Visa Foundation Commits $210 Million to Support Small and Micro Businesses and Immediate COVID-19 Emergency Relief

Published in Economics
Wednesday, 08 April 2020 14:51

SAN FRANCISCO/Tbilisi (April 7, 2020) – The Visa Foundation today announced a commitment of two programs totaling $210 million to support small and micro businesses, aligning with the Foundation’s long-term focus on women’s economic advancement and inclusive economic development, and to address an urgent need from local communities following the spread of COVID-19.

The first program of $10 million is designated for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic, such as public health and food relief, in each of the five geographic regions in which Visa operates: North America; Latin America and the Caribbean; Europe; Asia Pacific; and Central Europe, Middle East and Africa.

“As COVID-19 continues to unfold, communities are feeling the effects and need our immediate support,” said Al Kelly, CEO and chairman of Visa. “As a global company that operates a very local business, we recognize this need. We’re also committed to the long-term recovery and will continue to explore ways we can accelerate economic activity in line with our mission to help individuals, businesses and economies thrive.”

The second program is a five-year, strategic $200 million commitment to support small and micro businesses around the world, with a focus on fostering women’s economic advancement. This action expands the Visa Foundation’s long-standing support for small and micro businesses globally. The funds from the Visa Foundation will provide capital to non-government organizations (NGOs) and investment partners supporting small and micro businesses.

Small and micro businesses are the backbone of the global economy, accounting for more than 90 percent of worldwide businesses and contributing 50 to 60 percent of global employment.[i] There is a $300 billion annual credit deficit in funding for women-owned small and micro businesses, which is expected to grow given the recent economic turmoil unfolding due to COVID-19.[ii]

“Now more than ever, we must accelerate our support for small businesses on the frontlines driving economic growth,” said Kelly. “As many small and micro business owners are women, there will be a ripple effect supporting women’s economic advancement, which we believe is one of the most important ways to achieve gender equality, reduce poverty and foster inclusive economic development.”

Through the $200 million small and micro business program, the Visa Foundation will provide $60 million in grants to NGOs dedicated to supporting small and micro business owners, many of whom are women, in every region where Visa operates. The Visa Foundation will also allocate $140 million with investment partners that generate positive social and financial returns for small and micro businesses.

“Two hundred million dollars in new financial resources demonstrates our continuing commitment to support small and micro businesses, with a focus on women’s economic advancement globally” said Graham Macmillan, President of the Visa Foundation. “When women thrive, communities thrive. We know this matters now more than ever as the global economy seeks to recover and rebuild.”

For more information:

About the Visa Foundation

The Visa Foundation seeks to support inclusive economies where individuals, businesses and communities can thrive. Through grantmaking and investing, the Foundation prioritizes the resilience and growth of micro and small businesses that benefit women. The Foundation also supports broader community needs and disaster response in times of crisis. The Visa Foundation is registered in the U.S. as a 501(c)3 entity.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit usa.visa.com/about-visa, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE

Giorgi Gakharia: We Have Decided To Significantly Tighten Measures Under State of Emergency, Effectively Declaring Universal Quarantine

Published in Justice
Monday, 30 March 2020 19:06

The government made the decision to significantly tighten measures within the framework of the state of emergency, which will take effect at 8:00 in the morning tomorrow, stated Georgian Prime Minister Giorgi Gakharia at a briefing held after the conclusion of a session of the Interagency Coordination Council on the coronavirus.

Today's session took place in an extended format and was attended by the mayor of the capital, members of the Cabinet of Ministers, and senior officials from the Center for Disease Control, in addition to members of the council.

"We have decided to significantly tighten measures within the framework of the state of emergency. Effectively - and I would like to emphasize this - effectively, we are declaring universal quarantine, which will begin tomorrow, at 8:00 in the morning. This quarantine means the following:

• It is completely forbidden to travel using any type of public transport (including the subway), both within and between cities and municipalities.

