Banca Etica, Italy’s first ethical finance bank and a proud member of the Global Alliance for Banking on Values (GABV), is leading the way in using finance to foster social inclusion and cohesion. With support from the European Investment Bank (EIB), the bank has launched a new initiative aimed at supporting women entrepreneurs, refugees and businesses in economically disadvantaged regions of Italy.
Supporting Refugees and Asylum Seekers
In Italy, refugee reception centres often face delays of up to 36 months when waiting for government reimbursements. Banca Etica steps in to bridge that gap, directing at least 30% of its new financing to help these centres remain operational. This support enables centres to offer essential services like language classes, vocational training, and job placement, providing refugees with tools to rebuild their lives and integrate into society. This financing will also support fair employment and entrepreneurship of refugees, helping with their integration to labour markets in conditions of freedom, equity, security and human dignity.
Advancing Gender Equality
Women-led businesses face structural barriers in accessing finance. Through this initiative, Banca Etica will allocate another 30% of its financing to support women entrepreneurs and projects that promote employment and services for women. The goal is to address the gender finance gap and enable women to grow sustainable enterprises.
Tackling Regional Inequality
The remaining funds are focused on boosting small and medium-sized businesses in underdeveloped regions, particularly in southern Italy. By improving access to finance, Banca Etica is helping to stimulate local economies, create jobs, and reduce longstanding regional disparities.
This project reflects how ethical finance can go beyond profit to serve people and communities. As an active GABV member, Banca Etica continues to show that banking built on values is not only possible, it’s essential.
This article is based on reporting by the the European Investment Bank. Read the full original article here.
Source: European Investment Bank, 27 November 2024
