF) is a blended finance 
partnership managed by the IFC since 2012. The UK 's contribution to the multi -donor Trust Fund of 
USD 153 million  has been GBP 65 million (total trust fund size U SD 153million).  
2.98.   GSMEF provides investment and advisory services across sub -Saharan Africa (SSA), Middle 
East and north Africa (MENA), South -East Asia and the Caribbean to partner financial institutions 
(PFIs), which provide financing to small and medium -sized enterprises ( SMEs), especially in more 
challenging environments and market segments, including fragile and conflict -affected states 
(FCAS), and to address climate challenges, refugee needs and supporting women -headed 
businesses.  
Source:  SME Finance & Gender | International Finance Corporation (IFC) . 
2.1.30.3   Financial Sector Deepening (Africa) Platform  
2.99.   Established in Nairobi in 2012 by the United Kingdom, Financial Sector Deepening Africa (FSD 
Africa) is a specialist development agency working across more than 30 African countries to address 
systemic challenges that prevent finance flowing to where it is most needed.  
2.100.   FSD Africa works to improve policymakers' and regulators' institutional capacity and support 
the development of guidelines, regulations, and frameworks to promote financial sector innovation. 
FSD Africa also supports early -stage transactions through the dep loyment of catalytic capital 
alongside other tools, to de -risk investments and create new investment vehicles, to allow capital to 
flow to underinvested parts of the economy.  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.101.   In March 2023, FSD Africa celebrated a decade of working to make financial market s in Africa 
stronger and greener. Its mandate has evolved in recognition of the continent 's increasing 
vulnerability to the negative impacts of climate change and need for much greater levels of climate 
finance to flow. Its new strategy "Financing a Sustai nable Future ", for the period 2021 to 2025 
reflects the shift in themes towards green finance, with a clearer geographical focus, and prioritising 
a gender -lensed approach to address challenges around gender equity.  
Source:  DevTracker Programme GB -1-205238 (fcdo.gov.uk) . 
2.1.31   United States  of America : Strategy on Global Women's Economic Security  
2.102.   The United States' Strategy on Global Women's Economic Sec urity (January 2023) is centred 
on: (1) increasing the availability of financial products and services (savings, credit, investment and 
insurance ) adapted to the unique needs  of women and women entrepreneurs  – this include s 
insurance, micro enterprise cred it, and agricultural credit (among others) ; (2) fostering access to 
property and land ; (3) promoting  climate finance that increases gender equality ; and,  
(4) encouraging  the use of digital finance.  
Source:  U.S. Strategy on Global Women 's Economic Security - United States Department of State  and WTO 
Database  Gender -Responsive Trade Policies (u pcoming).  
2.1.32   Zambia  
2.1.32.1   Fostering women's financial participation through inclusive strategies  
2.103.   The Zambian Ministry of Finance has incorporated gender concerns in its National Financial 
Inclusion Strategy (2017 -2022) and the National Strategy on Financial Education (NSFE II)  for 
Zambia (2019 -2024).  These strategies require the collection of gender d isaggregated data by 
survey. The programme is ongoing and the full impact will be established during the mid -term review 
and at the end of the implementation period in 2024.  
2.104.   The implementation of the programme has been limited by the financial and human 
resources allocated to the programme and the limited financial sophistication  of the target population 
and consumers at large . Political will remains a critical factor in the success of the programme as 
does the development of new partnership between governm ent and the private sector.  
Source : National -Financial -Inclusion -Strategy -2017-2022.pdf (boz.zm)  ; Zambia_NSFE_II_2019_24.pdf 
(boz.zm)  and https://www.shetrades.com/outlook/home . 
2.1.32.2   50 Million African Women Speak Platform  
2.105.   Zambia 's 50 Million African Women Speak Platform aims to empower women entrepreneurs 
by providing access to financial and non -financial business information. The project targets 
connecting 50 million women across Africa through a web -based platform. The areas that the project 
addresses are: (1) access to business information (financial and non -financial); (2) learning 
(Peer -to-peer); (3) knowledge transfer; and (4) ideas and business opportunities. The online 
platform was operationalize d in July 2019 and has enrolled more than 3,000  women entrepreneurs.  
Source:  Home - 50 Million African Women Speak (womenconnect.org)  and WTO Database Gender -
Responsive Trade P olicies (upcoming).  
2.1.32.3   Export Development Fund  
2.106.   Zambia 's Export Development Fund (ZEDEF), managed by Zambia's Development Agency 
(ZDA), is designed to facilitate export finance. ZEDEF provides low interest loans provided to 
exporting companies as well as those  with the potential to export. Loans are mostly for the purpose 
of pre -shipment or post shipment requirements by exporters. To date, the Fund has worked with 
various Producer Association s to support the  interests of members such as the Association of 
Zambi an Women in Mining (AZWIM).  
