Invest $350M to help mobilize $1bln investment to unlock opportunities for women in Africa
THE AFRICA BAZAAR MAGAZINE
April 15, 2019
The U.S. Government’s development finance institution,
Overseas Private Investment Corporation said Monday it will invest $350 million in a new program for African women, OPIC’s 2X Africa initiative, to help accelerate a $1 billion investments to women-owned, women-led or women-focused businesses and funds that intentionally empowers women in Africa.
The announcement was made in Ethiopia by OPIC’s Acting President and Chief Executive Officer David Bohigian and White House Advisor to the President Ivanka Trump during her Ms. Trump’s visit to the country.
Speaking about the new program, Mr. Bohigian said “the launch of 2X Africa underscores OPIC’s recognition of the critical role that women play in tackling Africa’s most pressing development challenges. By strengthening our focus on the women of Africa, OPIC will foster prosperity and stability in the region, and support the Administration’s important efforts to advance global women’s economic empowerment through W-GDP.”
The OPIC’s 2X Africa initiative, launched under the auspice of OPIC’s 2X program, will work in tandem with the White House-led Women’s Global Development and Prosperity Initiative to advance the program’s goals of unlocking economic opportunity and removing barriers for women globally.
Ms. Trump added that new program will support the W-GDP’s goals of empowering women globally by directly putting funds into African women entrepreneurs and businesses. “For women to succeed as entrepreneurs and job creators we must ensure they have equal access to the financing necessary to start and grow their businesses,” said Ms. Trump.
OPIC’s 2X Women’s Initiative, which was launched last year to economically empower women in the developing world through direct investments in projects that support women, announced last month that it has surpassed its initial investment goal to mobilize $1 billion to the world’s women.