October 9, 2018 |
Pair of development banks come together for $200m initiative throughout LatAm, Caribbean
IDB Invest and the Overseas Private Investment Corporation (OPIC) have formed an alliance to create Fund Mujer, the first gender-focused fund for Latin America and the Caribbean.
The initiative will feature up to $200m in investment, comprised of 30% debt while the rest will come in equity, IDB Invest said in a statement.
Proceeds aim to narrow the gender financing gap in the region by supporting strategies focused on female entrepreneurs, companies with a significant share of women leaders and first that are generating jobs or consumer products for women.
OPIC will apply the same criteria as its 2X initiative, IDB Invest said. Fund Mujer will involve a request for proposals (RFP) process to support one or more funds with a gender lens strategy. A fund manager is expected to be mandated in Q1 next year.