Source:  Zambia Export Development Fun d (ZEDEF) - Zambia - 50 Million African Women Speak 
(womenconnect.org)  and WTO Database Gender -Responsive Trade Policies (upcoming).  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.1.33   Zimbabwe  
2.1.33.1   Providing accessible financial services to women  
2.107.   The Zimbabwe Women 's Micr ofinance Bank (ZWMB) is a state bank, which was established 
to champion wome n's financial inclusion, economic and social empowerment by providing low-cost 
financial resourc es to women. ZWMB aims to reach the unbanked and under -banked population in 
the econ omy, including women, youth and people with disabilities.  
2.108.   From 2018 to 2020, ZWMB has seen an increase i n the number of saving accounts opened 
by women. A total of 85,876 savings acco unts were opened by women. ZWM B also granted 
84,789  loans to women and di sbursed ZW L 95,432,417 ( USD 264,000).  
2.109.   ZWMB faced a shortage in foreign currency to acquire robust technological systems. 
Consequently, ZWMB liaised with the Central Bank to secure the necessary foreign currency. Success 
factors include political will – the government provided financial and moral support – as well the 
development of new strategic partnerships between organizations in the agricultural sector which 
enabled farmers to access hard currency.  
Source:  Zimbabwe Women's Microfinance Bank (womensbank.co.zw)  and 
https://www.shetrades.com/outlook/home . 
2.1.33.2   Women 's development fund  
2.110.   Zimbabwe 's Women 's Development Fund was established in 2005 to address the lack of 
collateral among  women and the high interest rates being charged by banks. 75% of a given loans 
is provided to purchase equipment and 25% as cash for working capital. Beneficiaries are trained 
prior to any disbursement of the project loans. The first disbursement of USD 1 million was made in 
2010. The Fund is being administered by the Ministry of Women Affairs, Community, Small and 
Medium Enterprise Development through the People 's Own Savings Bank ( POSB). To date  
1,917 women 's groups have benefited and USD 3,459,156 has been disbursed resulting in more 
than 9 ,585 employment opportunities.  The Ministry has included a monitoring and evaluation 
process as part of the Fund's activities.  
2.2  SELECT FINANCIAL INSTITUTION -LED INITIATIVES  
2.2.1   Bangladesh: a policy framework for financial institutions  
2.111.   Bangladesh Bank's SME and Special Programmes Department formulated and instituted a 
policy framework to be implemented by banks and non -bank financial i nstitutions. It includes specific 
policy suggestions, target -based SME financing plans, refinancing schemes and training 
programmes. The policies also target at least 15% of all the SME funds to be allocated to 
women -owned businesses. Bangladesh Bank instr ucted banks and financial institutions to advertise 
all the facilities made available by the policy framework in print and electronic media. Due to this 
intensive and targeted information campaign, over 35,000 aspiring women entrepreneurs, including 
many i n rural areas, were able to launch their businesses. Banks and financial institutions have 
loaned BDT 8.93 billion (USD  106 million) in capital and BDT 256 billion (USD  3 billion) of refinancing 
to women -owned businesses in 2018 and 2019. Many banks and fi nancial institutions in Bangladesh 
now place a higher priority on women applicants, have special provisions for women -owned 
businesses that are unable to leverage collateral, and provide special advice and service centres for 
women entrepreneurs.  
2.112.   Women ent repreneurs and women -owned businesses in Bangladesh face several challenges 
in accessing finance and financial services, including the perceived risks of investing in 
women -owned businesses, lack of information about opportunities among women entrepreneurs , 
and loan processing delays. Political will, the involvement of beneficiaries, and transparency and 
disclosure of information were cited as success factors.  
Source:  SME English.pdf (bb.org.bd)  and https://www.shetrades.com/outlook/home . INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.2.2   Canada  
2.2.2.1   Women in Tech (WIT) Venture Fund and Thrive Platform for Women in 
Technology  
2.113.   The B usiness Development Bank of Canada (BDC) is a key partner in the WES. In fiscal year 
2021–22, BDC served 7,927 new women clients, bringing their total of women -owned business 
clients served to 16,875 as of 30 June 2022. Over the life of the BDC 's Women in Tech (WIT) Venture 
Fund, it made 38 investments in women -led businesses and its ecosystem building activities have 
touched more than 7,500 women entrepreneurs and ecosystem partners since 2017. Building on the 
success of the WIT Venture Fund, the BDC launc hed the CAD 500-million Thrive Platform for Women 
in Technology on 21 September 2022, which is the world 's largest investment platform of its kind.  
Source:  https://www.bdc.ca/en/bdc -capital/venture -capital/funds/women -tech-fund and 
https://www.bdc.ca/en/bdc -capital/venture -capital/funds/thrive -platform . 
2.2.2.2   Women Entrepreneur Program  
2.114.   Farm Credit Canada (FCC) is another partner in the WES. FCC 's Women Entrepreneur 
Program provi des capital and skill development for women entrepreneurs in the agriculture sector 
to start and grow their businesses. Since launching the program in 2019, the FCC has approved 
2,632 Women Entrepreneur Loans totaling over CAD 1.9 billion, almost four time s the original 
commitment of CAD 500 million over three years.  
