How can empowering women improve the global economy?
In 2008, Goldman Sachs committed to improving gender equality across the world through its 10,000 Women initiative. They seek to support female entrepreneurs by providing management education, mentoring and most importantly access to capital.
A Personal Investment
Through leveraging technology, Goldman Sachs has helped more than 10,000 women from 56 different countries by investing in the power of female entrepreneurs. They have created an online learning experience, through the Coursera platform, whereby women from across the world have the opportunity to learn how to tackle growth, find new opportunities and develop new skills to help their businesses evolve.
In 2014, Goldman Sachs partnered with the International Finance Corporation (IFC) to create the first global finance facility dedicated to women entrepreneurs – the Women Entrepreneurs Opportunity Fund. The IFC estimated that as many as 70% of women were underserved by financial institutions – resulting in a credit gap of around $285 billion. Therefore, they have not only ensured that women possess the skills to become successful entrepreneurs, but they have also ensured that these barriers to capital are removed.
There are both economic and social benefits of female participation in the economy. In 2012, a study conducted by the Organisation for Economic Cooperation and Development found that an increase in female labour force participation results in faster economic growth. Therefore, by providing a programme that will empower women to become business leaders Goldman Sachs are helping to create a multiplier effect that will ultimately stimulate economic growth.
This story shows how Goldman Sachs supports Goal 5: Gender Equality, specifically Target 5.8: “Enhance the use of enabling technology, in particular information and communication technology, to promote the empowerment of women.”
About Goldman Sachs
Founded in 1869 in New York, Goldman Sachs is a leading financial services provider that focuses on global investment, securities and investment management. It commits its people to advise, support and manage its clients with the aim of creating new paths of growth.
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