Phl MSMEs among target beneficiaries of ADB, Mastercard financing in Asia-Pacific

Micro, small and medium enterprises (MSMEs) in the Philippines are among the initial target beneficiaries of financing from the Asian Development Bank (ADB) and Mastercard to support small businesses in Asia-Pacific.

- By LOUELLA DESIDERIO

In a statement, the ADB said it signed a memorandum of understanding with Mastercard Impact Fund, administered by the Mastercard Center for Inclusive Growth, for the partnership aimed at providing financing to MSMEs in the Asia-Pacific region.

"The initiative will initially target Georgia, India, Indonesia, Malaysia, the Philippines, Thailand and Vietnam," the ADB said.

Under the initiative, Mastercard will provide a $5-million grant to support up to $1 billion ADB financing to financial institutions for lending to MSMEs over a four-year period.

The initiative will focus on women-led or -owned MSMEs and climate finance for small businesses.