Male, March 3, 2008—
IFC, a member of the World Bank Group, and the Women Entrepreneurs Council kicked off a linkages program between the tourism industry and smaller businesses in Maldives by hosting a cultural heritage road show at the Chaaya Island Dhonveli hotel. This is a first step in a joint initiative to help improve the country’s business environment and enhance capacity of local small and medium enterprises.
Ghazzali Mohideen, Manager of the Chaaya Island Dhonveli, said,
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We are happy to join this initiative to promote and create links between the tourism industry and local communities. The welfare of local businesses in proximity to our resorts has always been a key aspect of our corporate social responsibility activities. This project addresses the declining involvement of local communities in Maldivian arts and crafts and is expected to initiate a revival.”
Gilles Galludec, IFC Country Manager for Maldives and Sri Lanka, said, “The overall objective of the program is to bring local communities closer to tourism resorts and help create economic opportunities for growth of local crafts and agriculture. IFC recently extended a loan to support John Keells Holdings’ expansion in a number of areas. We are also working on a wider linkage program with John Keells. Their support for this initiative reinforces our shared commitment.”
A memorandum of understanding and cooperation agreement was signed between IFC Advisory Services and the Women Entrepreneurs Council in October 2007. The project is part of a larger program in the tourism sector in Maldives. Building on this effort, IFC will support the country’s handicraft industry, providing workers with a chance to earn better incomes. IFC is also looking into building agricultural linkages between resorts and nearby communities.
The event helped broaden awareness about Maldivian culture and crafts. With about 90 percent of handicrafts sold in Maldives imported today, the program aims to promote the authenticity of local crafts.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
About the Women Entrepreneurs Council
The Women Entrepreneurs Council of the Maldives was formed in April 2004, with 44 members. It was established as a focal point to concentrate efforts and encourage, support, and empower women to achieve financial independence. The council focuses on creating and enhancing a commercial climate in the country and beyond its borders that is conducive to developing women-owned businesses. An important aspect of its work includes achieving the appropriate social and regulatory framework for developing these entrepreneurs; organizing national and local initiatives such as access to support schemes, counseling, and guidance; and providing access to physical resources and markets.