The Japan International Cooperation Agency (JICA) announced that it will provide US$50 million to finance women-owned businesses in Mexico through the Compartamos Banco, a microfinance bank in Mexico.
Compartamos provides services to small businesses in the states of Chiapas and Oaxaca, and about 90% of its clients are women.
Mexico has a high level of inequality, with about two million people living in extreme poverty. It is estimated that 30% of adults in Mexico do not have access to financial services.
These funds aim to support the expansion of women-owned businesses, mainly in the poorest states.