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TaiwanICDF encourages women and youth enterprises in Nevis through lending support

TaiwanICDF encourages women and youth enterprises in Nevis through lending support

In response to Goal 5 gender equality and Goal 8 decent work and economic growth of the UN’s Sustainable Development Goals, the TaiwanICDF prepares to sign a loan agreement with the Nevis Island Administration (NIA) by the end of 2019 to financially support Nevisian women and youth entrepreneurs developing formal businesses.

According to “Social and employment prospects in world-Trends 2019” issued by the International Labor Organization, the average youth unemployment rate in Latin America and the Caribbean was 18 per cent, the highest level record since 1991. The data of the World Bank showed that the female unemployment rate in Latin America & Caribbean in 2019 remained high at 11.4 per cent. In Nevis, one of the two islands that make up the Federation of St. Kitts and Nevis, women and the youth are particularly left behind as a result of a relative lack of economic and financial infrastructure, such as underdeveloped capital markets and lack of available information which leads to low willingness of local commercial banks to lend to small businesses. Women and young people having the spirit and idea of operating a small business are often deterred from barriers to financial resources.

In order to assist the NIA to promote the development of the small enterprise sector, the TaiwanICDF cooperates with the NIA on providing micro-credits and technical assistance to small businesses and start-ups owned or operated by women and youth aged thirty-five and under. Eligible beneficiaries must have a valid business license. The TaiwanICDF’s loan to the NIA will therefore be used to support the re-lending operation and strengthen the capacity of the Small Enterprise Development Unit (SEDU), which is under the NIA’s Ministry of Finance and will be responsible for implementing the project. The SEDU will be benefited from having better capacity in providing business training courses, workshops and business advisory services, especially in coaching the youth to take the business ideas from conception to full development of a functioning business entity.

The TaiwnaICDF in 2001 and 2009 cooperated with Foundation for National Development St. Kitts and Nevis to expand its micro-credit business to micro-and small-size entrepreneurs national-wide. This project will help the NIA encourage women and young people to participate in formal economic activities as well as assists them to obtain financial services. That will not only promote economic development, but can also be viewed as social intervention.

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  • Date:2019/12/30