Arab Today, arab today ifc goldman sachs launch fund for female entrepreneurs
Last Updated : GMT 09:14:10
Arab Today, arab today
Arab Today, arab today

IFC, Goldman Sachs launch fund for female entrepreneurs

Arab Today, arab today

Arab Today, arab today IFC, Goldman Sachs launch fund for female entrepreneurs

Washington - AFP

The World Bank's private finance arm and Goldman Sachs teamed up on Wednesday to launch a $600 million fund to increase access to capital for female entrepreneurs in emerging-market countries. The partners will invest a total of $132 million to seed the new Women Entrepreneurs Opportunity Facility, billed as the first global finance fund exclusively aimed at women-owned small and medium enterprises (SMEs). The International Finance Corporation, an arm of the World Bank which focuses on the private sector, will provide an initial $100 million and the Goldman Sachs Foundation will invest $32 million. The fund will allow about 100,000 women to gain access to capital, helping them to overcome a major hurdle to growing their businesses, they said. According to IFC estimates, about 70 percent of women-owned SMEs in developing countries are either not served or underserved by financial institutions. The resulting credit gap was valued at about $300 billion. The fund, which will be managed by the IFC, was expected to attract $468 million from public and private investors. It will extend lines of credit and share risks with local banks to promote credit access for female entrepreneurs. The World Bank said the project was part of its overall strategy to promote gender equality and social and economic opportunities for women. "This new initiative will create opportunities for tens of thousands of female entrepreneurs to thrive and prosper," World Bank President Jim Yong Kim said in a statement. "We cannot afford to exclude half of the world's population from their rightful role in helping to change the face of the globaleconomy. Goldman Sachs, the powerful Wall Street investment bank,  said the partnership deepens the commitment of its 10,000 Women educational program that promotes female entrepreneurship. "Through the experiences of the 10,000 Women graduates, we have seen first-hand that investing in women is a key source that leads to economic growth, but there is clearly more that can be done," Lloyd Blankfein, Goldman Sachs chairman and chief executive, said in the statement. The Goldman Sachs Foundation also will provide $18 million in grants -- $11 million of which will go to the IFC -- to provide advisory services for banks and female borrowers.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ifc goldman sachs launch fund for female entrepreneurs Arab Today, arab today ifc goldman sachs launch fund for female entrepreneurs

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 21:27 2017 Wednesday ,22 February

Banks reject Saudi Telecom bid to resolve debt issue

GMT 15:19 2017 Wednesday ,22 February

Al Rajhi Bank delegation visits Aladdiyat Al Saudia

GMT 11:30 2017 Wednesday ,22 February

HSBC Mena profit falls on higher operating expenses

GMT 13:32 2017 Tuesday ,21 February

UAE Central Bank announces banking developments

GMT 05:09 2017 Tuesday ,21 February

Economy good, but homes in German cities

GMT 07:00 2017 Monday ,20 February

Bank of Singapore opens office in DIFC
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday