June 11, 2018
Announcement Ceremony of 2X Challenge
The Japan International Cooperation Agency (JICA) made a joint announcement to launch the initiative “the G7 2X Challenge: Financing for Women” (the ‘2X Challenge’) with development finance institutions (DFIs) from the G7 countries, namely Canada (FinDev Canada), the United Kingdom (Commonwealth Development Corporation - CDC), the United States (Overseas Private Investment Corporation - OPIC), France (Proparco), Italy (Cassa depositi e presiti - Cdp) and Japan (Japan Bank for International Cooperation - JBIC), with support from Germany (DEG), on June 9 in Quebec City, Canada, on the occasion of the G7 Leaders’ Summit.
The ‘2X Challenge’ is a major new commitment to mobilize US$3 billion by 2020 for investment in women’s economic empowerment initiatives. It has set an ambitious target that calls on DFIs to mobilize their own funds, as well as private capital, to unlock resources that will help advance women as entrepreneurs, as business leaders, as employees and as consumers.
Upon participation in this initiative, Mr. Kitaoka, the president of JICA, said, “Promotion of women’s business and entrepreneurship is the key to sustaining and to maximizing social and economic development. JICA is committed to further investing in women’s economic empowerment by exploring innovative approaches in partnership with our diverse stakeholders, while we enhance our support to achieve women’s health and education, and the elimination of gender-based violence.”
JICA will strengthen its cooperation to support women’s economic empowerment in developing countries with other participating DFIs.
Below is the full text of the joint announcement.