Joseph Inokotong, Abuja
The International Finance Corporation (IFC), Women Entrepreneurs Opportunity Facility (WEOF), and Goldman Sachs have $1.45 billion investments over the past five years for local financial institutions to lend to women-owned businesses.
Women Entrepreneurs Opportunity Facility (WEOF), is a partnership between Goldman Sachs 10,000 Women and IFC, a member of the World Bank Group. The programme, first-of-its-kind finance facility, has supported nearly 53,000 entrepreneurs in developing countries through 53 financial institutions across 33 countries to date, according to a progress report released by the IFC.
It states that WEOF has surpassed its original goals set at its launch in 2014 – having already delivered more than double its initial goal of mobilizing $600 million for emerging-market financial institutions to lend to women-owned small and medium enterprises (SMEs).
Also, the report shares initial findings and insights from the partnership’s first five years.
“WEOF-participating financial institutions are reporting healthy growth and strong asset quality in their women-owned SME portfolios, results that will help develop a more inclusive financial market and narrow the $1.5 trillion finance gap faced by women-owned businesses.
“Five years in, WEOF is reinforcing the impact of focusing on women, including better gender disaggregated data and initial results pointing to women as a stronger borrower base. Yet there is more to be done to close the gender credit gap”, said the report which looks ahead at how the facility will continue to learn and innovate to further move the needle.
IFC’s CEO, Philippe Le Houérou, said “Women entrepreneurs generate economic growth and create jobs, particularly in developing countries, where nearly one-third of small businesses are owned by women. But their economic potential remains largely untapped.
“IFC’s investments through WEOF in developing country financial institutions are strengthening businesses and creating jobs in challenging markets around the world.”
The Global Head of Corporate Engagement and President of the Goldman Sachs Foundation, Asahi Pompey, said “Pioneering the first facility of its kind means that we have a responsibility to share our experience with others.