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Proparco signs agreement to provide $20-million financing to Satya MicroCapital in boost to women entrepreneurs’ financial inclusion
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The French Development Agency’s private sector financing arm, Proparco, today signed an agreement of 20 million USD to support Satya MicroCapital’s commitment to empowering women entrepreneurs in rural India through greater access to financing. The signing ceremony took place at the Embassy of France in New Delhi, in the presence of the new Ambassador-designate of France to India, H.E. Mr Thierry Mathou.
This partnership was first announced on July 14th, on the occasion of Prime Minister Narendra Modi’s historic visit to Paris as the guest of honour at France’s Bastille Day celebrations. It exemplifies France’s commitment to working with India on ensuring sustainable, inclusive development.
Proparco will also back Satya MicroCapital in implementing appropriate policies for customer protection, and streamlining environmental and social policies. Resolved to adhere to the customer protection pathway developed by CERISE, Satya has pledged to be CPP-certified by the end of 2023. Satya is also providing clients with non-lending social initiatives, such as conducting health awareness camps, providing insurance services, and financial literacy.
On this occasion, Proparco and Satya also signed a Memorandum of Understanding under the 2X Challenge, a global G7 initiative dedicated to boosting women's economic empowerment.
The impact of the multifaceted project is expected to contribute to SDG 1 (No Poverty), SDG 5 (Gender equality and women empowerment) and SDG 8 (Decent Work and Economic Growth).
On this occasion, the Ambassador-designate of France to India, Mr Thierry Mathou, said: “As part of the Horizon 2047 Roadmap adopted by our leaders on July 14, France and India committed to working together on fostering social inclusion in pursuit of sustainable development goals. Today, we take a concrete step in this direction. This partnership between Proparco and Satya MicroCapital, a pioneering Indian microfinance institution, will provide over fifty thousand women across India access to microfinance to enable them to pursue their dreams and realise their projects. Women’s empowerment is a priority in France’s cooperation with India.”
For Diane Jegam, Proparco Regional Director for South Asia: "We are very proud to work with an institution strongly committed to implementing the best practices and women’s empowerment. This partnership with a key player in the microfinance sector is aligned with Proparco’s new strategy for 2023-2027, which is acting for greater equality. The project will create significant impacts by improving access to financing for 53,730 micro-entrepreneurs running their own MSMEs.”
Sharing his thoughts, MD, CEO & CIO, Satya MicroCapital – Mr Vivek Tiwari said - "Our partnership with Proparco is an absolute motivation for Satya to continue its mission of driving financial inclusion and empowering women entrepreneurs across India. The level of trust Proparco has reposed in our modus operandi will act as the tapestry of our impending expansion goals. I feel gratified that within seven years of inception, Satya’s business model is ultimately gaining momentum across global industry. As we move forward, Satya will remain dedicated to creating sustainable change and enabling brighter futures for countless households at the bottom of the pyramid.”