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EDF-w in the Federated States of Micronesia (FSM): Economic Revitalization in the North Pacific
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Start Date
2024
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End Date
2026
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Project Status
Active
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Project Type
Community Development
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Budget Amount (USD)
300000.00
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Coverage
National
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Year
2024
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IDF Region
Asia and Oceania
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Prima ID
FM10P0537
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Projects ID
CD.0111
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Benefiting Member States
Federated States of Micronesia
This project aims to contribute to the economic development of the Federated States of Micronesia (FSM) by focusing on employment creation and the revitalization of local economies, particularly in food, agriculture, and market systems. The project targets enhancing conditions for climate resilience and promoting the sustainable economic inclusion of women. The primary outcome (Outcome 1) is to enhance employability and business support for women through the provision of mentoring and financial support to women-owned and women-staffed MSMEs and the enhancement of institutional capacity within the Government of FSM.
To achieve this Outcome, a comprehensive labour market assessment and service point mapping to identify women-owned and women-staffed MSMEs will first be conducted, using community-based participatory approaches and consultation exercises to ensure maximum participation and economic impact (Output 1.1). Second, financial resources for job creation and scale-up will be provided to selected MSMEs through an innovative financing framework under IOM's Enterprise Development Fund (Output 1.2). Grants will focus on promoting sustainable job creation in climate-resilient sectors, with a particular emphasis on women's participation. The project will offer tailored support to partner MSMEs, ensuring the sustainability of actions outlined in their business plans. These interventions will finally be coupled with a capacity building component on the delivery of innovative MSME financial services focusing on food, agriculture and market-based approaches targeting the Government entities and financial institutions in FSM (Output 1.3), to ensure the sustainability of project outcomes.