Seven development finance institutions (DFIs) from the G7 group of seven large economies recently pledged to raise an additional USD 2 billion by 2020 for the “2X Challenge: Financing for Women” initiative, which was unveiled by the US-based Overseas Private Investment Corporation (OPIC) with a target of USD 1 billion in March 2018. The 2X Challenge is intended to “provide women in developing countries with access to leadership opportunities, quality employment, finance, enterprise support and products and services that enhance their economic participation.” The newly participating DFIs are Italy’s Cassa Depositi e Presiti (CDP), the UK’s CDC Group (formerly the Commonwealth Development Corporation), Germany’s Deutsche Investitions – und Entwicklungsgesellschaft GmbH (DEG), FinDev Canada, the Japan Bank for International Cooperation (JBIC), the Japan International Cooperation Agency (JICA) and France’s Société de Promotion et de Participation pour La Coopération Economique (PROPARCO).
The amounts committed by each of the DFIs – whether from their own accounts or to be raised through partnerships – have not been released. OPIC had committed USD 350 million of its own funding toward its original goal to mobilize USD 1 billion.
By Nicholas Galimberti, Research Associate
Sources and Additional Resources
OPIC press release
https://www.opic.gov/press-releases/2018/g7-dfis-announce-2x-challenge-mobilize-3-billion-invest-worlds-women
MICROCAPITAL BRIEF; March 8, 2018; Overseas Private Investment Corporation (OPIC) Commits $350m to Female Entrepreneurship, Women-led Private Equity Funds in Emerging Markets via 2X Women’s Initiative
https://www.microcapital.org/microcapital-brief-overseas-private-investment-corporation-opic-commits-350m-female-entrepreneurship-women-led-private-equity-funds-emerging-markets-via-2x-womens-initiative/
MICROCAPITAL BRIEF; June 12, 2018; OPIC Loans $5m in Local Currency to Grameen Impact Investments India for SMEs
https://www.microcapital.org/microcapital-brief-opic-loans-5m-in-local-currency-to-grameen-impact-investments-india-for-smes/
DEG
https://www.deginvest.de/Internationale-Finanzierung/DEG/
FinDev Canada
https://www.edc.ca/EN/About-Us/Pages/development-finance-institution.aspx
JBIC
https://www.jbic.go.jp/en/
JICA
https://www.jica.go.jp/english/index.html
OPIC
https://www.opic.gov
PROPARCO
https://www.proparco.fr/fr
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