Goldman Sachs Announces $10 Billion ‘One Million Black Women’ Initiative
Goldman Sachs announced on Wednesday a new investment initiative of more than $10 billion to advance racial equity and economic opportunity and address long-standing gender and racial biases that have only been made worse by the pandemic.
The new initiative, “One Million Black Women,” was launched in partnership with Black women-led organizations and will drive investment in housing, healthcare, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health, the investment bank said in a statement. The investment bank said it would commit $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade “to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic,” according to the statement.
“This initiative is transformational,” Melanie Campbell, Convener of the Black Women’s Roundtable and President and CEO of the National Coalition on Black Civic Participation, a partner with Goldman Sachs on the program, said in the statement. “What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families and communities across the country.”
According to research from Goldman Sachs, reducing the earnings gap for Black women could create between 1.2 and 1.7 million jobs in the US, as well as increase the annual U.S. GDP by $300-450 billion.
“Our newly published research, Black Womenomics, suggests that no investment could have a bigger impact than unlocking the economic potential of Black women,” David M. Solomon, chairman and CEO of Goldman Sachs, said in the statement. “In the face of significant disparities, they’ve shown admirable resilience, especially as they’re starting businesses faster than anyone else in the U.S.”
“Building on our 20-year history of investing in female entrepreneurs and underserved communities we are now proud to partner with Black female-led organizations and an outstanding advisory council to invest in opportunities to unlock their economic and leadership potential.”
Partners in the initiative include Secretary Condoleeza Rice, Walmart CEO Rosalind G. Brewer and former Barack Obama advisor Valerie Jarrett.
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