Samhita-CGF, USAID, others launch a programme to provide help for COVID impacted livelihoods

MUMBAI: In a bid to restore livelihoods lost during the COVID-19 crisis, Samhita-Collective Good Foundation (CGF), the US Agency for International Development (USAID), Michael & Susan Dell Foundation (MSDF) and Omidyar Network India have collaborated to launch a $6.85 million blended finance facility called REVIVE.

The financing facility, also supported by corporates such as Arvind Limited and Godrej Consumer Products Limited and foundations like Brihati Foundation powered by Claris, will provide accessible and affordable capital in the form of grants, returnable grants and loans to previously employed or self-employed workers and at-risk nano and micro enterprises to either restart and sustain their work or find alternative business opportunities. The facility is expected to reach between 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 sector workers.

In a statement, Founder and CEO, Samhita, Priya Naik, said, “This will have a positive impact on economic activity, self-employment, and household consumption, giving families and small businesses the agency to pay their dues, buy daily business supplies and invest in protective gear and other operations to sustain and thrive.”

“The United States and India have a long history of collaboration in the health and development areas, and our cooperative response to COVID-19 builds on this strong partnership. The COVID-19 pandemic has had a significant negative impact on the global economy, including India and its citizens. The impact on women and youth has been higher,” said Ramona El Hamzaoui, USAID/India Acting Mission Director, in a statement.

Rahil Rangwala, Director, Michael & Susan Dell Foundation, added in a statement that, “COVID has displaced so many workers in the informal sector, and has had a tremendous impact on the economy. REVIVE is a powerful platform aligned with our goal to support programs that bring people back to a road to recovery and reignite the economy. “

Siddharth Nautiyal, Partner, Omidyar Network India, said: “Through REVIVE, we aim to restore livelihoods with accessible and affordable capital thereby giving a much-needed impetus to small businesses and aiding economic recovery.”

The REVIVE Alliance will initiate partnerships with a range of stakeholders, including companies and foundations as fundraising partners, and business chambers, non-banking financial companies, social organisations and prominent sector influencers who will provide robust expertise and implementation support.

Among the companies and foundations that have come onboard, Arvind Limited will support workers from the textile industry who have lost their jobs; Godrej Consumer Products Limited will support beautypreneurs; and Brihati Foundation powered by Claris will support farmers and street vendors.

Samhita-CGF, USAID, others launch a programme to provide help for COVID impacted livelihoods Samhita-CGF, USAID, others launch a programme to provide help for COVID impacted livelihoods Reviewed by TechCO on 10/27/2020 Rating: 5

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