Game changing commitment from G7 Development Finance Institutions to invest USD 3 billion for women

Date: Monday, June 11, 2018

UN Women welcomes the major new commitment announced on the margins of the G7 meeting in Canada on 9 June by the development finance institutions (DFI) of the G7 to mobilize USD 3 billion by 2020 to advance women’s economic empowerment.

The announcement came as part of the 2X Challenge: Financing for Women, which calls on DFIs to mobilize their own funds, as well as private capital, to mobilize and invest funds to support women entrepreneurs, business leaders, workers and consumers of products and services in developing countries.

UN Women Executive Director Phumzile Mlambo Ngcuka, who is a member of the Gender Equality Advisory Council to the G7 Presidency, said: "As the richest economies in the world, G7 countries can bring about far-reaching systemic changes for women and girls. Their influence reaches beyond their borders, their political decisions have an impact on societies and economies around the world. They can use this power to make gender inequality history within a generation. I welcome the ‘2X Challenge’ which will provide critically needed resources to benefit women’s leadership and engagement in the economy, particularly women who need it most and who are at risk of being left behind. These investments will not only benefit women, they will benefit entire families, communities and nations.”

A number of studies have shown that women are key drivers of sustainable economic growth and stability. A 2015 report from the McKinsey Institute estimates advancing gender equality can add USD 12 trillion to the global economy, and research from Citi shows that reducing gender inequalities in the workplace over the next two decades could add around 6 per cent to the GDP of advanced economies.

To learn more, visit the website for 2X Challenge: https://www.2xchallenge.org/press