IDB Invest Launches WeCode, Financing Code for Women Entrepreneurs
IDB Invest announces a partnership with the Women Entrepreneurs Financing Initiative (We-Fi) to launch the first WeCode in Latin America and the Caribbean. The Dominican Republic was selected out of 24 countries worldwide as the first country in the region to pilot this initiative.
The WeCode will allow the country's financial intermediaries to join a coalition, where they can access knowledge and a network of experts to invest in the women's market as a business opportunity, access standardized data disaggregated by gender, and acquire the skills needed to expand the way in which women-run businesses are supported and financed.
“We believe that the Dominican Republic has the institutions, interest and financial maturity to join a coalition and be an example of how to generate effective mechanisms to benefit women entrepreneurs,” said Milagros Rivas, Advisory Services Division Chief of IDB Invest.
Latin America and the Caribbean faces a significant financing gap for women-owned small and medium-sized businesses (SMEs), accounting for $93 billion of the $1.7 trillion global gap.
In the Dominican Republic, about 43% of businesses run by women have a loan or line of credit with a financial institution, compared to nearly 53% of businesses run by men.
Through WeCode, IDB Invest seeks to promote the financial inclusion of women and close the gender equity gap in the region.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of sectors.