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Part of Canada's response to the COVID-19 crisis

Economic recovery with a gender lens

2X Canada is a CAD 75.9 million blended finance facility led by FinDev Canada and funded by the Government of Canada through Global Affairs Canada, that will support investments that drive a positive impact on gender equality in Latin America and the Caribbean and Sub-Saharan Africa. 

Objective of 2X Canada

The overall impact objective of this facility is to enhance the socio-economic well-being of underserved, vulnerable populations, particularly women, primarily in Latin America, the Caribbean and Sub-Saharan Africa.  2X Canada will work towards this objective by addressing persistent market gaps and structural barriers faced by underserved populations, particularly women.

Build Back Better

The vision to build back better supports a recovery that is inclusive, sustainable and resilient. The COVID-19 pandemic is in many ways an opportunity for both public and private sectors to ensure that financial investment decision-making places sustainability, equality and climate action at its core.

Businesses in our target markets are facing tremendous challenges affecting employees, customers, and surrounding communities. The economic losses from the pandemic have been shown to have a disproportionately negative impact on women. More women are being pushed into poverty than men because of the compounded effects of job and income losses, increase in unpaid care work demands, lack of social protection and access to services, and the overrepresentation of women workers and entrepreneurs in informal sectors and sectors affected by lockdown measures.

Investments within the 2X Canada portfolio will address this reality. The expectation is for 2X Canada to contribute to sustainable, inclusive, resilient growth in targeted markets with a focus on the underserved.   

2X Canada will support an estimated 8-10 entities in fostering economic recovery from COVID-19, through investing in key sectors supporting gender equality or providing liquidity to enterprises that support quality jobs and/or access to services, particularly for women, and/or to women-owned and led micro, small and medium enterprises.

Assessing Potential Investments

Investment opportunities will be assessed by the following:

2X Canada also considers the following investment terms when assessing an opportunity:

  • The type of transaction (debt, equity and/or a guarantee)
  • The size of the transaction (minimum CAD 4 million)
  • The geographic location of the transaction ( official development assistance countries in Latin America and the Caribbean and Sub-Saharan Africa).

2X Canada and the 2X Challenge

2X Canada: Inclusive economic recovery will focus on financial intermediaries, such as investment funds, financial institutions, and other investment vehicles with a clear strategy to reduce gender equality gaps and benefit women.


All investments will qualify for the 2X Challenge.


Here are some of the criteria listed below: 


51% women ownership or the business is founded by a woman


20-30% women in senior leadership or 30% women on the Board or Investment Committee



30-50% share of women in the workforce (depending on sector) and one "quality" indicator beyond compliance


Product(s) or service(s) that specifically or disproportionally benefit women


Find answers to your questions about 2X Canada below.

What is 2X Canada?

It's a blended finance facility led by FinDev Canada to enhance the socio-economic well-being of underserved, vulnerable populations, particularly women, through access to finance. 

Where does 2X Canada operate?

The facility will support opportunities in Latin America and the Caribbean, and Sub-Saharan Africa. 

What is the difference between 2X Canada and FinDev Canada's regular investments?

This facility unlocks the possibility to invest in riskier, underserved and fragile markets where FinDev Canada cannot currently invest directly. 

This type of financing addresses persistent market gaps and structural barriers faced by underserved women entrepreneurs, widening the reach of Canada’s development finance impact.

2X Canada will complement FinDev Canada’s core mandate, enhancing its ability to deliver high impact outcomes through private sector investments that promote inclusion and innovation or deepen our reach in frontier markets. 

What type of businesses will be supported by 2X Canada?

2X Canada will exclusively support transactions that intentionally drive gender equality. This means that an investment must show a positive impact (current or potential) on at least one key vector of gender equality identified in FinDev Canada's gender strategy:  access to entrepreneurship, leadership positions, quality employment or access to economic empowerment tools for women. 

All investments will be 2X Challenge eligible.

2X Canada will focus on financial intermediaries (investment funds, financial institutions including micro-finance, cooperatives) with a clear strategy and thesis to reduce gender gaps in access to finance, leadership roles, quality employment and/or access to economic empowerment tools. By working together, we can develop and launch innovative programs and offer development impact capital to reach scale. 

What is the 2X Challenge?

The 2X Challenge was launched by the G7 development finance institutions (DFIs) in 2018 at the G7 Charlevoix Summit. It is a commitment by DFIs to mobilize financing in gender smart investment. The 2X Challenge surpassed is original target of US$ 3 billion and has expanded its membership to include development banks, and other DFIs. The 2X Challenge has defined a common set of criteria to define what investing in women mean. 

What is the capitalization of this Facility?

2X Canada is capitalized at C$75.9 million through the International Assistance Innovation Program at Global Affairs Canada. 

Will FinDev Canada co-invest in transactions supported by this facility?

FinDev Canada will co-invest in a vast majority, if not all, of the transactions supported by 2X Canada. This approach will allow 2X Canada to support high impact transactions that are challenged by financial and market risks that make strictly commercial implementation impossible. Through co-investing, 2X Canada and FinDev Canada together can support transactions that will fill crucial gaps in financing and help reduce financial risk to enhance women’s economic empowerment.

Will 2X Canada provide technical assistance?

Yes. 2X Canada will provide technical assistance. In addition to providing core services including strengthened management and governance, impact measurement, and various areas of business performance such as E&S and data management, specific technical assistance needs in the context of economic recovery will also be supported. These may include business strategy re-orientation, rapid operationalizing of gender action plans, development of financial products and services specifically to serve women, and broader operations and systems strengthening.

Do you still have questions?

Contact us

Click the button below to access our contact form and submit your questions and comments about 2X Canada. 

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Program undertaken with the financial support of the Government of Canada provided through Global Affairs Canada.