Global Gender-Smart Fund (GGSF)
ASN investment
ASN Bank invests EUR 30 million in the Global Gender-Smart Fund (GGSF), the world’s largest gender-lens investment fund, to continue supporting the fund in rolling out its ambitious gender-smart strategy and help address the $1.7 trillion gender gap.
Luxembourg, November 2024 – The Global Gender-Smart Fund (GGSF), the world’s largest gender-lens investment fund, has welcomed a new private investor, ASN Bank, to support the fund’s strategy and strong growth in the provision of gender-smart and responsible financial services in developing markets.
ASN Bank has provided a senior note investment of EUR 30 million to the Global Gender-Smart Fund (GGSF), the world’s largest gender-focused debt fund, thus growing the number of private investors that are supporting the fund, and investing along with the fund’s shareholders (the International Finance Corporation (IFC) and OeEB - the Austrian Development Bank, KfW Development Bank (KfW) and BMZ – the Federal Ministry for Economic Cooperation and Development).
Since the introduction in early 2024 of the GGSF’s new strategy aiming at strengthening the provision of gender-smart and responsible financial services, the fund has provided a total of $300 million of financing over the year to over 50 financial institutions in 24 countries, thus contributing to increased outreach to underserved women as well as women-owned and women-led businesses in developing markets. Such development impact is further sustained through the gender action plans implemented by investees, which aim to improve gender equality at the level of both the financial institutions themselves and their clients.
The fund’s three portfolio managers, Incofin, responsAbility and Triple Jump, all three leading impact investing specialists with extensive global experience, have been leading the origination efforts, while global coordination is provided by Innpact Fund Management, the Alternative Investment Fund Manager (AIFM) in Luxembourg dedicated to impact finance. Investees can also receive technical assistance provided through a streamlined process by a global consortium formed by NIRAS A/S and Women’s World Banking, both gender specialists with extensive experience in the implementation of projects supporting gender equality.
Stefanie Fernández van Leeuwen-Leenman, Director of Customer and Services of ASN Bank, says: “The Global Gender-Smart Fund aligns with our sustainable ambition and on improving human rights. We’re proud to be one of the investors, contributing to the empowerment of women-owned and women-led business in developing markets. Creating economic opportunities for women in these emerging economies is essential to fostering gender-equality and driving inclusive growth. ”
Ruurd Brouwer, Chairman of the Board for the Global Gender-Smart Fund, adds: “Since the implementation of the fund’s gender-smart strategy, we have seen very strong demand in the market for gender-smart financing, and we are thrilled that ASN Bank decided to join the efforts of GGSF. ASN Bank puts sustainable development at the core of its activities, with a focus on climate, biodiversity and human rights, and such efforts contribute to a more equitable society.”
About ASN Bank
ASN Bank has been investing in sustainable progress since its founding in 1960. It finances and invests only in futureproof companies, sectors, and countries that operate with respect for people, animals, and nature. At ASN Bank customers can pay, save, take out a mortgage or insurance, and invest in ASN Investment Funds. The bank also provides financing for projects that align with its sustainable mission. ASN Bank's strategy is focused on growing as a digital, sustainable bank through strong customer relationships and a wide range of products and services.
ASN Bank is part of Volksbank, along with BLG Wonen, RegioBank, and SNS. On the 16th of December 2024 the Volksbank announced that these four banks will transform into ASN Bank. For a careful transition the clients wil gradually transfer into ASN Bank. For more information: www.asnbank.nl