(Bloomberg) — Melinda French Gates and MacKenzie Scott are among the group of philanthropists who donate money to the Gender Fund, which seeks to raise $1 billion to promote women's equality and leadership in Africa, Asia and Latin America.
Contributions to date reached US$320 million and funding has already begun in all three regions, Co-Impact, the fund's manager, said in a statement Thursday. It plans to increase the target amount over the next 10 years.
While funding for gender equality has increased over the past decade, only 1% of the total has actually reached women's groups, the statement said. The new investment vehicle will provide high, long-term and flexible financing to organizations predominantly led by women and with local roots.
“It starts by opening more doors for women to assume their power and develop policies that elevate others like them,” Gates, co-founder of the Bill and Melinda Gates Foundation, said in the statement. “This is our once-in-a-generation opportunity to rebuild our systems so that they finally work for women and girls.”
Other organizations that support the Gender Fund include Cartier Philanthropy, Children's Investment Fund Foundation, Estée Lauder Companies Charitable Foundation and Rockefeller Foundation.
The fund began to seek and award an initial set of 15 grants for initiatives that address issues, including gender-based violence, maternal health, inclusive education and women's leadership.
Nearly 2.4 billion adult women worldwide do not have access to equal opportunities and those who work are paid only two-thirds of what men are expected to earn, according to a 2021 World Bank report called “Women, Business and the Law”.
“To advance gender equality, we need systemic change in governance structures, laws, policies and processes, in how markets work, and how social norms are shaped and applied,” said Olivia Leland, founder and executive director of Co-Impact.
Original Note:
French Gates Is Among Benefactors Backing $1 Billion Gender Fund
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