Source:  https://www.fcc -fac.ca/en/financing/agriculture/women -entrepreneur -program.html . 
2.2.2.3   Inclusive Trade Investments Program  
2.115.   Export Development Canada (EDC) 's CAD 200 million Inclusive Trade Investments Program 
invests in women, Indigenous and minority -owned and -led export businesses under EDC 's Inclusive 
Trade Stra tegy. This direct investment will serve as a catalyst for international expansion for 
diverse  women -owned businesses with high growth potential. EDC invested CAD 22 million in 
3 women -focused or managed funds, and supported six new indirect investments in 
women -managed companies in 2021. Since launching its first national strategy specific to women in 
trade in 2018, EDC has served almost 3,000 women entrepreneurs, facilitating CAD 6.8 billion in 
business.  
Source:  https://www.edc.ca/en/solutions/financing/investments/inclusive -trade -investments -program.html . 
2.2.3   El Salvador: Development Bank of El Salvado r (BANDESAL – Banco de Desarrollo de 
El Salvador)  
2.116.   The Development Bank of El Salvador supports the sustainability of Salvadoran female -led 
MSMEs, through  a number of specific credit lines including the credit line for the economic recovery 
of Salvadoran fe male entrepreneurs. Pr ovided by BANDESAL second -tier lines,  this credit  promot es 
economic recovery by facilitating access to working capital and investment in fixed assets.  Other 
credit lines include a special credit line and a direct credit line for femal e entrepreneurs. The first 
helps meet the working capital and fixed asset requirements of female entrepreneurs (natural or 
legal persons) seeking to grow their businesses, who request financing from eligible intermediary 
institutions.  The second f inances f emale entrepreneurs from MSMEs who are interested in investing 
in productive projects that include capital formation expenditure and current expenditure or working 
capital . 
Source:  Líneas de Crédito Directo - BANDESAL  and https://www.shetrades.com/outlook/home . 
2.2.4   The Gambia: A financial product built for women entrepreneurs  
2.117.   Reliance Financial Services  – a non -bank financial institution – conducted detailed market 
research in Gambia to identify the needs and market potential of financial products and 
servic es specifically designed to support women entrepreneurs. These financial products include 
micro loans, savings  plans, and life insurance.  The average loan amount  ranges from  USD 100, and INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  based on savings capacity, can be  increased to USD  500. Loans typically have a six -month term , 
with a two -month  grace period in repayment between the two  principal and interest repayments on 
the 3rd and 6th months after disbursement . For over 99% of the women in the programme,  this 
product is their first interaction with a formal  financial institution.  Since its inception, over 
40,000  borrowers have used this financial product across Gambia . Annual disbursements to 
businesses average  USD 15 million with a repayment rate of 98%.  
2.118.   The following challenges were identified : i) funding challenges stemming from  high 
subscription rates  – this has been overcome by arranging contingency lines of credit with local banks, 
as well as by obtaining funding from other organizations that offer concessionary loans ; ii) the cost 
of produ ct delivery. This cost was underestimated because of the great distances between some of 
the communities and the  branches as well as the manual nature of the record -keeping . The 
programme has started automating the groups ' financial records to  overcome this challenge, and in 
the long run, plans to activate mobile accounts for members, for the purposes of disbursement and 
loan repayments, in order to minimize transport costs . At the macro level, programme success has 
been dr iven by the development of new partnerships and high levels of beneficiary engagement in 
the programme.  
Source:  Welcome to Reliance Financial Services (rfs.gm)  and https://www.shetrades.com/outlook/home . 
2.2.5   Mauritius: No -guarantor loans to help women -owned businesses expand in 
value -added sectors  
2.119.   The Development Bank of Mauritius provides a special loan scheme  designed to assist  women 
entrepreneurs to start a business  in sectors with high valued -added potential including 
manufacturing and agriculture.  This loan scheme has a ceiling of MUR 500,000 at a  preferential fixed 
interest rate of 3%, with a period  of repayment of up to seven years, and a  moratorium of up to one 
year. This loan does not require a personal guarantor, which is often a factor of economic exclusion 
for women.  It is designed to cover up to 90% of the cost of a project.  To date more than 
300 women -owned businesses have benefitted from the scheme. Since its inception over 
MUR 20 million have been disbursed.  
2.120.   Limited business knowledge and skills of applicants  and a lack of awareness of different 
financing options posed challenges to the opera tion of the scheme. Sensitization efforts designed to 
inform women entrepreneurs about the different specialized schemes available to them have been 
undertaken  in order to address the latter challenge.  
Source:  Women Entrepreneur Loan Scheme – DBM and https://www.shetrades.com/outlook/home . 
