Philippines' ADB signs MoU with Mastercard Impact Fund for Female-led MSMEs in APAC

• Asian Development Bank Signs MoU with Mastercard Impact Fund
• The partnership to focus on Female-owned MSMEs
• Mastercard will offer $5-million grant

Recently, Asian Development Bank has made an announcement stating that they have signed a memorandum of understanding (MoU) with Mastercard Impact Fund which is getting administered by the Mastercard Center for Inclusive Growth. The partnership aims at offering financing to Micro, small and medium enterprises from the Asia-Pacific region.

Considering the MSMEs in Philippines, they are amongst the financing’s initial target beneficiaries of Asian Development Bank (ADB) and Mastercard who will be supporting small businesses in Asia-Pacific.

In addition, Mastercard shall offer a $5-million grant under the initiative with an intent to assist up to $1 billion ADB financing to financial institutions in order to lend to MSMEs over the next 4-year period. Hence, the initiative will put its focus on MSMEs and climate finance for small businesses, that are women-led or women-owned.

ADB stated, “The initiative will initially target Georgia, India, Indonesia, Malaysia, the Philippines, Thailand and Vietnam.”

Moreover, Bhargav Dasgupta, the vice president for market solutions at ADB added, “MSMEs are the backbone of economies across Asia and the Pacific, yet many struggle to obtain adequate finance. By combining the resources and expertise of ADB and Mastercard, this facility will unlock the potential of MSMEs, particularly those run by women or supporting climate finance, empowering businesses and fostering inclusive and sustainable economic growth across the region.”

Founded in 1966, ADB caters in the International Trade and Development industry with headquarters in Mandaluyong, Metro Manila and specialities in economics, infrastructure, energy, transportation, Environment management, Climate change, Investment, Finance, Water, Technical Assistance, Urban, Education, Non Sovereign etc.