PESHAWAR: In a significant move, the US government through the US Agency for International Development, the United Nations Development Programme and Sarhad Rural Support Programme here on Wednesday unveiled an initiative aimed at nurturing women-owned businesses in Khyber Pakhtunkhwa and the merged areas.

This programme is set to offer interest-free microfinance loans coupled with comprehensive business management training to 2,000 women entrepreneurs.

“The launch of the microfinance initiative for women-led businesses in flood-hit districts is a testament to our collective commitment to advancing economic growth and building a brighter future for Pakistan,” said Mr Shante Moore, Consul General at the US Consulate General in Peshawar, in a virtual address.

“This initiative is not just a reflection of our partnership but also a step forward in our shared journey towards empowerment and equality.”

The initiative builds on the success of the USAID-funded Fata Economic Revitalisation Programme, which has assisted women-led businesses through business management training and grants.

“UNDP Pakistan is committed to addressing systemic barriers to women’s empowerment by advocating for gender-responsive policies, promoting women’s leadership across all spheres, and ensuring their voices are integral in decision-making processes,” emphasised Mustafa Mahmood, Assistant Resident Representative and Unit Head, Crisis Prevention and Inclusion, UNDP Pakistan.

“True progress for any nation lies in empowering women to dream without boundaries and fully achieve their aspirations. This initiative to support women-led businesses marks a significant step in that direction.”

“Khyber Pakhtunkhwa’s cultural norms and logistical challenges pose significant obstacles to financial inclusion, particularly for women. To address this urgent need, the SRSP has introduced an innovative solution: a locally developed village banking model,” said Masoodul Mulk, SRSP chief executive officer.

Published in Dawn, March 7th, 2024