2.3  INTERNATIONAL AND REGIONAL -LED INITIATIVES  
2.3.1   The African Development Bank  
2.121.   The African Development Bank (A fDB) provides a ffordable finance for women entrepreneurs, 
training of financial institutions and reform of regulatory frameworks to im prove the business 
environment  through AFAWA (Affirmative Finance Action for Women in Africa), a pan -African 
initiative to bridge the USD 42 billion financing gap facing women in Africa – including 
USD 15.6 billion in agriculture alone. The expected projec ts under consideration include ; (i) a finance 
aspect: lending to women is seen as riskier, so they face prohibitive interest rates  – in addition, 
women often lack traditional collateral and guarantees; (ii) a capacity aspect: financial institutions 
lack th e capacity to understand and respond appropriately to women entrepreneurs, who also often 
lack the financial and business acumen to respond to the needs of financial institutions; and (iii) a 
business environment aspect: in many countries, legal and regula tory frameworks hinder women's 
full participation in private sector growth.  
Source:  AFAWA (Affirmative Finance Action for Women in Africa) | African Development Bank Group - Making 
a Difference (afdb.org) . INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.3.2   The Asian Development Bank: Small and Medium -sized Enterprises Line of Credit 
Project in Sri Lanka  
2.122.   Since 2016, the Asian Development Bank (ADB)  has been imple menting a USD  175 million 
credit line through 10 local banks to underserved SMEs, including women -led firms. In 2018, the 
project enhanced its gender -related impact with the introduction of a USD 12.6 million gra nt from 
the Women Entrepreneurs Finance Initiative (We -Fi). The expanded supp ort includes blended finance 
through an SME line of credit and We -Fi grant, and capacity development support for women 
entrepreneurs, banks, government organizatio ns, and other key stakeholders. 1,305 women -led 
SMEs have borrow ed from ADB's credit line. Wi th the additional We -Fi support in 2018, a 
USD 6.3 million grant blended with USD  25.2 million in ADB credit line has been accessed by 
637 women -led SMEs that were previously capital -constrained. Capacity deve lopment is also on 
track. As of February 2020, 187 women entre preneurs had completed business development training 
across the country. G ender gap assessments have been carried out for 10 participating banks, three 
government organizations, and two chambers of commerce to improve their service delivery to 
women.  
2.123.   Challenges include prevailing inequities in the labour market and in rates of women's 
entrepreneurship. High -level government  engagement and ownership has been vital for achieving 
successful implementation and sustainable institutional behavioral  shifts . The development of 
partnerships with local financial institution to deliver project goals in conjunction with the 
implementation of a robust monitoring and evaluation system and the provision of technical 
assistance has also been necessary. The ef forts have been supported by a proactive dissem ination 
campaign to boost awareness among potential female beneficiaries as well as banks as to how to 
access new opportunities provided by the project to imp rove their business practices. These lessons 
highli ght the importance of design ing responses which address the mu ltiple gender -specific barriers 
women SMEs face.  
2.124.   Bearing the challenges in mind, the ADB also has a Guidance Note on Fostering Regional 
Cooperation and Integration for Recovery and Resilience, which recognises and advocates for 
supporting women's entrepreneurship through skills training and greater access to finance and 
technology. Areas of focus can include : (a) promoting women's access to and trade skills 
(e-commerce) and tourism a ctivities ; (b) helping women in border communities participate in 
cross-border activities ; (c) protecting migrant workers' benefits ; and (d) enabling women -led MSMEs 
to join the cross -border supply chain and trade activities, among others. Recommended poli cies 
include identifying private sector solutions to overcome capital constraints such as supply chain 
finance solutions/incentives for financial institutions, among others.  
Source:  Fostering Regional Cooperation and Integration for Recovery and Resilience: Guidance Note 
(adb.org) . 
2.3.3   The Food and Agriculture Organization of the United Nations ( FAO) Programme : 
"Empowering women and boosting livelihoods through agricultural trade " (EWAT 
Programme) : Leveraging the African Continental Free Trade Area  (AfCFTA)  
2.125.   In 2021, the Food and Agriculture Organization of the United Nations (FAO) joined efforts 
with the International Trade Centre (ITC) SheTrades Initiative  to implement the Programme 
"Empowering women and boosting livelihoods through agricultural trade " (EWAT Programme) : 
Leveraging the African Continental Free Trade Area  (AfCFTA). Covering six countries in sub -Saharan 
Africa (Ghana, Malawi, Nigeria, Senegal, South Africa, and Tanzania) the Programme facilitates the 
establishment of an inclusive trade policy environment and focuses on enabling women to overcome 
gender -based constraints and leverage new trade opportunities in the context of the AfCFTA. By 
acquiring the necessary skills and competences to trade under the AfCFTA, including by facilitating 
their access to finance, the Programme targets women -led MSMEs who can u ltimately upgrade and 
upscale their businesses in the agrifood sector  and leverag e new trade opportunities . 
