LONDON, CMC – The London-based Commonwealth Secretariat is working with the Antigua and Barbuda authorities to assist construct local weather resilience in small and medium-sized companies (SMEs) within the agriculture sector, specializing in enhancing their entry to funding to assist their development.
It stated the undertaking goals to enhance the livelihoods of native farmers and help the nation in delivering on its broader nationwide local weather commitments.
“Blended microfinance makes use of growth funding to offer loans and grants, often with a component of assist – equivalent to teaching and training- to assist guarantee companies develop. The intention is to offer extra accessible funding that may assist to handle social challenges and financial inequities.”
The Secretariat stated that in collaboration with the administration in St. John’s, it lately hosted a stakeholder validation workshop to current the findings of a examine on the feasibility of organising a gender-responsive blended financing window underneath the Sustainable Island Useful resource Framework (SIRF) Fund for small, medium enterprises (SMEs).
The Commonwealth Secretariat’s Local weather Part, in partnership with its Gender Part and Debt Administration Unit, oversees the task with technical enter from Future Earth Ltd, the consultancy agency contracted to offer assist. It features a hole evaluation of obstacles and alternatives going through small to medium-sized companies when accessing finance and stakeholder consultations.
Local weather change adviser on the Commonwealth Secretariat, Uzoamaka Nwamarah, stated satisfactory local weather finance is, by nature, inclusive, contemplating the wants and necessities of ladies, males, and younger folks.
“We’re excited to ship the task to construct the nation’s local weather resilience and enhance farmers’ livelihoods.”
Discussions on the workshop included whether or not the particular wants of farmers, together with women-owned and women-led companies, had been adequately thought-about.
Potential methods, new partnerships, and motion plans for efficiently implementing the financing window had been additionally explored. In the course of the occasion, the individuals additionally mentioned how the Commonwealth Secretariat might additional assist operationalizing the financing window.
The workshop additionally explored whether or not in-kind financing, equivalent to offering crucial tools, can be useful. One other progressive strategy was together with in-kind contributions, for instance – produce, as a reimbursement possibility.
Director of the Division of Setting of Antigua and Barbuda and a member of the SIRF Fund, Ambassador Diann Black Layne, stated, “We intend to have a fund that’s fit-for-purpose and versatile sufficient to fulfill the wants and necessities of our beneficiaries, together with small and medium enterprises.
“We respect the collaborative work of the Commonwealth Secretariat, the NDC Partnership, and Future Earth Ltd in strolling with us on this journey.”
The Secretariat stated that as a rustic member of the NDC Partnership, Antigua and Barbuda requested assist to find out whether or not a blended financing initiative was possible underneath the nation’s SIRF Fund.
“The Commonwealth Secretariat, a member and implementing accomplice of the NDC Partnership, responded to this request with supply underneath the Commonwealth NDC Programme. The NDC Partnership brings collectively international locations and worldwide establishments dedicated to fast-tracking local weather and growth motion to the Paris Settlement and the Sustainable Growth Targets (SDGs),” the Secretariat added.
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