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47.6% of Businesswomen Run Income-generating Economic Enterprises and 80% Rely on Self-financing for their Businesses
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47.6% of Businesswomen Run Income-generating Economic Enterprises and 80% Rely on Self-financing for their Businesses

Session Launching the findings of Asala’s Survey of Financial Training Needs for Women Entrepreneurs in the West Bank

Ramallah- September 8, 2021- The Palestinian Businesswomen’s Association (Asala), in collaboration with Palestine Monetary Authority, organized a session today in Ramallah to launch the findings of a study titled "Survey of Financial Training Needs for Women Entrepreneurs in the West Bank." The session was attended by the Executive Director of Asala, Mrs. Rajaa Rantisi, the Executive Director of Financial Stability Group of Palestine Monetary Authority Mr. Eyad Zeitawi, the Director of Policies at the Ministry of National Economy, Mr. Rashad Yusuf, and a number of representatives of the civil society institutions, banks and lending institutions.  

The findings of the Survey, which covered 1,000 businesswomen, show that 47.6% of the respondents run income-generating businesses that provide 2.35 jobs per business. According to the Survey, 52.5% of the respondents have entrepreneurial ideas for new businesses in the future. Moreover, the vast majority, or 80%, of the respondents rely on self-financing from savings and family finances as a source of funding for their businesses.

Mrs. Rantisi said the opening remarks the study had been part of Asala’s efforts to achieve its vision of empowering Palestinian women entrepreneurs economically. Mrs. Rantisi also noted that the preparation of the study aimed at identifying Palestinian women entrepreneurs’ financial and training needs as a first step to support them and providing them with training and services that would enable them to move forward with their existing businesses or implement new business ideas. Also, to design training programs and workshops that meet the financial training needs of women entrepreneurs. The study had prompted Asala to train more than 1,000 women entrepreneurs in financial topics, said Mrs. Rantisi.

Mr. Eyad Zeitawi stressed the significance of the study in identifying the demand side obstacles businesswomen face (businesswomen’s financial training needs) and proposed a number of measures to reduce the obstacles. Moreover, Mr. Zitawi emphasized the importance of availability of gender-based detailed information in order to identify the gap in provision of financial services to men and women.

Mr. Zitawi pointed to the intersection of this study with the objectives of the strategic objectives of Palestine Monetary Authority, especially those specified in the Financial Inclusion Strategy, which aimed to reach marginalized groups, especially women, and to enable them financially by strengthening their capabilities and awareness and empowering them to access financial services commensurate with their needs and access to sources of funding in order to support and develop their businesses and maintain their sustainability.

Mr. Rashad Yusuf emphasized the necessity to focus on the basic needs of women entrepreneurs that helped develop their businesses and the importance of joined national institutions’ efforts in providing these needs. Mr. Yusuf noted that the Ministry of National Economy had recently worked to define and categorize economic enterprises in order to enable them to have access to finances, incentives, facilities and financial services, which would enhance the possibility of growth and development of these enterprises.

Mr. Ashraf Al Zain, author of the study, presented its most prominent findings. Mr. Al Zain noted that the study identified the problems, constraints and challenges women entrepreneurs faced at business, family and society levels. The findings will help develop a training program to develop technical, professional and financial skills, as well as develop the level of awareness and financial knowledge that takes into account gender and responds to the needs of women respondents with the aim of building women's economic capacities, increasing their employment opportunities and economic empowerment and enhance their role at family and community levels, according to Mr. Al Zain.

The study recommends that businesswomen's financial awareness and knowledge should be enhanced, particularly information from Palestine Monetary Authority on the protection of clients’ rights. Also, develop women's business management skills and capabilities through theoretical and practical training.

The survey included women who are currently conducting income-generating economic activities or wishing to establish new activities in the future, which contribute to improving the living conditions of themselves and their families and help them strengthen their role at the family and community level.

The study covers women who currently run income-generating economic activities or wish to establish new activities in the future, which would contribute to improving their living conditions and those of their households and help them strengthen their role at family and community levels.

The study has been prepared by Asala as part of Generating Revenue Opportunities for Women and Youth in the West Bank Project (GROW), funded by the government of Canada and implemented by CowaterSogema International Inc. in partnership with Asala and in cooperation with the Ministry of National Economy.

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