The International Development Association (IDA) released the US$ 50 million fund for the National Urban Project, benefiting women entrepreneurs running small businesses, Fortune reported.

The project which will be implemented through the Women Entrepreneurs Development Project (WEDP), is set up by the IDA to to assist women-led small businesses that are considered too small to borrow from commercial banks and too big to borrow from micro finance institutions.

The aim of the project is to increase the earning and employment capacity of Small & Micro Enterprises (SMEs) owned by female entrepreneurs.

The National Urban Project involves beneficiaries within the surroundings of Bahir Dar, Adama, Hawassa, Mekelle, Addis Abeba and Dire Dewa, WEDP coordinator, Yohannes Solomon, told Fortune.

Eight micro finance institutions have been selected to administer the credit granting process. The MFIs will set up One Stop Shops (OSSs) to serve as entry points for the MSEs into the WEDP.

Source: Fortune