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IFC Partners With Armenian Banks to Boost Financial Inclusion, Support Climate Projects
IFC signed agreements with three Armenian banks to enhance access to finance for smaller businesses, including women-owned and rural enterprises and climate projects.
Smaller businesses are key drivers of economic growth, innovation, and employment in Armenia, with micro, small, and medium enterprises (MSMEs) accounting for the majority of jobs. But they face a $1.1 billion finance gap because of challenges including limited collateral and poor financial management. Women-owned MSMEs face even greater hurdles, with many less likely to hold collateral or have access to formal bank accounts and loans.
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How Savings Groups Can Address Gender Inequality Through Dialogue
Unequal power dynamics and discriminatory social norms can stand in the way of women gaining full control of their financial resources. Engaging in four types of dialogue – from household to systems – can help shift these norms.
Connecting Venezuelan Migrants With the Financial System in Colombia
The Banca de las Oportunidades project, “El Parche Financiero” (“the Financial Patch”), aims to promote financial inclusion for the 100,000 Venezuelan migrants in the country.
Breaking Down Silos to Advance Financial Inclusion of Forcibly Displaced People
Coordinated efforts are needed to move from emergency response to long-term inclusion. The Community of Practice on the Financial Inclusion of Forcibly Displaced People aims to help make this happen.