8 OCTOBER2023INFOCUSINFOCUSThe project for empowering female entrepreneurs through digital and financial literacy, IIT Delhi, and EXL which is a top provider of data analytics and digital operations and solutions have signed a Corporate Social Responsibility (CSR) Memorandum of Understanding (MoU). This project, which will be led by Professors Seema Sharma and Gaurav Dwivedi from the Department of Management Studies at IIT Delhi, aims to support micro-level female entrepreneurs by enhancing their business management skills through the provision of digital and financial education.Professor Preeti Ranjan Panda, Dean of Corporate Relations, at IIT Delhi, said that with this initiative the need for micro-level women entrepreneurs to take up technological diffusion will be addressed.According to Professor Seema Sharma, India's growth can be expanded only by leveraging female entrepreneurs. The goal is to provide them with the technological training they need to improve their business management abilities.A number of SDGs i.e. sustainable development goals will be established by the United Nations, mentioned by Gaurav Dwivedi. The SDGs are all aligned with empowering Women to become entrepreneurs and giving them equal opportunities. This will also help to reduce gender disparities and promote economic growth in society.The female entrepreneurs have received the training to improve their ability to manage their companies, promoting socioeconomic activities and overall economic growth of the country. IIT DELHI & EXL SIGN MOU TO EMPOWER FEMALE ENTREPRENEURS THROUGH DIGITAL & FINANCIAL LITERACYAMARTHA & IFC PARTNER WITH $206 MILLION FOR WOMEN-LED MSMES IN INDONESIAAmartha, a renowned Indonesian peer-to-peer lending platform, has announced a substantial cooperation with the International Finance Corporation (IFC) to support the growth of women-led MSMEs in Indonesia. A major finance infusion of 3 trillion rupiah (about $206 million) is included in the agreement.As Indonesia's economic environment advances, Amartha's engagement with the IFC intends to not only increase the platform's foreign investor base but also alleviate the country's current gap in access to digital financial products.The importance of this initiative was emphasised by Riccardo Puliti, the IFC's Regional Vice President for Asia and the Pacific, who stated, "The financing gap faced by female entrepreneurs in Indonesia - who are crucial to the overall economy - only widened because of Covid-19, which saw women overwhelmingly bear the load of greater domestic and childcare pressures."To address these issues and promote financial inclusion, Amartha has committed to distribute more than 70 percent of the obtained financing to entrepreneurs outside of Java island, with the goal of empowering women-led MSMEs across the country.Amartha, which is recognised for linking investors with female microentrepreneurs looking for capital to build their enterprises, offers loans starting at 1,500,000 rupiah (about $100). Amartha's relationship with the IFC shows its commitment to developing business and financial development among women in Indonesia, with an exceptional track record of collecting over $185 million to date.Notably, Amartha has formed a partnership with Grab-backed Superbank, allowing the latter to give working capital loans to female entrepreneurs, hence expanding chances for female-led firms in the region.This collaboration between Amartha and the IFC is intended to not only boost economic growth but also pave the path for a more inclusive and fair financial ecosystem for Indonesian women entrepreneurs.
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