At the Paris-held Generation Equality Forum (GEF), the UN Women-convened summit to accelerate gender equality investment, Germany increased its pledges to women's economic empowerment initiatives by €140 million (US$166 million). In total, Germany has pledged €240 million (US$285 million) to this area over the course of the GEF.
Germany was a leader of the Action Coalition on Economic Justice and Rights together with Mexico, South Africa, Spain, and Sweden, as well as the Organization for Economic Cooperation and Development (OECD), the UN Capital Development Fund, the Gates Foundation, and PayPal. Germany also joined the Global Alliance for Care, which was created by Mexico's National Institute for Women and UN Women and will address the burden of care that hinders women’s economic participation and opportunities.
€25 million (US$30 million) of the German contributions at GEF will go to the Women Entrepreneurs Finance Initiative, which supports female entrepreneurs in building up their businesses through projects in more than 60 countries and was launched under the German G20 presidency in 2017.
Germany has been consistently scaling up its efforts in gender equality and the topic has become a cross-cutting principle for Germany’s development cooperation. Recently, Germany contributed €100 million (US$117 million) to the Global Partnership for Education for the financing mechanism, Girl’s Education Accelerator, which aims to help girls in low-income countries return to school after pandemic-related school closures.