OUR MISSION:

Invest in women. Invest in the world. 

The 2X Challenge was launched at the G7 Summit 2018 as a bold commitment to inspire DFIs/IFIs and the broader private sector to invest in the world’s women.

#2XChallenge

What is the 2X Challenge?

The “2X Challenge” was launched at the G7 Summit 2018 as a commitment by DFIs to collectively mobilise $3 Billion in private sector investments in developing country markets over 3 years. These investments provide women with improved access to leadership opportunities, quality employment, finance, enterprise support, and products and services that enhance economic participation and access. The original target was 3x overachieved, with the DFIs investing $6.9 Billion with co-investments taking the total to $11.4 Billion.

At the G7 Summit 2021, 20 global DFIs and MDBs committed to a new and more ambitious target of $15 Billion for the period 2021-2022. This second round of the 2X Challenge has again exceeded its target and collectively raised gender lens investments totaling US$ 16.3 Billion, benefitting 473 businesses across all global emerging market regions. This brings the total investments under the 2X Challenge since 2018 to US$ 27.7 Billion.

2X Challenge 2021 - 2022

Learn more about the 2X Criteria for investments >

Past commitment - COMPLETED

2X Challenge 2018-2020

Why invest in women?

  • Credit gap: Women SME’s worldwide face a $320 billion shortfall in access to credit despite women anecdotally having lower non-performing loan rates than men.

  • A multi-trillion dollar opportunity: According to a McKinsey study, closing the gender labor gap could add $28 trillion, or 26 percent, to annual global GDP in 2025.

  • The world’s largest emerging market: The female economy represents a market more than twice the size of India and China combined. By 2028, female consumers will control around $15 trillion of global consumer spending.

$28tn

OPPORTUNITY

Closing the gender labor gap could add $28 trillion, or 26 percent, to annual global GDP in 2025.

$15tn

OF CONSUMER SPENDING

By 2028, women consumers will control around $15 trillion of global consumer spending.

$320bn

SHORTFALL

This obtains despite women anecdotally having lower non-performing loan rates than men.

Members

The U.S. is thrilled to accept the 2X Challenge to invest in the world’s women. DFC has prioritized investing in women because we understand that when women succeed, families succeed, communities succeed, and nations succeed. By joining forces with the G7 DFIs, we are sending a powerful message to the markets that by investing in women we can change the world.
— Ray Washburne, President and CEO of the US DFC
The business case for investing in women is clear. We believe that this initiative can help set the standard for how investors can target capital and influence to ensure that investee businesses achieve gender-balanced boards and management teams, finance women entrepreneurs, provide women access to decent jobs and build gender-smart products and services that serve women customers across the value chain. All while at the same time creating high development impact.
— Nick O’Donohoe, CEO of the British International Investment
Deposits and loans marked the beginning of a new phase, with an unpredicted commitment and an increasingly proactive role in the next three years supporting economic growth and sustainable development.
— Fabrizio Palermo, CEO of Italy's Cassa Depositi e Prestiti
Promotion of women’s business and entrepreneurship is the key to sustaining and to maximizing the 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.
— Shinichi Kitaoka, President of JICA
Women are the cornerstone of development as they spend more on family expenses that improve livelihoods, like nutrition, medicine, and education. Investments that improve the lives of women and girls have been shown to have an impact not only on the individual, but on their families, their communities, their local economies and, as a consequence, countries along with them.
— Paul Lamontagne, Managing Director, FinDev Canada
Initiatives dedicated to women’s empowerment such as microfinance or education have demonstrated their economic and social benefits for society at large. Proparco is proud to participate in this ambitious and collective push intended to fuel the global momentum for inclusive growth and gender equality.
— Gregory Clemente, CEO of Proparco
Women’s empowerment as leaders, entrepreneurs, valued workforce, consumers and community members – important goals to which development finance institutions can contribute with their investments. Within our 8 billion portfolio invested in almost 600 private companies, financial institutions, funds and project finance, we contribute among others to better working conditions with a particular focus on women in certain sectors. Together with our partners in the 2X Challenge we can boost gender-smart investments and innovation to empower women and girls worldwide!
— Christiane Laibach, CEO, DEG
JBIC welcomes the launch of the 2X Challenge initiatives, which enhance the empowerment of women entrepreneurs and in the workforce internationally under G7 framework. We are looking forward to collaborating with all 2X Challenge participants.
— Tadashi Maeda, CEO of JBIC

Why is it called 2X?

2X refers to the multiplier effect of investing in women. The 2X Challenge will demonstrate that innovative financing catalyzes capital to advance gender equality.

What is a Development Finance Institution (DFI)?

Often backed by a national government, a DFI is a type of development bank that relies on private capital to invest in emerging markets and the developing world. As international development practices move away from a direct aid-based model, DFIs are playing a larger role to achieve the same developmental outcomes through investments.

How are investments calculated?

The 2X Challenge (2021-2022) total capital invested is a sum of 2X Challenge members’ self-reporting of 2X qualifying investments and accompanying co-investments from private, public, and other actors. The deal-by-deal reporting is checked by the Chair and validated by Dalberg.

Qualified investment values are reported by members and calculated in accordance with the June 2022 2X Challenge Reference Guide which has stricter requirements than the initiative's the prior phase. This includes the percentage of investments that can be counted if investees do not meet both direct and indirect criteria for relevant financial intermediaries investments.

Can I join the 2X Challenge?

The next round of the 2X Challenge (2024-2026) will unlock an unprecedented a multibillion-dollar target over a three-year period and welcome the full spectrum of investors and capital providers beyond DFIs and MDBs.

The new target and 2X Challenge members will be officially announced at the G7 Summit in June 2024. We invite capital allocators to join us in a new bold collective commitment under the 2X Challenge. Contact us to join the 2X Challenge.

2X Global is a global membership and field-building organisation for investors, capital providers, and intermediaries working in public and private markets, across both developed and emerging economies.

We engage our global network through a series of activities that advance intersectional investment agendas, scale the field, shift mindsets, and facilitate capital deployment. These include a series of Communities of Practice, educational forums, shared resources, certification and standards, and deal-sharing platforms.

With the support of our community in 2023, we will build on the success of the 2X Challenge that has raised over US$ 27 Billion and unlock even more gender-smart capital at scale as well as deepen the impact of capital flowing into crucial thematic investment areas.

About 2X Global