A partnership with Goldman Sachs and World Bank has reached the $1 billion dollar mark in investments in women entrepreneurs. The Women Entrepreneurs Opportunity Facility launched in 2014 with the original goal of providing capital to 100,000 women entrepreneurs over 10 years. The fund has surpassed this tremendously with investing in 50,000 entrepreneurs in just four years.
“The fact that we have surpassed our original target by 40 percent this early on shows that there is a huge demand for these investments” Cristina Shapiro, Vice President, Urban Investment Group, Goldman Sachs
Shapiro also leads Goldman Sachs’ 10,000 Women, an initiative that fosters economic growth by providing women entrepreneurs around the world with a business and management education, mentoring and networking, and access to capital.
The Women Entrepreneurs Opportunity Facility made anchor or cornerstone investments in small banks and non-bank financial institutions in 26 countries, including some of the world’s poorest economies. Investments like these provide capacity and incentivize others to lend to women-owned businesses which disproportionately lack access to business funding.
IFC initially contributed $100 million towards the initiative, along with a $43 million investment from the Goldman Sachs Foundation.