UNDP India joins hands with Samhita-CGF’s REVIVE to restore livelihoods affected by COVID-19
REVIVE is a lately launched $6.85 million multi-stakeholder blended finance facility, additionally supported by USAID, Omidyar Network India, and Michael & Susan Dell Foundation. It leverages company and philanthropic funds to present accessible and reasonably priced capital within the type of grants, returnable grants and credit score, to beforehand employed or self-employed staff and at-risk small enterprises. These grants and credit score assist them to restart and maintain their work or discover various enterprise and livelihood alternatives.
In a press release, UNDP Resident Representative in India, Shoko Noda mentioned, “The COVID-19 pandemic has severely affected the livelihoods of India’s informal workers and micro entrepreneurs – especially women who are already economically disadvantaged or dependent on others. UNDP India is a part of the REVIVE initiative that provides accessible and affordable capital as grants and credit to help small enterprises recover better and faster. Together with Samhita-CGF and partners, we aim to restore the livelihoods of 100,000 workers and micro enterprises across India.”
This partnership will present technical help equivalent to enterprise advisory, capability constructing, digital abilities, and market linkages, as well as to making certain higher and equal entry to social safety techniques for the casual sector staff.
So far the REVIVE Alliance is on observe to attain 38,000 people and micro-enterprises of its 1,00,000 goal, throughout various cohorts equivalent to beautypreneurs, blue-collared staff, avenue distributors, development staff, sanitation staff, artisans and farmers.
Commenting on the partnership, CEO of Samhita Social Ventures, Priya Naik, acknowledged, “This partnership will surely augment REVIVE’s mission to help India’s most vulnerable communities overcome their economic setbacks from the pandemic.”
UNDP India has been designing monetary devices to catalyze growth outcomes by means of its Sustainable Development Goal (SDG) Finance Facility. Currently, it has been supporting the municipality of Pimpri Chindwad (PCMC) to design India’s first social impression bond. UNDP has additionally lately launched the SDG Investor Map for India to determine alternatives for personal sector investments alternatives to obtain the SDGs and collaborated with the Ministry of Finance to strengthen the sustainable finance agenda as part of the Sustainable Finance Collaborative.
