Unibank, GGSF Launch $15M Women Entrepreneurs Fund

Azerbaijan's Unibank Commercial Bank Open Joint-Stock Company, one of the country's largest commercial banks, has entered into a partnership with Global Gender-Smart Fund S.A., a Luxembourg registered alternative investment fund, to enhance financial inclusion of women entrepreneurs by providing a financial loan facility of $15 million. The groundbreaking agreement is supported by impact investment firm Incofin Investment Management and is designed to help women businesses, and women-led businesses, gain access to finance to increase business growth, innovation and economic participation in Azerbaijan.

The amount of money financed is equivalent to the amount of dollars and cents (USD) in Azerbaijani Manat (AZN) that is equivalent to $15 million USD in Azerbaijani Manat (AZN) and is a step towards reducing the funding gap that women entrepreneurs encounter in Azerbaijan. The partnership aims to enhance gender-sensitive economic growth and help women-led businesses thrive by offering dedicated financial support and building a more inclusive financial system.

The collaboration reflects a shared vision to use impact investing as a catalyst for sustainable development, inclusive growth, and long-term economic resilience in Azerbaijan, between Global Gender-Smart Fund, Unibank and Incofin Investment Management.

Key Highlights

• A $15 million facility enhances access to financing for women entrepreneurs in Azerbaijan
• Partnership promotes gender-aware investing via financial solutions and support that is inclusive
• Initiative builds the entrepreneurial capacity of women, innovation and sustainable economic involvement of women on a national scale

Unibank's Acting Chairman of the Management Board Heybat Gadirov commented on the partnership, saying, "The partnership is a great step in our work to increase financial inclusion in Azerbaijan, and by associating with the Global Gender-Smart Fund, we are strengthening our efforts to provide customised financial solutions for women-owned and women-led businesses to help them grow, innovate and play an active role in our national economy”.

The initiative is not limited to investment but also promotes financial products and services that meet women entrepreneurs' needs. It also strengthens Unibank's inclusive banking philosophy and solutions to drive sustainable business growth and economic empowerment.

Etienne de Belloy, Associate Director, Fund Management at Innpact Fund Management, emphasized the importance of the partnership and added that: "The GGSF's vision is to deliver gender-smart financing in line with the ultimate goal of increasing the empowerment of women and improving their livelihoods, and the collaboration with Unibank is part of this process. Unibank's gender action plan promises to design new products that address women's needs and to provide financial literacy training to women entrepreneurs to help access and benefit from them, which is crucial when it comes to financing women borrowers in Azerbaijan responsibly and in a way that has a positive impact”.

Innpact Fund Management handles the management of GGSF and Incofin Investment Management initiates, monitors and manages the relationship with Unibank in this project.

The Global Gender-Smart Fund (GGSF) is acknowledged as the world's biggest gender-focused fund to lend to financial institutions in developing countries. It is committed to increase access for women to responsible, gender-inclusive financial services, and to women-owned and women-led businesses. The fund helps build more inclusive financial systems, which further supports improved livelihoods, financial inclusion, and greater gender equality and women's leadership in emerging markets.