Economy

Covid relief: US commits $1.9 m to India to support informal sector, micro enterprises

Our Bureau New Delhi | Updated on October 01, 2020 Published on October 01, 2020

Kenneth Juster, US Ambassador to India   -  THE HINDU

To support REVIVE alliance that will launch a $6.85-million blended finance facility

The US has committed $1.9 million to India to support informal sector workers and micro enterprises affected by Covid-19.

The fund will be provided through the US Agency for International Development (USAID), according to an official release issued by the US Embassy on Thursday.

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USAID funds will support the REVIVE alliance, founded by the Samhita-Collective Good Foundation, to address challenges caused by unemployment and income gaps faced by workers in the informal economy, the release stated. REVIVE is co-funded by the Michael & Susan Dell Foundation, Omidyar Network India and the Ford Foundation.

“The global Covid-19 pandemic has severely affected those who are vulnerable and less fortunate, thereby increasing the economic challenges these groups face. The financial assistance from USAID, extended generously by the American people to partners in India, will support efforts to rebuild local economies and improve the livelihoods of Indians who have been hit hardest by this pandemic,” said Kenneth Juster, US Ambassador to India.

REVIVE will launch a $6.85-million blended finance facility in its first phase to provide accessible and affordable capital in the form of returnable grants or loans to self-employed workers and at-risk nano and micro enterprises to either sustain their work or find alternative business opportunities. The facility is expected to reach 60,000-100,000 workers and enterprises and will give preference to youth and women. REVIVE will also undertake upskilling activities for laid off youth and informal labourers, the release said.

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The Samhita-Collective Good Foundation will initiate shared-value partnerships with a range of stakeholders, including business chambers, non-banking financial companies and private enterprises.

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Published on October 01, 2020
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