Bloomberg Philanthropies, CARE to support Women SMEs in East Africa

NAIROBI, Kenya Feb 18-Bloomberg Philanthropies has announced a partnership with CARE to expand existing Village Savings and Loans Associations (VSLAs) for agricultural funds in Tanzania, Rwanda, and Democratic Republic of the Congo.

The partnership will enable women who own small agriculture-based businesses to build capital and access credit to invest in and grow their businesses, ensuring long-term economic sustainability for themselves and their families.

VSLAs are member-driven community funds that encourage financial inclusion and independence by pooling resources and providing low-interest rate loans.

The partnership advances Bloomberg Philanthropies Women’s Economic Development Initiative, which has invested $65 million since 2007 in training opportunities for women internationally that build marketable skills across 12 vocational tracks in high-demand industries leading to economic independence for participants.  

In 2020, Bloomberg Philanthropies piloted a VSLA program in Tanzania which successfully trained leaders of 29,000 informal Village Savings and Loan Associations on how to use agricultural funds.

Working with CARE, Bloomberg is taking the next impactful step in creating financial stability for women by teaching 150,000 people, over two years, how to invest their capital and grow their small businesses in Tanzania, Rwanda, and Democratic Republic of the Congo.

“Access to capital and credit allows women to apply their skills, grow their businesses, invest in their families, and achieve economic independence – with benefits that spread throughout communities,” said Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg L.P. and 108th Mayor of New York City.

“Too often, that access is lacking – but our partnership with CARE is helping to fix that, and we’re looking forward to expanding our work together through this new collaboration.” 

The program will train women who are currently enrolled in or who are recent graduates from Bloomberg sponsored training programs, as well as their adult family members.

This investment is projected to have a secondary impact on more than a half million families and community members. 

Bloomberg Philanthropies’ Women’s Economic Development Initiative brings together government agencies, corporations, and nonprofits to provide individuals with sustainable income-generating and civic participation opportunities.

Globally, the initiative has invested in more than 568,000 women which has benefitted more than two million children and family members.

CARE will collaborate with existing Bloomberg Philanthropies partner Sustainable Growers, which works with women coffee producers in Congo, Rwanda, and Tanzania, and Women for Women International, an organization operating in nine post conflict regions, assisting women who are survivors of war.

In Tanzania, these efforts will focus on supporting small-scale farmers to invest in land ownership, equipment, and infrastructure to increase agricultural productivity and export premium tea.