March 20, 2008 | Read Time: 2 minutes
The investment firm Goldman SachsGroup and 16 universities worldwide have announced a plan to spend $100-million to provide business education to 10,000 women in developing countries.
The program, called 10,000 Women, hopes to spread good business practices to help poor countries in Africa and Asia improve their economies. The company says that it views women in developing countries as an underdeveloped resource because very few of them receive an education.
“We wanted to identify what would it take to get more women in the global economy,” says Dina Habib Powell, global head of corporate engagement at Goldman Sachs. “We found a real unmet need was management education for women globally.”
Most women in the program will earn management certificates in courses that vary in duration from a little over a month to six months.
According to Goldman Sachs, the women will study topics such as “drafting a business plan, accounting, public speaking, marketing, management, and accessing capital” to support larger projects. The effort also hopes to establish business networks and mentor programs for women.
In addition, a few women will receive scholarships to travel to universities and study for a bachelor’s degree in business or a master’s degree in business administration. Universities in Afghanistan, Egypt, India, Nigeria, Tanzania, and other countries will offer the courses, as partners of American business schools at institutions such as Columbia and Harvard Universities.
Returning Home
Goldman Sachs is also making sure that women who study abroad return to their home countries when they finish. The program is searching for women “who’ve already demonstrated commitment to the society in which they live,” Ms. Powell says. “The program will build capacity locally.”
Goldman Sachs has pledged $100-million over five years to the project. The money will expand programs that some universities already run, improve teacher training, and help to hire more teachers. Goldman Sachs employees will also consult for the program and contribute time and financial expertise.
