The Asian Development Bank (ADB) and the Mastercard Impact Fund signed a memorandum of understanding to establish a groundbreaking partnership aimed at supporting micro, small, and medium-sized enterprises (MSMEs) across Asia and the Pacific. This initiative will initially target Georgia, India, Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam.
A $5 million grant from Mastercard will be leveraged to financial institutions, catalyzing up to $1 billion of ADB financing over a four-year period. The program focuses on providing risk-reduction capital, performance incentives, and capacity building, with a particular emphasis on women-led or -owned MSMEs and climate finance among small businesses.
MSMEs in Asia and the Pacific face a significant credit gap, estimated at $2.5 trillion, despite their pivotal role in economic growth and job creation. This partnership deepens Mastercard's work in the region to support entrepreneurs and small businesses, bolstering their resilience to climate and economic shocks and fostering financial inclusion.
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