Baku: Global Gender-Smart Fund S.A., SICAV, a Luxembourg-based alternative investment fund, has joined forces with Unibank Commercial Bank Open Joint-Stock Company Azerbaijan to establish a $15 million loan facility aimed at supporting women-led enterprises in Azerbaijan. The collaboration marks a significant step towards enhancing financial inclusion and empowering women entrepreneurs in the region.
According to Azerbaijan State News Agency, the loan agreement, facilitated by Incofin Investment Management, will be allocated in Azerbaijani Manat (AZN) to ensure that women-owned and women-led businesses can access the necessary financial resources to grow and innovate. This initiative is set to bridge the funding gap and promote gender-oriented economic development in the country.
Heybat Gadirov, Acting Chairman of the Management Board of Unibank, emphasized the importance of this partnership in fostering financial inclusion. He noted that aligning with the Global Gender-Smart Fund reinforces Unibank's commitment to providing tailored financial services to women entrepreneurs, enabling them to contribute effectively to the national economy.
The collaboration underscores the shared vision among Global Gender-Smart Fund, Unibank, and Incofin to leverage impact investing as a mechanism for sustainable development and equitable market growth. Etienne de Belloy, Associate Director at Innpact Fund Management, highlighted the goal of gender-smart financing in empowering women and improving livelihoods. He added that Unibank's gender action plan involves designing new financial products tailored to women's needs and offering financial literacy training for women entrepreneurs.
The Global Gender-Smart Fund, managed by Innpact Fund Management, is the largest gender-focused investment vehicle globally, aiming to provide responsible financial services to underserved women in developing countries. Through this initiative, GGSF seeks to strengthen inclusive financial systems, enhance gender balance, and boost women's leadership in emerging markets.
Unibank, a leading private commercial bank in Azerbaijan, has been pioneering digital innovation since its inception in 1992. With its headquarters in Baku, the bank offers a wide array of banking services and launched Leobank, Azerbaijan's first mobile-only bank, in 2021.