Good morning. 

Nearly one year ago, a joint United Nations team partnered with the Government of Bermuda to support your vision for a financing system that enables the hopes and dreams of women and youth entrepreneurs in critical growth sectors.

We agreed that recovery from COVID-19 requires building back equal, focusing on removal of the unique barriers which deny financing to these vulnerable groups. 

Today, UNDP is happy to be back in beautiful Bermuda with UN Women, Portland Private Equity & FinDev Canada to support you in establishing foundations on which this vision can become a reality. 

In simultaneous capacity building sessions today, government experts will learn how to develop a gender sensitive entrepreneurial eco-system; and investment professionals and fund managers will learn how to apply a gender lens throughout the investment cycle.  

We anticipate that once trained, participants will advance work on systems, procedures and policies that will better identify and serve promising female and youth-owned enterprises, ensuring they can access financing opportunities. 

The gender gap in access to financing is an untenable position for any nation with ambitions to leverage its workforce potential for economic growth. 

In fact, studies confirm why a gender-specific approach matters:

(1) There is a persisting 9% gender gap in access to financing in developing countries. 
(2) Women are less likely to have access to financial institutions or to possess a bank account. 
(3) Female-owned Small and Medium sized Enterprises account for 33% or US$1.5 trillion of the finance gap.
(4) Many women entrepreneurs avoid loans because of low financial literacy, risk aversion, or fear of failure, and may face higher interest charges and shorter repayment periods.

Facilitating the entrepreneurial ambitions of Bermuda’s women and youth is therefore a smart decision for the MSME sector and serves the national interest.  

The representation in this room demonstrates that the power lies with many of you to advance transformative changes. 

We hope you consider the Building Back Equal through Innovative Financing for Gender Equality and Women’s Empowerment Joint Programme an important vehicle for facilitating this change, and the UN system a key ally on the journey.

As you head into your respective trainings:

I encourage you to continuously strengthen public/private partnerships to bolster the enabling environment and resource pool for gender equity in financing for the MSME sector. 

Continue to see each other as partners in the mission to establish a gender-sensitive entrepreneurial ecosystem designed to holistically address financing needs while identifying and unleashing potential wherever it exists. 

Finally, I encourage you to ensure that any digital tools being developed are inclusive, user-friendly and relevant to the needs of underserved entrepreneurs. 

UNDP and the UN look forward to shining a light on Bermuda’s best practices in innovative financing vehicles, digital platforms and tools which close the financing gap for women and youth. 

I wish you productive and enriching sessions that will take us closer to this goal and assure you that UNDP remains fully committed. 

Thank you.