2.126.   Phase II of the Programme is implementing a component on women 's access to finance  in 
Ghana and Nigeria. A first analysis of the national fi nancial sector investigated women 's challenges 
in accessing finance as well as the extent to which financial products and services offered by 
commercial banks , microfinance institutions and other financial stakeholders were geared towards 
enabling women -led agribu sinesses and their specific challenges, compounded by the risks 
associated with agriculture ventures.  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  2.127.   Based on the finding of the study, the Programme launched investment readiness 
bootcamps , through which beneficiaries strengthen their financial and manag erial capacities and 
investment readiness , increase their  awareness on financial and non -financial services, including 
existing concessional loans and grants opportunities , and engage in exchanges with national financial 
institutions. Following the bootcam ps, selected women -les MSMEs receive mentorship in the 
development of sound business plans  to further improve investment readiness, through the FAO 
RuralInvest Tool.  
2.128.   The Programme also fosters interactions between women -led enterprises and policy makers, 
financial institutions and practitioners. Through gender -lens investing round tables with financial 
institutions  and Business -to-business (B2B)  meetings, women can inform the development of trade 
and financial policies and products as well as catalyze new p otential investment opportunities.  
2.129.   While working closely with national financial institutions and stakeholders, the Programme 
accompanies and mentors women -led MSMEs to acquire the knowledge and tools necessary to 
access finance, while also working to infl uence and inform the development of gender -responsive 
financial products and services and the establishment of a more inclusive trade and finance policy 
environment. The EWAT Programme is also generating knowledge on the important and vital relation 
betwee n women MSMEs and finance, through research and tools development.  
Source:  FAO. 
2.3.4   Regional Trade Agreement (RTA) Provisions  
2.130.   Various WTO Members have integrated non -binding provisions in their existing trade 
agreements focusing on the need to improve women 's access to finance, with a particular attention 
to female entrepreneurs; therefore, acknowledging that this is a barrier to address. These provisions 
range from financial training, financial assistance and literacy programmes; facilitating access to  
loans and credits, supporting business women in accessing financial instruments. Other provisions 
focus on providing an enabling legal, administrative, institutional, technical, tax and financial 
frameworks for the setting up and expansion of MSEMs, inclu ding women's entrepreneurs' small 
businesses. Also, some state parties committed to eliminate all laws, regulations and practises that 
hinder women 's access to financial assistance including credit, especially in agriculture. While these 
RTAs clearly recog nise the systemic barriers that affect women in trade and investment and in 
accessing finance, they are not many. Also, they create general objectives in terms of enhancing 
women's access to finance, but they do not develop the kind of specific measures th at state parties 
would take to implement these measures. In sum, they are outlining what to do but not how to do 
it. Hence, so far, concrete commitments and strategies are missing from these RTAs on how parties 
can improve women entrepreneurs' access to fi nance.8 
Source:  WTO | Database on gender provisions in RTAs . 
2.3.5   The United Nations Capital Development Fund : Shifting Financial Policies and 
Practices to Include Women  
2.131.   The United Nations Capital Development Fund (UNCDF)  leads the Shaping Inclusive Finance 
Transformations (SHIFT) in ASEAN programme. The activity was  funded by the Australian 
Government 's Department o f Foreign Affairs and Trade (DFAT).  SHIFT aims to  improve the living 
standards of vulnerable groups by opening the door towards digital  financial inclusion as well as 
expanding the potential for enterprise development,  employment, and increased economic 
participation . It does this by stimulating investment, business innovations, and regulatory reforms 
to advance financial inclusion and accelerate access to economic opportunities for  marginalized 
groups including women . The programme has four components (policy and advocacy, data and 
analysis, learning and skills development, and grants) and covers Cambodia, Lao PDR , Myanmar and 
Vietnam (including ASEAN at the regional level).  
2.132.   To date, 4 new financial products have been  the direct result of the initiative. Two of these 
are in Myanmar and specifically target women, whilst the other two target MSMEs more generally 
and young homebuyers in Cambodia. SHIFT has also taken forward data training activities in 
 
8 Anoush der Boghossian, Amrita Bahri, "Finding Feet on Trade Agreements: Empowering Women 
Entrepreneurs Amidst a Pandemic ", (2023), 50, Legal Issues of Economic Integration, Issue  1, pp.  13-40. INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
- 27 - 
 
  Cambodia, Myanmar a nd Vietnam. With respect to policy, an indirect result has been the recent 
approval of the National Financial Inclusion Strategy in Cambodia. Although not approved based on 
the training conducted by SHIFT, its development was partially informed by the prog ramme.  Insights 
created as part of SHIFT were transformed into blogs, infographics, and a working paper that were 
presented to the ASEAN regional platforms of regulators to share best practices and inform policy.  
2.133.   Factors that have been critical to SHIFT's success include the development of new 
partnerships between local financial services providers and regulators, the involvement of 
beneficiaries through pre -training surveys, and the deployment of data analytics to facilitate capacity 
development and knowle dge transfer to market actors.  
Source:  Homepage - UN Capital Development Fund (UNCDF)  and https://www.shetrades.com/o utlook/home . 