• It is only permissible to travel using light vehicles (including taxis), and only if the recommendation of the Ministry of Healthcare has been taken into consideration, i.e., if there are no more than three persons in an automobile, with the essential condition that the two persons are seated in the rear seat. This is a very important recommendation and relevant state bodies will make the appropriate decisions in case of noncompliance.

• Also, it is only permissible to carry passengers for the purpose of transporting employees of facilities of strategic importance in an organized and safe manner.

• Gathering of more than three persons is forbidden, with the exception of grocery stores and pharmacies, where maintaining a social distance of two meters is mandatory
.
• Furthermore, rules governing the operation of enterprises that are permitted by the government will be set out separately; they will have separate protocols that will be agreed with the Ministry of Healthcare. We are doing this so that the economy can continue to function and to ensure that the potential that the Georgian economy possesses is not brought to a standstill, as well as, of course, to ensure that our citizens can retain their jobs as much as possible.

• Our citizens above 70 years of age will be forbidden from leaving their homes, unless they are going to their nearest grocery store, their nearest pharmacy, or their nearest medical facility.

• If our citizens above 70 years of age live alone, the Ministry of Healthcare and the Ministry of Economy, as well as local municipalities, are obligated to provide them with assistance.

• Most importantly: Effectively, a full quarantine will be declared for the duration of the state of emergency. It will be forbidden to move on foot or using any other mode of transportation in the cities and throughout the entire country between the hours of 21:00 and 06:00. Effectively - and I would like to emphasize this once again - effectively, this means that a so-called curfew is being declared throughout the entire country between the hours of 21:00 and 06:00.

• Checkpoints will be set up in the cities of Tbilisi, Batumi, Kutaisi, Rustavi, Poti, Zugdidi, and Gori in order to control the movement of individuals, to check their health status, and to ensure the fulfillment of the tightened measures under the state of emergency, as well as to provide initial thermal screening and to control the administrative borders of these cities. These measures will be carried out by the forces of the Ministry of Internal Affairs, with the involvement of the relevant agencies of the Ministry of Defense.

• A very important point: Every citizen must carry their identity documents while moving within the city at any time," the prime minister of Georgia stated.

Press Service of the Government Administration

State of Emergency declared in Georgia

Published in Politics
Saturday, 21 March 2020 15:42

Georgia has declared the state of emergency starting today till April 21 in connection with the situation over the novel coronavirus in the country – Prime Minister Giorgi Gakharia announced.

Prime Minister has already applied to President. Declaration of state of emergency requires approval of the parliament, which will hold the extraordinary sitting later this afternoon.

Georgia confirmed three new cases of the novel coronavirus (COVID-19) bringing the total number of the infected individuals to 47 – reads the information posted on the special web-page stopcov.ge created by the government of Georgia.

According to the latest data, 1966 remain under quarantine, while 251 under hospital supervision. Only one patient recovered from the virus.

https://1tv.ge/en/news/state-of-emergency-declared-in-georgia/

Business News

Silk Road Tbilisi Forum 2015 has started

Silk Road Tbilisi Forum 2015 has started

Silk Road Tbilisi 2015 forum started today. Following the success of the inaugural Routes Silk Road...

Agreement between SES and GEE

Agreement between SES and GEE

A new multi-year agreement was signed between worldwide satellite operator SES and Global Eagle Ente...

Visa free regime to impose for 15 February

Visa free regime to impose for 15 February

The visa regime imposed by Georgia to Iran has been cancelled for 15 February,” -the Deputy Ambassad...

Session of Economic Council was held under the leadership of Prime Minister

Session of Economic Council was held under the leadership of Prime Minister

Plan of acceleration of infrastructural projects, financial support scheme for startups and activiti...

MOST READ

« September 2022 »
Mon Tue Wed Thu Fri Sat Sun
      1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30    

About

The News Agency,
NEWSDAY.GE is
a part of STARVISION
Media Group.
It made its first
appearance on the Internet..More

 

Contact

NEWSDAY Ltd.
Lechkhumi street.43

Georgia,Tbilisi

Phone: (+995 32) 257 91 11
E-mail: avtandil@yahoo.com

 

 

 

Social Media