Caribbean Development Bank, CDB, says it has joined 2X Global, an industry group dedicated to increasing the volume and impact of capital directed towards women’s economic empowerment worldwide.
The CDB said its participation in 2X Global will increase the region’s premier financial institution’s commitment, capacity, and investment in advancing gender equality in the region.
“We see this as a chance to advance the bank’s mission in the Caribbean, which is to reduce poverty and transform lives through resilient, sustainable, and inclusive development,” said CDB Vice President of Operations Isaac Solomon.
“As the region’s development bank and champions of gender-lens investing, we are excited to share our knowledge, lessons learned, and dedication to advancing gender-lens investing in the Caribbean. We also anticipate learning from other members to advance innovative and sustainable financial tools and solutions that will reach those who have the greatest need,” he said.
2X Global CEO Jessica Espinoza said the global network would work with the Barbados-based development bank “to deepen and widen the field of gender lens investing in the Caribbean and globally”, while remarking on the organisations’ shared commitment to advance gender equity and inclusive finance.
The partnership “presents a great opportunity for mutual learning and collaboration”, Espinoza said.
The CDB said its partnership with 2X Global would contribute to the tracking and attainment of various Sustainable Development Goals, particularly SDG 5 for gender equality, SDG 8 for decent work and economic growth, SDG 10 for reduced inequalities, and SDG 13 for climate action.
Gender-smart climate finance is a top priority for 2X Global and its members, given the substantial nexus between gender equality and climate goals. The bank’s membership will advance its strategic objectives to build social, economic, and environmental resilience in the Caribbean, the CDB added.
The bank said it has prioritised gender equality throughout its portfolio and in both public and private development financing.
“CDB’s recent investment in Portland Equity Fund III complements previous interventions targeted at the financial sector including 2019 partnership efforts with direct foreign investments in the Caribbean to strengthen gender mainstreaming policies and institutional capacities towards an ecosystem for gender-lens investing.”
The Portland Fund III is led by Portland Private Equity, which is controlled by billionaire investor Michael Lee-Chin. Fund III is raising US$350 million worldwide for investing in regional businesses. Portland has said that around a third of the funds raised will be invested in businesses owned or led by women.