G7 Foreign and Development Ministers meeting in London this week will invest $15 billion in development finance over the next two years to help women in developing countries access jobs, build resilient businesses and respond to the devastating economic impacts of COVID-19, the UK Foreign, Commonwealth and Development Office said in a statement on Monday.

They will also sign up to new global targets to get 40 million more girls into school and 20 million more girls reading by the age of 10 in low and lower middle income countries by 2026.

“Educating girls is one of the smartest investments we can make to lift people out of poverty, grow economies, save lives, and build back better from Covid-19. A child whose mother can read is 50% more likely to live beyond the age of 5 years, twice as likely to attend school themselves - and 50% more likely to be immunized,” the statement said.

The $15 billion in funding is for the 2X Challenge, a partnership between G7 Development Finance Institutions [DFIs] launched in 2018. It leverages funding from DFIs and Multilateral Development Banks to provide finance to female owned and staffed businesses or products or services that particularly benefit women, supporting female economic empowerment.