There is a high proportion of informal women-led micro, small and medium enterprises (MSMEs) in the Federated States of Micronesia. Formalisation of these women-led MSMEs is made difficult because of existing restrictions to accessing commercial finance, partially due to the level of financial literacy and level of asset ownership among women.
The Federated States of Micronesia Development Bank (FSMDB) has requested support from the ICR Facility to review and improve how the institution is currently approaching gender in all of its operations. FSMDB offers a range of services, covering business loans, consumer loans and home energy loans.
The ICR Facility is providing tailor-made technical assistance to FSMDB to strengthen its internal gender operations and client-facing gender-lens investing activities, to ultimately better promote gender equitable development in its mandate to provide all banking functions to stimulate growth and accelerate private sector development.
This intervention comprises two main areas of support:
Upon completion of this intervention, FSMDB will have: