The Calvert Foundation, a US-based nonprofit specializing in social impact investment, in collaboration with Citi Foundation, the charitable arm of US-based financial services provider Citigroup, recently announced the launch of Women INvesting in Women INitiative (WIN-WIN) whereby USD 20 million will be invested to create opportunities for women lacking access to traditional financing. As of March 2012, the Calvert Foundation has approximately USD 200 million invested in 250 community organizations. As of 2009, Citi Foundation has total assets of USD 65.8 million.
Lead by the Calvert Foundation, WIN-WIN has received a USD 1 million grant from Citi Foundation which will serve to mobilize the effort to reach total invested funds of USD 20 million from additional organizations. The deployment of funds will enable women borrowers, 75 percent in the US and a quarter in developing countries, to build and grow small businesses and finance education. The CEO of Citigroup Vikram Pandit, supported the initiative by saying “Investment in the ingenuity and ambition of women is critical if we hope to have any success as a more equitable global society [1].”
By Amira Berrada, Research Associate
About Calvert Foundation: Founded in 1995, the Calvert Foundation provides loans to organizations that provide affordable housing, microfinance, small business loans and community facilities. The fund is offered by the Calvert Social Investment Foundation, a private US-based foundation launched in 1995 with the support of the Ford, MacArthur and Mott Foundations. Investment in the fund comes in the form of donations and notes held by individuals and organizations, including Washington Mutual Bank, Ameritas Life Insurance Corporation and Gray Ghost Microfinance Fund, LLC. As of March 2012, the Calvert Foundation has approximately USD 200 invested in 250 community organizations.
About Citi Foundation: The Citi Foundation provides grants and guarantees focusing on the areas of microfinance, small and growing businesses, education, asset building and neighborhood revitalization. As of 2009, Citi Foundation reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 65.8 million of which USD 12.3 million of is allocated to 152 investments. Citi Foundation is the charitable arm of US-based financial services provider Citigroup.
Sources and Resources:
[1] http://www.businessdayonline.com/NG/index.php/microfinance/34301-microfi…
MicroCapital.org article, February 1, 2011, “MICROCAPITAL BRIEF: Calvert Foundation, Investor in Microfinance and Community Development, Appoints Lisa Hall as New Head” https://www.microcapital.org/microcapital-brief-calvert-foundation-invest…
MicroCapital.org article, July 11, 2011, “MICROCAPITAL BRIEF: Inter-American Development Bank, Deutsche Bank, Calvert Foundation, Monarch Community Fund Loan $3.6m to ‘Fund for Small Rural Producers in Latin America’ or ‘Fondo para los Pequenos Productores Rurales en America Latina” https://www.microcapital.org/microcapital-brief-inter-american-developmen…
MicroCapital Universe profile: Calvert Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cal…
MicroCapital Universe Profile: Citi Foundation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cit…
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