The Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution, has launched a new initiative that will support the efforts of women in Africa by directly investing USD 350 million (Ksh. 35.4 billion) into businesses and funds owned by African women.
The initiative launched under OPIC’s larger 2X Women’s Initiative, is dubbed 2X Africa and it will not only fund businesses owned by African women but it will also support the White House’s Women Global and Prosperity (W-GDP) Initiative that aims at empowering women globally.
The announcement was made on Tuesday during a U.S. government delegation to landlocked Ethiopia led by Ivanka Trump, President Donald Trump’s daughter and advisor.
“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,” Ivanka Trump said when the announcement was made.
“In furtherance of this goal, it is my honor to announce a new landmark initiative within W-GDP, 2X Africa, to directly invest capital into supporting women-owned, women-led, and women-supporting projects in Sub-Saharan Africa,” Ivanka Trump added.
On his part, OPIC’s Acting President and CEO David Bohigian lauded the move that will nurture women empowerment and prosperity within the continent.
“OPIC’s 2X Women’s Initiative aims to harness the multi-trillion dollar opportunity women represent by catalyzing investment in projects that support the world’s women. The launch of 2X Africa underscores OPIC’s recognition of the critical role that women play in tackling Africa’s most pressing development challenges,” said OPIC Acting President and CEO David Bohigian.
“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,” Bohigian added.