2X Challenge and Gender Finance Collaborative response to the COVID-19 pandemic
Development financial institutions (DFIs) have come together to identify common solutions to anticipated problems of the private sector in emerging markets in the wake of the COVID-19 pandemic.
Launched in 2018, the Gender Finance Collaborative comprises 14 DFI’s and EIB that utilise their combined capital, capacity, networks and knowledge to advance gender lens investing. The 2x Challenge, on the other hand, is a major new commitment of the development finance institutions (DFIs) from the G7 countries (CDC Group, CDP, DEG, US DFC, FinDev Canada, JBIC/JICA and Proparco) to unlock resources that will help advance women’s economic empowerment and gender equality.
- Emerging markets are expected to be especially hard hit by the COVID-19 pandemic and its aftermath.
- The COVID-19 pandemic has and will continue to disproportionately affect women and girls.
- Prioritise sectors such as healthcare services, manufacturing for the healthcare sector and solution providers.
- DFIs should also collaborate to understand the immediate needs of the current 2X qualified investees and provide support as needed.
- The Gender Finance Collaborative’s Investment Officer Working Group can play a role in the identification, assessment and sharing of those opportunities.
- Proactively work with investees to assess the differentiated impact of collective dismissals and mass retrenchments on women and men.
- Invest in solutions to better collect, review and share gender-disaggregated data.
- DFIs and investors should ensure that women are represented in their decision- making bodies and that they are involved in the design of solutions.
- Gender inequity and vulnerabilities are magnified during times of crises.
- Outside the formal healthcare system, the role of women in the care economy puts them at greater risk of income loss and heightened exposure to the virus.
- Overwhelmed health services and reduced mobility is likely to hamper access to health services for women and girls, including maternal and child health, gender-based violence survival care, HIV/AIDS treatment and childbirth and neonatal services.
- The integration of a gender lens by DFIs and other investors to both immediate response and longer-term recovery solutions to the COVID-19 pandemic will be crucial in avoiding disproportionately negative impacts for women, but also increasing resilience to future shocks by contributing to a more equal and stable private sector.
- Why women and girls should be central to response mechanisms
- OUR CALL TO ACTION
- Rapid crisis response
- Investing for solutions that have a gender lens
- WHY DOES GENDER MATTER IN A COVID-19 RESPONSE?
- OUR CALL TO ACTION
This was originally published on the 2x Challenge website.