Participation in the G7 2X Challenge: Financing for Women
The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) announced on June 9th at the G7 (The Group of Seven) Summit in Charlevoix, Canada, its participation in the women's social empowerment initiative "The G7 2X Challenge: Financing for Women" (hereinafter "the 2X Challenge") together with development finance institutions (DFIs) of the G7.
The 2X challenge is a target that calls on DFIs to mobilize their own funds as well as private capital for supporting businesses, corporations and funds that contribute to the social empowerment for women. The goal is to achieve a total funding of USD3 billion, including private capital, by 2020 on a commitment basis. The participants are FinDev Canada, the CDC of the United Kingdom, Overseas Private Investment Corporation (OPIC) of the United States, Cassa Depositi e Prestiti (CDP) of Italy and Proparco of France with support from Deutsche Investitions- und Entwicklungsgesellschaft (DEG) of Germany. Participants from Japan are both JBIC and the Japan International Cooperation Agency (JICA).
The 2X Challenge is in line with the Japanese government's efforts in promoting women's active participation. Also, JBIC's participation in this project creates possibilities for further cooperation with DFIs of the G7.
Through future efforts such as these, JBIC will continue to provide financial support for women's social empowerment while cooperating with DFIs in various countries. *1