- Region: Others
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) decided to become a member of the 2X Collaborative, a global industry body for gender lens investing that evolved from the women’s social empowerment initiative “the G7 2X Challenge: Financing for Women” (the 2X Challenge).
The 2X Challenge, launched in June 2018, is a target that calls on Development Finance Institutions (DFIs) of the G7 nations to mobilize their own funds as well as private capital for supporting businesses, corporations, and funds that contribute toward the social empowerment for women. JBIC is a founding member of the 2X Challenge*1. The 2X Challenge initially aimed to mobilize USD3 billion including private capital by 2020 and successfully mobilized approximately USD7 billion, more than double the initially targeted amount. In 2021 and 2022, the 2X Challenge is aiming to mobilize an additional USD15 billion.
In January 2022, the 2X Collaborative was launched as a global industry body to promote investments that contribute toward gender equality by further collaborating with relevant institutions, and JBIC decided to become a member of this industry body. The members*2 of the industry body include multilateral institutions, commercial banks, funds, and foundations as well as DFIs of many countries including the G7 nations.
The 2X Collaborative is in line with the Japanese government’s efforts in promoting women’s active participation, and by joining the 2X Collaborative, JBIC will be able to further promote cooperation with the other member institutions. Furthermore, as announced in the Fourth Medium-term Business Plan released in June 2021, one of JBIC’s action plans is to support projects that contribute toward resolving social issues, and JBIC is actively working to support global agenda through the provision of social impact finance as stated in its ESG Policy released in October 2021. JBIC’s membership of the industry body is in line with the Medium-term Business Plan and the ESG Policy.
Through these efforts, JBIC will continue to cooperate with DFIs, multilateral institutions, etc., in various countries/regions to provide financial support for the promotion of women’s social empowerment.
Members: DFIs, International Finance Corporations (IFCs), multilateral development banks such as the Asian Development Bank (ADB), commercial banks, funds, foundations, etc., including FinDev Canada, the Commonwealth Development Corporation (CDC) of the United Kingdom, the U.S. International Development Finance Corporation (DFC), Cassa Depositi e Prestiti (CDP) of Italy, Proparco of France, Deutsche Investitions- und Entwicklungsgesellschaft (DEG) of Germany, the Japan International Cooperation Agency (JICA), and JBIC