2.3.6   The World Bank  
2.134.   The Women Entrepreneurs Finance Initiative (We -Fi) is a multistakeholder effort hosted by 
the World Bank to close financing and data gaps for women -led MSMEs. The code, which is based 
on the U K code on access to finance by women -owned entrepreneurs, encourages voluntary 
commitments by signatories in three areas, namely leadership  by designating a senior member to 
champion women entrepreneurs' access to finance; data through expanding the quanti ty and detail 
of reported data on women -led firms; and activities  that will promote women entrepreneurs' access 
to tools and resources. We -Fi encourages national codes through a public declaration of intent to 
introduce a code that conforms to the minimum guidelines, maintaining a national coalition to 
oversee the adoption of the code with a designated coordinator, and developing a mechanism to 
aggregate data with integrity. Progress of national efforts and related work by multilateral 
development banks, NG Os, and others will be tracked through an annual global report. The We -Fi 
secretariat is working globally with the Financial Alliance for Women and OECD to accelerate 
implementation and learning through W e-Fi code guidance, training, advocacy and ecosystem  
management. Country Code launches will take place from October  2023-March  2024 with key 
champions announced on international women's day. Country rollouts of the code are planned to 
continue through April 2026.  
Source:  https://we -fi.org/ . 
_______________  
 
  INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  ANNEX  
Country  Initiative Name  Type of 
Organization  Name of 
Organization  Start 
Date  End Date  
ARGENTINA  Reciprocal Guarantee 
Companies (SGR) 
scheme  Government Agency  - - - 
AUSTRALIA  Partnering with impact 
investors to support 
women -owned SMEs  Government Agency  Department of 
Foreign Affairs and 
Trade  2016 Ongoing  
AUSTRALIA  Aid for trade: 1) Pacific 
Trade Invest ; 2) the 
Pacific Private Sector 
Development Initiative 
IV; 3) Pacific RISE ; and 
4) the Pacific Financial 
Inclusion Programme  Government Agency  - - - 
AUSTRALIA  Boosting Female 
Founders  Government Agency  Department of 
Industry, science 
and Resources 
(DISR)  2020 - 
BANGLADESH  Banks build women -
friendly financial 
structures  Private Sector  Bangladesh Bank  2010 Ongoing  
BARBADOS  National Policy 
Framework for the 
Development of Micro, 
Small and Medium -
sized Enterprises  Government Agency   2016 Ongoing  
CANADA  Women 
entrepreneurship 
Strategy (WES)  Government Agency  Innovation, 
Science and 
Economic 
Development 
Canada (ISED)  2018 Ongoing  
CANADA  Women 
Entrepreneurship Loan 
Fund Government Agency  Innovation, 
Science and 
Economic 
Development 
Canada (ISED)  2021 - 
CANADA  Inclusive Women 
Capital Initiative 
(IWVCI)  Government Agency  Innovation, 
Science and 
Economic 
Development 
Canada (ISED)  2021 - 
CANADA  Financial Inclusion for 
Micro - Small and 
Medium -sized 
Enterprises  Government Agency  - - - 
CANADA  Women in Tech (WIT)  Financial Institution  Business 
Development Bank 
of Canada    
CANADA  Women Entrepreneur 
Program  Financial Institution  Farm Credit 
Canada (FCC)    
CANADA  Inclusive Trade 
Investments Program  Financial Institution  Export 
Development 
Canada (EDC)    
CHILE  Seed Starter 
Programme for Women 
(Semilla Inicia para 
Empresas Lideradas por 
Mujeres) Government Agency  Corporation for the 
Promotion of 
Production 
(CORFO)  – see 
Institutional 
Gender Strategy   2021 - 
CHILE  Revitalization Support 
Programme (Programa 
de Apoyo a la 
Reactivac ión - PAR) Government Agency  Corporation for the 
Promotion of 
Production 
(CORFO)  - - INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  Country  Initiative Name  Type of 
Organization  Name of 
Organization  Start 
Date  End Date  
CHILE  Entrepreneurship Bee 
Capital (Capital Abeja 
Emprende)  Government Agency  Technical 
Cooperation 
Service 
(SERCOTEC ) - - 
CHILE  Chile Supports, Women 
Focus , Region of 
Valparaíso  - 
Revitalization Support 
Programme (PAR)  Government Agency  Corporation for the 
Promotion of 
Production 
(CORFO)  2022  
CHILE  Mujer Exporta (Women 
Export) Programme  Government Agency  PROCHILE    
CHINA  Measures on 
Supporting Women 
Researchers to Play a 
Greater Role in Sci -
