World Bank And Goldman Sachs Raised Investment In EM
Goldman Sachs, together with the World Bank, increased investment to women entrepreneurs in emerging markets (EM) to $1 billion. Initially, the goal was to reach $600 million. The Women Entrepreneurs Opportunity Facility, launched in 2014 by Goldman and the World Bank’s International Finance Corp (IFC) private-sector development arm, had initially set a goal of providing capital to 100k women entrepreneurs over 10 years, but has reached 50k in just four years.
The World Bank Group estimates that some 70% of women who own small and medium-sized enterprises in the developing world are either shut out of financial institutions, or can only get high-cost short-term loans. This has resulted in a $1.5 trillion credit deficit for women entrepreneurs in emerging markets. The IFC initially contributed $100 million towards the Women Entrepreneurs Opportunity Facility, along with a $43 million investment from the Goldman Sachs Foundation.