Melissa Aviles, a forest brigadista from Costa Rica. Costa Rica: Women Firefighters on the Frontlines of Resilient Recovery While their economic recovery will be a long process, the World Bank and the Lao government are building on the success of the SME Access to Finance project, forging pathways to help small companies weather the effects of the pandemic and get their firms back on solid financial ground as travel restrictions are gradually lifted. I feel much more at ease borrowing money from a bank,” explained Mr. Vorachith. “In the past, expanding was tough as we had to take out informal loans with very high interest rates. The World Bank Group’s SME Access to Finance Project has unlocked formal funding that was once out of reach for many of these firms. The situation has started to change, however. Despite their highly-refined skills and popularity with tourists, Mr. Vorachith and other entrepreneurs behind SMEs across the country struggle to access credit, and this limits their ability to expand operations and grow their employee base. The pandemic has created new challenges for these enterprises, many of which were already struggling for other reasons. With the onset of COVID-19 and decreased tourism, the artisans of Phailom - like other small- and medium-sized enterprises (SMEs) across Lao PDR - have been hit hard. Small enterprises, like his, as well as medium-sized enterprises account for more than 80 percent of employment and some 94 percent of all registered firms in Lao PDR, according to the Lao Statistics Bureau. His company, Vorachith Wood Carving, employees 23 people – providing meaningful and sustainable employment in his community. In recent years village’s network of talented woodworking artisans have become renowned suppliers of souvenirs to tourists wishing to remember their visit to the Lao People’s Democratic Republic.Īmong these artisans is Vorachith Keoxayayong, who has been continuing this village’s long tradition of wood sculpture since he was a child. The village of Phailom is situated about an hour’s drive outside the capital, Vientiane. Lao PDR: Unlocking the Full Potential of Small- and Medium-Sized Enterprise The World Bank Group is continuing to support the poorest countries as they look to a build a sustainable, resilient, and inclusive recovery. On this grim anniversary, we wanted to bring you stories from around the world that inspire. The following six stories are not billion-dollar projects, but the tales of everyday entrepreneurship and innovation happening on a small scale with a big impact. While the past year has been tremendously challenging, there have been remarkable stories of human resilience, ingenuity, and creativity. March 11 marks one year since COVID-19 was officially declared a pandemic.
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