Tech Innovation  Government Agency  Ministry of Science 
and Technology  
and All -China 
Women's 
Federation  2021  
COLOMBIA  Women Entrepreneurs 
Fund (Fondo Mujer 
Emprende)  Government Agency  - - - 
COLOMBIA  Fondo para el 
Financiamiento del 
Sector Agropecuario 
(FINAGRO)  Government Agency  Fondo para el 
Financiamiento del 
Sector 
Agropecuario 
(FINAGRO)    
COLOMBIA  The National 
Development Plan 
2018-2022 Government Agency  - - - 
COLOMBIA  National Laws : "Pact for 
Colombia", includes a 
chapter on gender, the 
XIV Pact for Gender 
Equity for Women ; Law 
731/02 rural women ; 
Resolutions 1 and 6/02 
of the National 
Agricultural Credit 
Commission ; Law 
823/03 credit for 
women  Government Agency  - - - 
CÔTE D'IVOIRE  Fonds d 'aide aux 
femmes de Côte 
d'Ivoire (FAFCI)  Government Agency  Office of the 
President and the 
First Lady  2012 Ongoing  
ECUADOR  Improving access to 
finance for rural women  
(Credito Super Mujer 
and Credito Mujer 
Emprendedora ) Government Agency  BanEcuador  2019 Ongoing  
EL SALVADOR  Credit line for the 
economic recovery of 
Salvadoran female 
entrepreneurs  Financial Institution  Development Bank 
of El Salvador 
(BANDESAL – 
Banco de 
Desarrollo de El 
Salvador )   
EUROPEAN UNION  INVEST EU  Government Agency  European 
Commission  - Ongoing  
EUROPEAN UNION  InclusiFI  Government Agency  European 
Commission; 
Government 
Agencies and 
Financial 
Institutions  - Ongoing  
EUROPEAN UNION  Team Europe Initiative 
(TEI) "Investing in 
Young Businesses in 
Africa" (IYBA)  Government Agency  European 
Commission  2021 - 
EUROPEAN UNION  Investment Climate 
Reform (ICR) Facility  Government Agency  European 
Commission  2019 - INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  Country  Initiative Name  Type of 
Organization  Name of 
Organization  Start 
Date  End Date  
EUROPEAN UNION  Various programs:  
- AfricaGrow  
- Microfinance 
Enhancement Facility 
(MEF)  
- The Africa 
Conservation & 
Communities Tourism 
Fund (ACCT)  
- The Women 
Entrepreneurs Finance 
Initiative (We -Fi) Financial Institution  Kreditanstalt für 
Wiederaufbau 
(KfW)  - Germany  - - 
EUROPEAN UNION  Various capability -
building programs:  
- Inspiring Women 
Entrepreneurs  
- Going for Growth  
- HPSU Feasibility 
Study  
- Pre-Seed Start Fund  
- Innovative HPSU Fund  
- The Irish Innovation 
Seed Fund Programme  Government Agency  Enterprise Ireland  - - 
EUROPEAN UNION  Women's Financial and 
Economic 
Empowerment for 
Gender Transformative 
Rural development  Government 
Agency; Regional or 
International 
Organization  Irish department 
of Foreign Affairs; 
Irish League of 
Credit Unions 
Foundation; 
International Fund 
for Agricultu ral 
Development  - - 
EUROPEAN UNION  Accelerating the 
Creation of Rural 
Nascent Start -ups 
(ACORNS)  Government Agency  Irish Department 
of Agriculture : 
Rural Innovation 
and Development 
Fund 2015 - 
EUROPEAN UNION  Various financial 
inclusion initiatives:  
- Innovatia 8.3  
- PAEM  
- Collaboration 
agreement with 
Microbank  Government Agency  Spanish Institute 
of Women  - - 
EUROPEAN UNION  Digital Entrepreneurs 
Programme  Government Agency  The Ministry of 
Economic Affairs 
and Digital 
Transformation of 
Spain  - - 
EUROPEAN UNION  The Break: Women 
Entrepreneurship & 
Internationalization in 
Spain  Government Agency  Escuela de 
Organizacion 
Industrial  (Spain) ; 
European Union  - - 
FIJI Supporting the 
sustainable growth of 
SMEs  Government Agency  National Centre for 
Small and Medium 
Enterprises 
Development  2002 Ongoing  
THE GAMBIA  A financial product built 
for women 
entrepreneurs  Financial Institution  Reliance Financial 
Services  2014 Ongoing  
GUYANA  Women of Worth  Government Agency  Ministry of Human 
Services & Social 
Security  2010 Ongoing  
JAPAN  Watashino kigyo 
oendan  (My 
Cheerleaders for 
Starting a Business)  Government Agency  Ministry of 
Economy, Trade 
and Industry 
(METI)  - - INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  Country  Initiative Name  Type of 
Organization  Name of 
Organization  Start 
Date  End Date  
JAPAN  Nadeshiko Brands  Government Agency  Ministry of 
Economy, Trade 
and Industry 
(METI)  - - 
KENYA  Affordable credit for 
women to improve lives  Government Agency  Women Enterprise 
Fund 2007 Ongoing  
MALAWI  Promoting women's 
