$50-Million from Goldman Sachs Seeds Fund for Businesswomen
March 5, 2014 | Read Time: 1 minute
Wall Street firm Goldman Sachs and the World Bank will unveil an initiative Wednesday to raise $600-million in capital for 100,000 female entrepreneurs in the developing world, the Financial Times reports.
Goldman will provide $50-million in seed money for the venture, which builds on the banking giant’s 10,000 Women venture to provide business education in developing countries. The World Bank’s International Finance Corporation is putting up $100-million.
A study by the corporation and consulting group McKinsey found a shortfall of $260-billion to $320-billion in access to capital for women running businesses. Nena Stoiljkovic, a vice president of the World Bank unit, said Goldman’s involvement could prompt more corporate donors and investment funds to address the credit gap.
