Fiji adopts finance code
FIJI has now adopted the Women Entrepreneurs (WE) Finance Code making us the third country in the world to do so.
Supported by the Ministry of Trade, Cooperatives, Small and Medium Enterprises, and the Ministry of Communications, the WE Finance Code is a multi-stakeholder initiative led by the Asian Development Bank (ADB) focused on the “crucial need for the development of women-owned and women-led business in Fiji”.
“We are working on developing an integrated ecosystem that will enable the graduation of women-led businesses from micro to small, small to medium and medium to large,” Digital Government Transformation, Cybersecurity and Communications
director-general Tupou’tuah Baravilala said during the WE Finance Code launch.
“It is evident through the recipient data within the ministry that majority womenowned businesses are operating in the micro segment, therefore, the need for a concerted, inclusive and holistic effort.
“The Women Entrepreneurs’ Finance Code will further enhance these efforts by fostering a women micro, small and medium enterprises (MSMEs)-focused policy and regulatory framework; incentivising private sector engagement; and fostering evidence and knowledge through peer learning.”
she said the ministry stood ready to support initiatives like the WE and to partner with relevant authorities to narrow existing gender gaps and support women-owned and women-led business to thrive.
Fiji is the third country in the world to adopt this code and has signed the commitment through the Trade Ministry, Ministry of Women, Children and Social Protection, Reserve Bank of Fiji (RBF) and Fiji Development Bank (FDB).
Ms Baravilala said other complementary initiatives being undertaken included the development of the National Digital Strategy, National E-Commerce Strategy, and commencing of the second Cybersecurity Maturity Model Assessment for States to inform Fiji’s National Cybersecurity Strategy.
“The ministry extends support to women MSMEs by providing five grant funding opportunities; this includes Integrated Human Resource Development Programme, National Export Strategy, Young Entrepreneurship
Scheme, Northern Development Programme and Trade Enhancement Programme, with 21,000 women-led businesses being recipients of these grant programmes, with an estimate value of $32.7million.
“The ministry has also successfully completed public consultations on the draft law on alternative forms of access to finance. An impressive 65 per cent of participants in these consultations were women, demonstrating the strong and diverse engagement from our female population.”
She said all those efforts would continue to ensure relevant authorities continued to provide an enabling, inclusive, secure, and business conducive regulatory and policy environment, including for Fiji’s women entrepreneurs.