Program to support BP in deploying its program to support women's entrepreneurship and economic empowerment

Persistent gender inequalities are an obstacle to inclusive economic and social development in Costa Rica. Women represent half of the population, and their economic empowerment through entrepre- neurship or access to decent jobs is an essential lever for economic growth  and  the  reduction  of  poverty  and  inequality.

Despite its considerable potential, the development of women's en- trepreneurship is hampered by numerous obstacles, notably lack of access to financing, which is exacerbated by structural gender ine- qualities. These gender disparities are reflected in the supply of finan- cial and non-financial services, which are still ill-suited to the needs of women, who remain an under-served or underserved clientele of fi- nancial institutions. Costa Rica's private sector is the largest generator of employment, but structural barriers to women prevent them from accessing the most lucrative jobs. What's more, even though Costa Rica is working on a future childcare and dependency system, women continue to bear a massive share of these family burdens, preventing them from developing their economic autonomy.

The mobilization of the banking sector is crucial to meet these chal- lenges and help reduce the gender gap, both in terms of access to financing for women entrepreneurs and in terms of improving gender equality practices within companies.

The aim of the project is to strengthen BPDC's strategic position, by supporting the bank in financing investments designed to promote women's entrepreneurship and improve gender equality practices in Costa Rican businesses. More specifically, the project will pursue the following specific objectives:

• Strengthen access to financing and the financial capacity of women-owned MSMEs and gender-equal enterprises by supporting the BPDC in the development of financial and non-financial services tailored to women's specific needs;
• Provide BPDC with long-term resources to encourage it to develop and deploy its financial services offering to these businesses;
• Promote gender mainstreaming in the financial sector by supporting BPDC in developing and implementing a gender action plan (GAP) internally and in its operations.

The project will (i) contribute to the promotion of women's economic empowerment in Costa Rica by strengthening access to financing, promoting women's entrepreneurship, creating and transforming jobs for women, and reducing gender inequalities; (ii) support the BPDC in integrating gender criteria and practices within the institution as such, in their operations, their supply chains and in the implementation of financial and non-financial services dedicated to gender equality; (iii) strengthen the BPDC's positioning as a pivotal player in the promotion of gender equality in Costa Rica and have a structuring impact at the level of the financial sector within the country.