The Government is to develop “innovative financing tools” to help women, the young, and people with disabilities who want to set up their own businesses obtain additional capital.

The move is part of the “Building Back Equal” initiative — spearheaded by the United Nations — to diversify economies and empower women.

Tinée Furbert, the Minister of Youth, Social Development and Seniors, said that the programme will encourage women and minorities “to engage in key economic sectors, such as agriculture; cultural and creative industries; micro, small and medium-sized enterprises, and sustainable tourism”.

Speaking in the House of Assembly on Friday, Ms Furbert said: “The joint programme also aligns with the Government’s national priorities and its commitment to ensuring the advancement of gender affairs.

“The joint programme encourages productive engagement for the growth of new opportunities in sectors such as agriculture, fisheries, and cultural industries.”

Ms Furbert said that representatives from United Nations Women Caribbean were on the island to advance the programme.

She said: “As part of the terms of reference for the joint programme, feasibility studies were to be undertaken on the business landscape of women, youth and persons with disabilities entrepreneurs.

“This is what the second mission trip in February this year focused on, in addition to introducing a potential accelerator programme to the Bermuda Economic Development Corporation for micro, small and medium-sized enterprises.

“The mission provided an opportunity for delegates to meet with government ministers, members of the Public Service Executive, Bermuda Economic Development Corporation, technical officers, banks and business entrepreneurs.”

Ms Furbert said that the UN team attended a series of forums and focus groups, and met government officials and financiers.

In addition, four Bermudians were appointed as consultants to the UN team.

Ms Furbert said: “The purpose of the various forums was for the UN Women consultants to gather information, by listening to entrepreneurs of MSMEs experiences, their concerns and potential solutions to improve the local landscape for MSMEs and how this could be facilitated in practice.”

She said that the meetings “provided feedback that will feed into the assessments being conducted by the UN Women consultants and form part of a national report to provide Bermuda’s current position as a country”.

“This would allow themes and trends to be identified to create an overall country profile that would support the direction of piloting innovative financing tools for gender equality to enable entrepreneurs who are women, youth and persons with disabilities to access additional capital, reduce risks and accelerate sustainable development goal achievement.

“These assessments are a first for Bermuda and the ministry certainly welcomes the national report.

“The Ministry of Youth, Social Development and Seniors remains committed to sharing this report upon completion. I also look forward to sharing subsequent updates with this Honourable House on the progress of the Building Back Equal joint programme.

“The contribution the delegates from UN Women and UNDP have made thus far for Bermuda and its citizens in advancing new opportunities through the joint programme is trailblazing.”