Project profile — Increased Economic and Social Empowerment of Women and Youth in Rural Colombia



Overview 

CA-3-P006834001
$5,000,000
2020-03-20 - 2024-12-31
Operational
Global Affairs Canada
NGM Americas

Country / region 

• Colombia (100.00%)

Sector 

• Financial policy and administrative management:
Financial policy and administrative management (24010) (10.00%)
Formal sector financial intermediaries (24030) (30.00%)
Education/training in banking and financial services (24081) (30.00%)
• Agriculture: Agricultural financial services (31193) (30.00%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Desertification (not targeted)
• Youth Issues (significant objective)

Description 

The project aims to improve the economic and social empowerment of women and youth in rural Colombia. This project will target 30,500 beneficiaries to build the capacity for financial education, understand their incomes and debts, how much money will be needed to drive their productive projects forward, and identify the best mechanism to meet their needs. It will also work with at least five financial institutions to improve or create rural products and services. Finally, it will pilot an Inclusive Guarantee Mechanism that incentivizes financial institutions to provide more and better loans to rural women and youth. Project activities include: (1) establishing and piloting an inclusive guarantee fund product based on the needs of rural women and youth; (2) training and strengthening rural financial institutions on new products and services; and (3) dissemination of adapted financial education programs. This project is being implemented by Développement international Desjardins

Expected results 

Les résultats attendus de ce projet sont les suivants : (1) l'amélioration de l'efficacité et de la gestion ciblée d'un mécanisme de garantie pour les femmes et les jeunes ; (2) l'amélioration de l'offre de produits financiers pour les femmes et les jeunes afin de répondre à leurs besoins spécifiques ; et (3) une éducation financière plus appropriée pour les femmes et les jeunes en milieu rural.

Results achieved 

Results achieved as of March 2023 include: (1) established 10,878 new credits targeting women and rural youth; (2) issued 3,368 guarantees to incentivize financial institutions to provide more and better loans to rural women and youth; (3) disbursed $3.2M in loans because of the incentives from the Inclusive Guarantee Fund; (4) provided access to more than 15,340 women and youth in Colombia's 32 departments in the financial education programs, of which 7,052 women and youth completed the entire training process and received certifications; (5) strengthened nine financial institutions to provide more and better financial services targeting rural women and youth; (6) contributed to more efficient and improved local management of guarantee funds; (7) contributed to more effective delivery of financial services; and (8) improved business and savings management by women and youth in rural areas. These results contribute to: (1) more efficient and improved local management of guarantee funds; (2) more effective delivery of financial services; and (3) improved business and wealth management by women and youth in rural areas.

Budget and spending 


Original budget $0
Planned disbursement $859,442
Transactions
Transaction Date Type Value
21-05-2024 Disbursement $369,034
Country percentages by sector
Type of finance Aid grant excluding debt reorganisation
Collaboration type Bilateral
Type of aid Project-type interventions
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