transition from the 
informal sector through 
a loan fund Government Agency  Ministry of Gender 
Affairs  2016 Ongoing  
MALAYSIA  Financing for women in 
rural areas  Government Agency  MARA (the People's 
Trust Council)  2017 Ongoing  
MALDIVES  Financial instruments 
tailored to SMEs  Government Agency  SME Development 
Finance 
Corporation 
(SDFC)  2019 Ongoing  
MAURITIUS  No-guarantor loans to 
help women -owned 
businesses expand in 
value -added sectors  Financial institution  Development Bank 
of Mauritius  2019 Ongoing  
MEXICO  Supporting women 
entrepreneurs with 
targeted financial 
products  Government Agency  Nacional Financiera 
(NAFIN)  2015 Ongoing  
MOLDOVA , REPUBLIC 
OF Women in Business  Government Agency  Organization for 
Entrepreneurial 
Development of 
the Republic of 
Moldova (ODA)  - - 
NEW ZEALAND  Supporting women 
exporters through 
capacity building and 
investment events  Government Agency  New Zealand Trade 
and Enterprise  2019 Ongoing  
RWANDA  Government -
guaranteed loans 
enable women 's access 
to finance  Government Agency  Ministry of Gender 
and Family 
Promotion 
(MIGEPROF), 
Business 
Development 
Fund, and others  2011 Ongoing  
SENEGAL  Supporting women 's 
entrepreneurship 
through microfinance  Government Agency  National Fund of 
Credit for Women 
(Fonds National de 
Crédit pour les 
Femmes - FNCF)  2010 Ongoing  
SENEGAL  Access to finance for 
women  Government Agency  Fonds National de 
Promotion de 
l'Entreprenariat 
Féminin (FNPEF)  2004 Ongoing  
SEYCHELLES  Seed Capital 
Grant -Scheme  Government Agency  Enterprise 
Seychelles Agency  2017 2021 
SOUTH AFRICA  Women's Funds; Sector 
Specific Assistance 
Scheme (SSAS)  Government Agency  - - - 
SWITZERLAND  MENA Financial 
Inclusion: Women 
Banking Champions 
Program  Government Agency  - - - 
TOGO  National Fund for 
Inclusive Finance 
(Fonds national de la 
finance inclusive  – 
FNFI)  Government Agency  - 2014 Ongoing  
TUNISIA  The Competitiveness 
Support and Export 
Development Fund 
(TASDIR+)  Government Agency  - - - INF/MSME/W/46/Rev.1 • INF/TGE/W/7/Rev.1  
 
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  Country  Initiative Name  Type of 
Organization  Name of 
Organization  Start 
Date  End Date  
UGANDA  Uganda Women 
Entrepreneurship 
Programme (UWEP)  Government Agency  - - - 
UNITED KINGDOM  Investing in Women 
Code Government Agency  Department for 
Business & Trade  - - 
UNITED KINGDOM  The Global Small and 
Medium Enterprises 
Finance Initiative 
(GSMEF)  Government 
Agency ; Regional or 
International 
Organization  UK Foreign, 
Commonwealth & 
Development 
Office (FCDO ); The 
Netherlands 
Ministry of Foreign 
Affairs ; IFC 2012  
UNITED KINGDOM  Financial Sector 
Deepening (Africa) 
Platform  Government Agency  UK Foreign, 
Commonwealth & 
Development 
Office (FCDO )   
UNITED STATES  OF 
AMERICA  Strategy on Global 
Women's Economic 
Security  Government Agency  - 2023 Ongoing  
ZAMBIA  Fostering Women's 
Financial Participation 
through Inclusive 
Strategies  Government Agency  Ministry of Finance  2019 2024 
ZAMBIA  50 Million African 
Women Speak 
Platform; Zambia 
Export Development 
Fund (ZEDEF)  Government Agency  - - - 
ZAMBIA  Export Development 
Fund Government Agency  Zambia's 
Development 
Agency (ZDA)    
ZIMBABWE  Providing accessible 
financial services to 
women  Government Agency  Zimbabwe 
Women 's 
Microfinance Bank 
(ZWMB)  2018 Ongoing  
ZIMBABWE  Women 's Development 
Fund Government Agency  - 2005 Ongoing  
AfDB Affirmative Finance 
Action for Women in 
Africa  (AFAWA)  Regional or 
International 
Organization  African 
Development Bank    
ADB Small and Medium -
sized Enterprises Line 
of Credit Project in Sri 
Lanka  Regional or 
International 
Organization  Asian Development 
Bank 2016 Ongoing  
FAO Empowering women 
and boosting livelihoods 
through agricultural 
trade Regional or 
International 
Organization  Food and 
Agriculture 
Organization of the 
United Nations ; 
SheTrades (ITC)  2021 Ongoing  
UN CAPITAL 
DEVELOPMENT FUND  Shaping Inclusive 
Finance 
Transformations 
(SHIFT)  Regional or 
International 
Organization  United Nations 
Capital 
Development Fund  2015 Ongoing  
The World Bank  Women Entrepreneurs 
Finance Initiative 
(We-Fi) Regional or 
International 
Organization  The World Bank    
 
 
__________