Denmark and 10,000 Women Initiative Form Strategic Partnership
Partnership to Help Women in Developing Countries with Training and Financing Opportunities.
U.S. Department of State, World Bank to Support Effort.
Goldman Sachs and the Government of Denmark announced December 14, 2011 that they have formed a strategic public-private partnership to foster economic growth and job creation by matching qualified alumnae of Goldman Sachs’ 10,000 Women program, as well as qualified alumnae of select U.S. Department of State programs, with affordable sources of capital through loan guarantees.
The partnership will be piloted in Tanzania. Based on the pilot learnings, it is expected that the partnership will be expanded to new countries in 2012.
According to the World Bank, which supports the partnership, investing in women is one of the most effective ways to facilitate economic growth. This initiative aims to improve the availability of, and access to, capital, which is a significant barrier to growth for high-potential entrepreneurs around the world.
Through the partnership, in Tanzania the Danish government will facilitate access to finance via CRDB Bank by providing loan guarantees and work to develop sustainable banking products which are more accessible for qualified candidates and women in general. 10,000 Women will liaise directly with dedicated loan officers at CRDB Bank to ensure qualified candidates, including alumnae from 10,000 Women and U.S. Department of State programs, can access loan products offered by CRDB Banks. The US Department of State, along with the government of Denmark, will work to identify entrepreneurs to participate in the program.
This is the second partnership between Goldman Sachs 10,000 Women and the Department of State. In March 2011, Goldman Sachs CEO Lloyd Blankfein and Secretary of State Hillary Clinton announced a partnership to offer business and management training to women from countries with limited business education infrastructure.
The announcement event included a panel discussion with World Bank President Robert B. Zoellick; John F.W. Rogers, Chairman of the Goldman Sachs Foundation; Melanne Verveer, Ambassador-at-Large for Global Women’s Issues; Danish Minister for Development Cooperation, Christian Friis Bach; Patti Greene, Paul T. Babson Chair in Entrepreneurial Studies, Babson College; Nina Easton, Washington Columnist, Senior Editor, Fortune (Moderator).