As India looks to address the economic impact of the global COVID-19 pandemic, the United States Government, through the U.S. Agency for International Development (USAID), has committed $1.9 million to support vulnerable populations whose livelihoods have been disrupted.
Highlighting the need to provide financial assistance to people affected by the disruption caused by COVID-19, U.S. Ambassador to India Kenneth I. Juster said: “The global COVID-19 pandemic has severely affected those who are vulnerable and less fortunate, thereby increasing the economic challenges these groups face. The financial assistance from USAID, extended generously by the American people to partners in India, will support efforts to rebuild local economies and improve the livelihoods of Indians who have been hit hardest by this pandemic.”
USAID funds will support the REVIVE alliance, founded by the Samhita-Collective Good Foundation and co-funded by the Michael & Susan Dell Foundation, Omidyar Network India, and the Ford Foundation, to address challenges caused by unemployment and income gaps faced by workers in the informal economy.
REVIVE will launch a $6.85 million blended finance facility in its first phase to provide accessible and affordable capital in the form of returnable grants or loans to self-employed workers and at-risk nano and micro enterprises to either 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 laborers.
Samhita-Collective Good Foundation will initiate shared-value partnerships with a range of stakeholders, including business chambers, non-banking financial companies, private enterprises, and others. USAID support will further deepen REVIVE’s work by augmenting its secretariat strengthening strategic partnerships and offering technical assistance to partners.
The U.S. Government continues to demonstrate global leadership in the face of the COVID-19 pandemic. This financial assistance supplements over $11 million in assistance previously provided by USAID to bolster India’s COVID-19 response and preparedness, and the donation of 200 state-of-the-art, U.S.-manufactured ventilators to the Government of India to assist in its fight against COVID-19.