White House announces $1 billion for economic empowerment of women
The White House has announced funding for global initiatives totaling more than $1 billion with other governments, the private sector, foundations, and multilateral organizations to help close the digital divide, improve meaningful access to equitable digital finance and other online services, and address social norms that prevent women from participating fully in the digital economy.
Commitments include $60 million to launch the Women in the Digital Economy Fund, a public-private initiative that aims to address the gender digital divide, at least half of which will focus on Africa. The fund includes $50 million from USAID and $10 million from the Bill & Melinda Gates Foundation in support of efforts to scale evidence-based, proven solutions that improve women’s livelihoods, economic security, and resilience.
To support the key pillars of the Women in the Digital Economy Fund, private sector and philanthropic organizations committed nearly $400 million, including an additional $40 million from the Gates Foundation to help close the digital gender divide in Africa and South Asia; $250 million from Delphos International, Ltd. to advance women’s economic security across Africa; $5 million from the Visa Foundation to boost women’s participation in the digital economy; $5 million from CARE to advance digital gender equality across Africa; and $15 million from Betacube in support of 80 African-led tech startups per year by 2025. Additional funding partners include the Pfizer Foundation, Microsoft Corporation, Mastercard, Procter & Gamble, myAgro, and the Thunderbird School of Global Management at Arizona State University.
In response to Vice President Harris’s call to promote women’s economic security across Africa, five companies and organizations will commit a total of $528 million, including $500 million from the Tony Elumelu Foundation for the Coalition for African Entrepreneurs, which will support young African entrepreneurs. Kuramo Capital Management, an investment management firm, in collaboration with the Ford Foundation and 2X Global, will invest $140 million in capital by 2028 to catalyze the growth of women-led and owned private equity and venture capital funds.
In addition, the White House has committed $47 million in Africa to foster women’s economic participation, environmental stewardship, health, and freedom from gender-based violence.
(Photo credit: Getty Images/Tinpixels)