The 2X Challenge has exceeded its initial target by committing and mobilising $4.5 billion in capital towards women’s economic empowerment.
With additional members having joined the 2X Challenge and a new set of guidance designed to help financiers manage the gendered impacts of their investments; the and 2X Reference Guide for Investors, the momentum to advance women’s economic participation and empowerment continues to grow.
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The remarkable results of the 2X Challenge clearly indicate that more can be done by DFIs and private sector financiers to foster gender equality and women’s economic participation in the developing world. However, gender-smart investors face unprecedented challenges as the COVID-19 pandemic disrupts health, economic and financial systems on a global scale, magnifying pre-existing gender inequalities, and vulnerabilities.
In addition, recent racial justice movements have highlighted the need for a more proactive strategy to tackle global injustices and inequalities as well as systemic racism. The 2X Challenge recognises that gender equality cannot truly be achieved if other forms of discrimination and inequity exist. Conversations are currently taking place to determine concrete ways to use the 2X Challenge platform and framework to drive and foster greater diversity – including, but not limited to, gender diversity.
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The 2X Challenge is a multilateral initiative launched during the G7 Charlevoix Summit in June 2018 with the ambitious objective of deploying and mobilising unprecedented amounts of capital to support projects that empower women as entrepreneurs, as business leaders, as employees and as consumers of products and services that enhance their economic participation.