The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, announced yesterday that it is committing USD 350 million to businesses and private equity funds led by women in developing countries. The includes applying a “gender lens to all the projects OPIC considers.”
OPIC CEO Ray Washburne said, “OPIC is proud to drive this effort through its 2X Women’s Initiative, which will mobilize USD 1 billion in investments to women in developing countries throughout the world. OPIC supports investment in global development to advance economic prosperity and global stability; and women are key drivers to achieving both.”
Early disbursements under the initiative include loans for microlending and traditional lending to women-owned businesses by Yes Bank and IndusInd Bank, both of India, as well as Mongolia’s XacBank. The loan to Yes, in the amount of USD 75 million, targets small and medium-sized enterprises (SMEs) owned by women. One quarter of the USD 225 million loan to IndusInd is targeted at female microentrepreneurs and women’s SMEs as well as others who have not previously accessed financial services. The loan to XacBank, in the amount of USD 49 million, targets 100,000 women in partnership with the Women Entrepreneurs Opportunity Facility (WEOF). WEOF is a collaboration between Goldman Sachs and the World Bank Group’s International Finance Corporation.
OPIC has approximately USD 1 billion in commitments in 160 countries.
Sources and Additional Resources
OPIC press release
https://www.opic.gov/press-releases/2018/opic-unveils-2x-womens-initiative-mobilize-more-1-billion-invest-worlds-women
OPIC’s 2X Women’s Initiative
https://2x.opic.gov/
WEOF
http://www.goldmansachs.com/citizenship/10000women/news-and-events/10000women-ifc.html
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