Investing in women, driving impact: key findings from FinDev Canada’s evaluation of 2X Challenge investments
This External Summary shares findings from FinDev Canada’s first independent impact evaluation, conducted by Kore Global, to examine gender-related outcomes across its investment portfolio. The evaluation focused on two objectives: assessing the effectiveness of FinDev Canada’s current strategy in advancing gender impact and informing its approach. It examines how the 2X Criteria have influenced gender outcomes, highlights key enablers for achieving impact at the transaction level, and offers recommendations to strengthen institutional practices. These insights add on to the growing body of evidence on the development impact of gender lens investing, and support collective learning across the development finance and impact investment community.
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Advancing Gender Impact in Climate Finance: Leveraging the WEPs and Technical Assistance
This case study is the first in a series developed as part of FinDev Canada’s evaluation of 2X Challenge investments. It explores how Climate Fund Managers (CFM) advanced its gender approach following our 2018 investment in Climate Investor One (CIO).
This study highlights key enablers behind this progress, the added value of FinDev Canada's support, and practical lessons and entry points for DFIs and investors. Covering diverse sectors and regions, the series provides evidence-based insights into advancing gender impact across investment portfolios.
Leading gender‑lens investing: senior leadership commitment, dedicated resources, and technical assistance
This case study demonstrates how senior leadership buy‑in, dedicated team members, and technical assistance have driven cultural and performance improvements within both the fund manager and its portfolio companies. It outlines the concrete steps the fund manager, LIM, has taken to position itself as regional leader in gender‑lens investing (GLI).
Driving business growth and inclusive finance through women’s market strategies
This case explores Ecobank’s evolution in supporting women clients and women‑owned or led businesses through its Ellevate Program and a range of capacity building initiatives. It showcases how a women’s market strategy can drive financial performance and impact for financial institutions, and offers concrete insights on unlocking new markets, improving customer engagement, and fostering inclusive growth.
Advancing financial inclusion in Latin America and the Caribbean through gender‑related targets and incentive structures
Locfund Next Fund, managed by Bolivian Investment Management (BIM), is a microfinance investment vehicle dedicated to advancing financial inclusion by supporting smaller microfinance institutions (MFIs) across Latin America and the Caribbean. Launched in August 2020, the fund provides financing to tier 2 and tier 3 MFIs. In 2022, FinDev Canada invested USD 15 million, including USD 7.5 million in equity from the GAC‑funded 2X Canada facility, to deepen the fund’s impact on women’s economic empowerment. With approximately 70% of end‑borrowers being women, Locfund Next was designated a 2X Flagship Fund, underscoring its high gender impact. This case study highlights key factors behind Locfund Next’s intentional and results‑driven approach to financial inclusion and gender equality.