WASHINGTON U.S. International Development Finance Corporation (DFC) and partners across the U.S. Government including the White House, U.S. Department of State, and United States Agency for International Development (USAID) today announced that they have reached 12 million women through their efforts under the Women’s Global Development and Prosperity (W-GDP) Initiative during its inaugural year. The announcement was made at an event marking the first anniversary of the U.S. Government initiative, which aims to empower 50 million women globally by 2025.
Women represent one of the most powerful drivers of development, prosperity, and stability across the world. In its inaugural year, W-GDP has made enormous strides to tap into this potential by empowering women to prosper in the workforce, thrive as entrepreneurs, and succeed in the economy through enabling business environments, said DFC Chief Executive Officer Adam Boehler. DFC is exceptionally proud to advance W-GDP through its 2X Women’s Initiative, which leverages finance to knock down barriers to full economic empowerment for women around the globe. We are eager to continue partnering with the White House and our other U.S. Government colleagues to build on this year’s many successes and achieve our goal of empowering 50 million women globally.
Although they represent an immense global opportunity, women face persistent challengesincluding a roughly $300 billion shortfall in access to creditthat prevent them from reaching their full potential. Addressing such challenges could add an estimated $28 trillion to global GDP by 2025. Further, when women earn a competitive income, they spend the majority of their earnings on their familiesreinvesting in products and services that contribute to stronger and more resilient communities including food, healthcare, and education.
Launched in February 2019, W-GDP represents the first whole-of-U.S. Government initiative to advance global women’s economic empowerment and coordinates the efforts of many agencies in pursuit of its mission. Spearheaded by Advisor to the President Ivanka Trump, W-GDP is led by the White House and housed within the U.S. Department of State.
Within one year, the Trump Administration’s Women’s Global Development and Prosperity Initiative has reached an astounding 12 million women, making progress towards our goal of economically empowering 50 million women by 2025. W-GDP strives to remove foundational legal barriers that prevent women from fully and freely participating in their local economies. Without unleashing the potential of women, countries that receive U.S. foreign assistance will never realize the desired goal of becoming self-sustaining trading partners. Along with our colleagues at the State Department, I look forward to continuing to spearhead these life-impacting programs to advance women’s economic empowerment for our collective economic prosperity and global stability, said Advisor Trump.
DFC, through its 2X Women’s Initiative, has played a key role in advancing W-GDP. Since the launch of W-GDP, the agency has surpassed its initial goal to catalyze $1 billion of investment in businesses and funds owned by, led by, or providing a product or service that intentionally empowers women.
Under W-GDP, DFC has also enhanced its focus on reaching women in regions of the world where they face particular challenges to full economic empowerment. In April, the agency joined Advisor Trump in Ethiopia to launch 2X Africaa $1 billion commitment to empowering women across Africa. During the past year, the agency also surpassed its $500 million commitment to women in Latin America and the Caribbean through 2X Americas and committed, in partnership with Citi, an additional $500 million to the region’s women.
DFC’s 2X investments span projects across Africa, Latin America, the Indo-Pacific, and emerging markets across the globe. Some of these investments include:
Advancing financial inclusion in Ecuador Financing is expanding lending to micro, small, and medium enterprises in Ecuador that are owned by, led by, or support women.
Creating quality jobs in Senegal A loan is enabling the construction and operation of two hotels in Dakar that will create quality employment opportunities for local women.
Supporting healthcare access in Egypt Financing is supporting a fund that invests in affordable and quality healthcare across Egypt with a particular focus on reaching women and children, including through labor and delivery services.
Providing clean water in India A loan is helping install hundreds of water purification plants across India, removing a critical barrier to greater economic participation for women by reducing the time they often spend collecting water for their families.
Expanding access to essential services globally Financing is supporting social enterprises working to expand access to impactful products and services such as food, housing, and educationparticularly for women, who face disproportionate challenges accessing these services in the developing world.
Under W-GDP, DFC is also collaborating with its global counterparts through the 2X Challenge to catalyze $3 billion of investment in the world’s women and set the global standard for gender-lens investing through the 2X Criteria.
Source: U.S. International Development Finance Corporation