Africa-Press – Eswatini. Access to funding for inspiring local business women has been made easier through the newly-established Women Business Start-up Microfinance Revolving Fund.
This comes after the President of the Republic of China (Taiwan), Tai Ing-wen, on September 7, 2023 signed the memorandum of agreement between the two countries for the US$1 million (E19 million) as a revolving fund to implement the capacity building project for microfinance, focusing on grassroots women in Eswatini (Khutsalamfati) Phase II. The said funding will be issued as loans to qualifying women entrepreneurs at affordable interest rates. Yesterday, the fund was officially launched simultaneously with the official closing of Phase I of the project.
Speaking during the launch yesterday at the Royal Villas, the Taiwanese Ambassador to Eswatini, Jeremy Liang, said it was assumed that as entrepreneurs repay their loans, the fund would grow and assist more women.
Employment
He said this endeavour would improve women businesses, create employment and improve the livelihoods of the entrepreneurs and their families. Liang recalled that on November 20, 2020, the capacity building project for microfinance focusing on grassroots women in Eswatini Phase1 was launched and now it has completed its three-year term. He said this project has confirmed the bilateral relationship that has continued to exist between the Republic of China (Taiwan) and the Kingdom of Eswatini.
Conceptualisation
“We can further recount that in April 2018, during presidents Tsai Ing-wen’s State visit to Eswatini, she conversed with the Indlovukazi at Ludzidzini Royal Residence about women empowerment, which was the conceptualisation of the great women empowerment project in Eswatini,” said the ambassador. The ambassador reminded emaSwati that the main objective of the project was to empower women at the grassroots level with knowledge and skills on entrepreneurship management. He said it also aimed at improving access to quality financial services for the women.
He mentioned that the Phase I of the project focused on building capacity among the women and rural Savings and Credit Co-operatives (SACCOs). Liang said this was done so as to prepare the women and the SACCOs for the Phase II, which will focus on making credit available for the establishment and recapitalisation of the women’s businesses through the SACCOs and other stakeholders that have been identified.
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