As the Supporting the Agricultural Financial System in Colombia (PASAC) project has just been completed, DID will continue its work in this Latin American country through a new project entrusted to it by Global Affairs Canada (GAC). With the 4-year project, Accroître le pouvoir économique et social de femmes et jeunes ruraux en Colombie [Increasing the economic and social power of rural women and young people in Colombia], which will be funded in equal parts by the GAC as well as by various private and government Colombian stakeholders, DID will support the financial inclusion and capacity-building of women and young people living in rural areas in order to help them reach their full potential.
“By adopting an inclusive, 360-degree approach, we want to give women and young people the confidence and means to carry out business projects that will help them improve their living conditions, as well as those of their families and the community in general,” explained our program manager, Marcela Peña-Vega.
To achieve this objective, several components will need to be implemented, including technical support in business management, improved access to financial services and the establishment of a guarantee fund to encourage financial institutions to lend to women and young people.
More specifically, this initiative will target some 30,000 women and young people, as well as 5 or 6 Colombian financial institutions. In the long run, it will double the growth in loans to women (from 3.5% to 7%), for a total of nearly 15,000 new loans. It is also expected that 10,000 women and young people will be impacted by the financial education activities associated with the project.
“By the end of the project, the target clients will have greater confidence in their abilities and in the Colombian financial system, as well as a better knowledge and understanding of the financial services available to them. These are all elements that will help bolster their economic power,” said Marcela Peña-Vega.