Finnfund investments in gender equality 2019-2021
Finnfund is committed to investing 105 million euros in businesses that advance gender equality. These gender investments will be made in 2019-2021.
The amount is one half of the 210 million euro loan issued to Finnfund by the Finnish Government in 2019. We will invest the other half in climate projects.
Finnfund applies the 2X Challenge criteria to its gender investments. The 2X Challenge calls for the G7 and other DFIs to collectively double gender investments to USD 3 billion by the end of 2020.
Finnfund is also part of the international Gender Finance Collaborative. Our own gender statement drives us to invest in businesses which boost women’s economic independence, entrepreneurship, leadership as well as their position and role in the marketplace. Read more here.
According to UN Women, women’s economic empowerment is central to the realisation of women’s rights and gender quality. Development financiers play an important role in channeling funding to gender investments.
|Annapurna Finance Private Limited||India||Microfinance||EUR||15,000,000||2019|
|Societe JTF Madagaskar SARL||Madagaskar||Agriculture||EUR||3,750,000||2019|
|First City Monument Bank Limited Tier II||Nigeria||Banking||USD||5,000,000||2019|
|Bopa Pte Ltd.||Asia||Microfinance||USD||5,000,000||2020|
|Bank of Georgia||Georgia||Banking||USD||10,000,000||2019|
|Ecobank Transnational International||Togo||Banking||USD||20,000,000||2020|
|Proximity Finance Microfinance Company||Myanmar||Microfinance||USD||4,700,000||2020|
|Softlogic Life Insurance Plc||Sri Lanka||Insurance||USD||7,500,000||2020|
(September 2020) Detailed information published after signing of agreements
|Company C||South Africa||Education and research||USD||5,200,000||2020|
Examples of investments in gender equality
Advans boosts women’s careers and entrepreneurship
Advans currently serves over 1 million clients with a staff of close to 7,500 employees in nine African and Asian countries; Cambodia, Cameroon, Ghana, Democratic Republic of Congo, Cote d’Ivoire, Pakistan, Nigeria, Tunisia and Myanmar.
Annapurna offers microloans for poor women in rural India
Annapurna Finance offers microloans and related financial literacy education, mainly to poor women in rural India. This is Finnfund’s first project eligible for the 2X Challenge, which is an initiative by the G7 countries aimed at mobilising USD 3 billion to finance businesses that promote the status of women.
Accelerating female leadership in Asia
Finnfund’s investee BOPA is funding and developing microfinance institutions in Asia and has recently joined the 2X Challenge. One of BOPA’s portfolio companies, Asian Credit Fund LLC, is led by Zhanna Zhakupova, one of the few female leaders in the financial sector in Kazakhstan.
Penda Health saw something special in Esther Mwikali
When Finnfund assesses the gender equality in the portfolio companies, Penda Health always stands out: nearly 70% of their staff are women. Women can be found at all levels in the organisation. This is a story of Esther Mwikali who joined Penda Health in 2015 and now works as an Area Manager.