The United States has committed $ 1.9 million to support vulnerable populations like the informal sector workers whose livelihoods have been disrupted due to the COVID-19 pandemic. According to an official release issued by the US Embassy on Thursday, the fund will be provided through the US Agency for International Development (USAID).
“The financial assistance from US Agency for International Development (US-AID), 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”, Kenneth I Juster, US Ambassador said.
Highlighting the need to provide financial assistance to the people affected by the disruption caused by COVID-19, Juster said that the global pandemic has severely affected those who are vulnerable and less fortunate, thereby increasing the economic challenges these groups face.
USAID funds will support the REVIVE alliance, founded by the Samhita-Collective Good Foundation and co-funded by the Michael and Susan Dell Foundation, Omidyar Network India, and the Ford Foundation.
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 laborers, the release said.