Melinda French Gates and MacKenzie Scott are among philanthropists donating money to the Gender Fund, which seeks to raise $1 billion to advance equality and women’s leadership in Africa, Asia and Latin America.
Contributions to date have topped $320 million and grant-making has begun across the three regions, Co-Impact, the fund’s manager, said in a statement on Thursday. It plans to raise the target amount over the next 10 years.
While funding for gender equality has increased over the past decade, only 1% of the total has actually reached women groups, according to the statement. The new investment vehicle will provide large, long-term and flexible funding to predominately women-led and locally-rooted organizations.
