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The world's richest women are putting their money where their mouth is, with a new fund that's investing in women-led businesses in Southeast Asia.
The $10 million fund, called the Southeast Asian Women's Economic Empowerment Fund, is the brainchild of Australian billionaires Andrew and Nicola Forrest, who want to see more women-led businesses succeed in the region, which has some of the highest rates of female genitalia in the world, Business Insider reports.
The Australian government is investing $5.6 million in the fund, which will work with women-led businesses in Cambodia, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, and aims to boost women's participation in the economy and their ability to take charge of their own lives, reports the Sydney Morning Herald.
The fund will initially focus on Cambodia, but it has plans to expand to other countries in the region, including Indonesia, Vietnam, and the Philippines.
The Australian government says it's the first time it's attracted finance from both private and philanthropic investors for development outcomes, and Jennifer Buckley, the fund's founder, says she's "thrilled" by the support.
“Evidence shows that female economic development delivers powerful social impact that benefits everyone and there is a strong correlation between gender equality and organizational success across profitability, attraction and retention of best talent, and business reputation.”
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