OPEN APP
Home / Economy / BRICS WBA seeks credit guarantee fund for women entrepreneurs

BRICS WBA seeks credit guarantee fund for women entrepreneurs

The importance of “Care Economy” has increased manifold in the aftermath of the covid-19 pandemic and given its dominance by women, is an important area of collaboration amongst BRICS.Premium
The importance of “Care Economy” has increased manifold in the aftermath of the covid-19 pandemic and given its dominance by women, is an important area of collaboration amongst BRICS.

  • BRICS Women's Business Alliance officially launched its activities in July 2020 under Russian BRICS Chairmanship with the objective of offering a platform to promote women's economic participation and empowerment by unlocking business opportunities

Listen to this article

Mumbai: The BRICS Women’s Business Alliance (BRICS WBA) Annual Report 2021 said that access to credit is a major pain point for women entrepreneurs and setting up of a credit guarantee fund to provide a corpus for agile, tech-savvy financial institutions, to enable them to structure new products focused on women entrepreneurs would be useful.

The BRICS Women's Business Alliance officially launched its activities in July 2020 under Russian BRICS Chairmanship with the objective of offering a platform to promote women's economic participation and empowerment by unlocking business opportunities for women entrepreneurs in BRICS countries. BRICS WBA comprises 25 Women Leaders, 5 each nominated from BRICS countries.

For each country, the fund can be administered by a national rural or agricultural bank, it said. The alliance sought to make credit funding available, targeted at women-owned small and medium enterprises (SMEs) irrespective of race. In fact, it urged governments to focus on various underprivileged groups basis, race or geography and or economic backwardness.

“Access to credit is related to financial literacy. A financial literacy virtual tool kit is being created, designed for non-governmental organizations (NGOs), self-help groups (SHGs) and social change agents to train rural women and small entrepreneurs to help them strengthen their business management, capability and growth," it said.

That apart, the importance of “Care Economy" has increased manifold in the aftermath of the covid-19 pandemic and given its dominance by women, is an important area of collaboration amongst BRICS especially through knowledge sharing of best practices for care work, it said.

“Set up a BRICS venture fund for women-run digital Companies under the aegis of New Development Bank. Currently, many women in the process of driving innovation do not receive funding because of limited access and collateral," it said.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Post your comment

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout