At the APEC Women and the Economy Summit on 15 September 2011, Foreign Minister Kevin Rudd committed $2.2 million to help women in developing countries start or expand their own small businesses. Mr Rudd attended the summit accompanied by a senior delegation of Australian women, including Australia’s newly appointed Global Ambassador for Women and Girls, Penny Williams.According to the Foreign Minister, the funding will help microfinance institutions provide loans to more than 26 million women by the end of 2013. “That’s 26 million women who will be able to establish their own business, send their children to school and improve their standard of living,” he said. By providing women with microloans, they are able to invest in businesses that they own and operate themselves. This enables marginalised women to increase their earnings, and, as the keepers of household finances, it allows them to improve the standard of living for their families. Interestingly, despite the daily hardships that they face, the majority have excellent repayment records; on average, Opportunity International Australia’s partners’ clients have a 97% repayment rate.
According to US Secretary of State Hillary Clinton, who presented at the APEC Summit “by increasing women’s participation in the economy and enhancing their efficiency and productivity, we can have a dramatic impact on the competitiveness and growth of our economies”.
With the recent induction of Penny Williams as Australia’s first Global Ambassador for Women and Girls, there has been a noticeable push for the empowerment of the world's women in Australian foreign policy.
Opportunity provides microfinance and support services to marginalised communities throughout India, Indonesia and the Philippines. Ninety four percent of our clients are women. If you would like to make a contribution that will provide financial products and services to meet the needs of people living in poverty, please click here.
Sources
http://www.foreignminister.gov.au/releases/2011/kr_mr_110917a.html
http://www.isria.com/pages/19_September_2011_321.php
http://www.foreignminister.gov.au/transcripts/2011/kr_tr_110916.html
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