Goldman, World Bank launch $600 mln fund to help women entrepreneurs in developing countries

Goldman Sachs is helping the World Bank launch a 600 million dollars fund to finance women-owned businesses in developing countries.

The American multinational investment banking firm made 50 million dollars investment, while the World Bank contributed 100 million dollars through its International Finance Corp.

The team hopes to attract other corporate investors and donors to raise the target 600 million dollars, the Washington Post reports.

According to the report, the new venture, called the Women Entrepreneurs Opportunity Facility, aims to help close the estimated 300 billion dollars credit gap.

For Goldman, the venture is an outgrowth of its 10,000 Women initiative, which has provided business training to female entrepreneurs since 2008.