The Overseas Private Investment Corporation officially announced 2X, its new women’s initiative on Wednesday, just ahead of International Women’s Day.

Through the initiative, OPIC will invest $350 million in projects that support women ranging from increasing financing to women-owned businesses, to improving access to water, and creating job opportunities. The goal is for that investment to bring in an additional $1 billion in investment from the private sector.

Kathryn Kaufmann, OPIC’s managing director for global women’s issues, told Devex it was the largest one-time commitment by a single United States agency for global women’s economic empowerment.

Although the initiative doesn’t have specific sector targets, it will likely be starting with the financial sector, where there is a $300 billion credit gap for women, Kaufmann said.

While local banks receiving loans or guarantees may have been asked in the past about how much of the financing went to women, they will now be required to set aside a certain amount of the funding for women, she said.

Read the full article on 2X by Adva Saldinger at Devex International Development