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HomePosts Tagged "Suzanne Gaboury"
Company News, Finance, India

At least 40 per cent of the proceeds will be allocated to women borrowers, while the rest will support farmers, micro, small, and medium-sized enterprises (MSMEs)

The Asian Development Bank (ADB) has signed a $125 million loan agreement with L&T Finance to support financing in rural and peri-urban areas in India, particularly for women borrowers.

The funding comprises a loan of up to $125 million from ADB, and an agreement to syndicate an additional $125 million co-financing from other development partners. At least 40 per cent of the proceeds will be allocated for women borrowers, while the rest will support farmers, micro, small, and medium-sized enterprises (MSMEs), and loans to purchase new two-wheeled vehicles. 

“Rural India, with 65 per cent of the country’s population engaged in agriculture, contributes almost half of the national income,” said Suzanne Gaboury, ADB Director General for Private Sector Operations. “This partnership with L&T Finance, which has the capacity to provide credit at scale, allows ADB to support individual livelihoods and small businesses, with a specific focus on reaching women borrowers.”

Despite steady rural economic growth, rural communities face significant barriers to accessing financial services. About 70 per cent of marginal farmers do not have a bank account and 87 per cent lack access to credit. Women are disproportionately affected, with only 14 per cent having access to credit.

Microloans, farm equipment loans, two-wheeled vehicle loans, and MSME loans have been identified as segments with strong growth potential anticipated in the medium term. By focusing on lending in rural and peri-urban areas of lagging states in India, the project is strategically aligned with the goals of India’s Ministry of Rural Development.

At least 40 per cent of the

Finance, Goat farming, Live Stock, World

The grant will support capacity-building activities on sustainable pasture management, basic pasture ecology, financial literacy, and budget management for at least 200 nomadic herders

The Asian Development Bank (ADB) and the Gobi Joint Stock Company have signed a $30 million sustainability-linked loan to support the cashmere value chain in Mongolia and provide stable incomes and employment to 1,200 herders and 1,300 industry employees. The loan will be used to procure raw cashmere from herders, as well as for cashmere processing activities. 

In addition, a $1 million technical assistance grant will be provided to support scalable sustainable pasture and herd management and to run workshops on climate-resilient practices for herder groups in the Khuvsgul and Bayankhongor provinces. Sustainability-linked loans incentivise the achievement of sustainable performance goals in return for a variable or lower interest rate. This loan will target increased direct procurement from herders, emission reduction, and water conservation, as well as training herders in pasture management.

Mongolian herders are severely affected by climate change, which is causing or contributing to increased heatwaves, droughts, dzuds (severe winter conditions), and desertification. Careful management of pasture and ecology is essential to mitigate the effects of overgrazing and improve climate resilience. The reliable income and technical support provided by the Gobi is critical to supporting herders in these endeavours.   

“Mongolia contributes nearly half of the global raw cashmere supply, but most of it is exported and only a fraction is processed into final products inside the country. Fostering a sustainable cashmere production industry will help diversify this important industry and boost its contribution to the broader economy,” said Suzanne Gaboury, ADB Director General for Private Sector Operations.

The grant will support capacity-building activities on sustainable pasture management, basic pasture ecology, financial literacy, and budget management for at least 200 nomadic herders, of which at least 80 will be women. It will also fund support for the improvement of pasture ecology and management and seek solutions to help herders reduce herd sizes while maintaining or increasing income.

The grant will support capacity-building activities on

Finance, Sustainability, World

The financing supports domestic food production, reduces import dependency, and addresses food security challenges arising from economic, climate, and regional political uncertainties

The Asian Development Bank (ADB) and Bank Respublika Open Joint Stock Company signed a 34 million Azerbaijan manat loan (around $20 million) to support women borrowers and micro, small, and medium-sized enterprises (MSMEs) involved in agricultural production, processing, and trade in Azerbaijan.

The financing supports domestic food production, reduces import dependency, and addresses food security challenges arising from economic, climate, and regional political uncertainties. Boosting the agriculture sector has significant potential to reduce poverty as most of the country’s food is produced by smallholder farmers.

“MSMEs are essential to lift incomes and create jobs in Azerbaijan, as they employ more than two-thirds of working people and nearly 40 per cent of registered women-owned businesses are in the agriculture sector. Bank Respublika is a longstanding reliable partner of ADB and its work aligns with ADB’s goal of improving food security, strengthening agriculture, and helping women to access finance, training, and markets. We look forward to our continued partnership with Bank Respublika” said Candice McDeigan, ADB’s Azerbaijan Country Director.

A majority of private businesses in Azerbaijan are MSMEs with almost half of them located in rural areas. Despite their importance, MSMEs struggle to access financial resources, making it harder for them to secure bank loans than larger firms. The country’s financial sector is slowly recovering from the impact of COVID-19 while currency-related risks continue to be a concern in the banking sector.

“Bank Respublika is a strong and valued partner due to its significant presence in rural areas, focus on MSMEs, and commitment to improving financial access for women and rural customers,” says Suzanne Gaboury, ADB Director General for Private Sector Operations. “This deal draws from our regional experience, particularly the advantages of using local currency to strengthen capital markets.”

ADB will also issue a Manat-denominated bond to support the loan. ADB will also work with Bank Respublika to promote gender equality through a professional development certification program for women employees and tailored financial services for female clients. ADB will work with Bank Respublika to develop gender-disaggregated loan data and provide training to loan agents on understanding women’s business concerns.

The financing supports domestic food production, reduces

Climate, India, Nature, Sustainable Energy

The power plant, located in Tirunelveli district in the state of Tamil Nadu in India, is expected to generate about 50.7 gigawatt-hours of electricity annually

The Asian Development Bank (ADB) and Fourth Partner Energy Private Limited (Fourth Partner) signed a long-term loan of up to 1.2 billion Indian rupees (about $14.7 million) to construct and operate a 25-megawatt solar photovoltaic-based power plant to increase clean and low-cost energy supply to commercial and industrial customers.

The power plant, located in Tirunelveli district in the state of Tamil Nadu in India, is expected to generate about 50.7 gigawatt-hours of electricity annually and will directly sell power to commercial and industrial users. India’s progressive open-access renewable energy policy allows a group of consumers to purchase electricity directly from an Independent Power Producer (IPP).

“Open access energy procurement can play an important role in businesses achieving their net zero emissions targets,” said Suzanne Gaboury, ADB’s Private Sector Operations Department Director General. “Solutions like this are being spearheaded by ADB to promote renewable energy across the region. This is ADB’s first direct financing to a renewable energy plant of this nature and is expected to crowd in international commercial financing to further decarbonize the commercial and industrial sector”.

Nearly 41,700 tons of carbon dioxide emissions a year will be avoided through the plant, which would otherwise have been generated by conventional fossil fuel plants.

“We are excited to add ADB to our esteemed list of green financiers as we move closer to our 3.5 GW renewable energy target by 2025.  Fourth Partner is also constructing solar and wind parks across Ottapidaram, Tuticorin, and Nandikundu in Tamil Nadu,” said Vivek Subramanian, Fourth Partner Energy Co-Founder and Executive Director. “We see this project as the beginning of our long-standing partnership with ADB to deliver cleaner, affordable power to India’s commercial and industrial sector,”

The power plant, located in Tirunelveli district