The UN Capital Development Fund has appointed Indian-origin investment and development banker Preeti Sinha as its Executive Secretary, whose focus will be on providing micro-finance assistance to women, youth, small and medium-sized enterprises in under-served communities. Sinha commenced her tenure as UNCDF Executive Secretary, the highest leadership rank in the institution, on Monday.
Under this role, Preeti will be focussing on providing micro-finance assistance to women, youth, and small and medium-sized enterprises in under-served communities. Established in 1966, the New York City-headquartered organisation provides micro-finance access to Least Developed Countries (LDCs), with the mandate to unlock the full potential of public and private finance.
In a statement, Sinha said her goal would be to make ‘C’ in UNCDF (capital) to be “highly catalytic in mobilising manifold the public and private finance for the LDCs it serves and in developing a new era of engagement with capital markets in 2021 and onwards.” Sinha succeeds Judith Karl, who retired in February after concluding her 30-year career in the United Nations, the agency said. Welcoming Sinha, UNDP Administrator Achim Steiner said: “UNCDF’s support for the world’s Least Developed Countries is critical, and I look forward to continuing the strong partnership between our organisations into the future”.
About United Nations Capital Development Fund
- The New York-based United Nations Capital Development Fund is an autonomous UN organization affiliated with UNDP. It was established in 1966.
- The original mandate of UNCDF: to assist developing countries in the development of their economies by supplementing existing sources of capital assistance by means of grants and loans.
- The organisation provides micro-finance access to the 47 Least Developed Countries (LDCs) of the world, to help them unlock the full potential of public and private finance.