Summary: Gender Bonds in SA Findings • SA has the opportunity to build economy back more inclusively and gender responsively through: Burgeoning green bond market which can be leveraged for gender responsive and inclusive growth; financial markets requiring more innovative socially conscious solutions; more economic representation & participation by women from the economic revival effort; ring fencing funding for social causes related to gender in an outcome-oriented manner; a latent care economy that if grown could create more economic opportunities in pursuit of COVID-19 economic recovery • The constraints include: high debt burden requiring fiscal neutral solutions; COVID-19 economic recovery amidst mounting debt & limited fiscal space and cross-cutting issues & economic strain disproportionately affecting women & previously disadvantaged people • Considerations for a gender bond include the fact that SA is over geared and under performing; SIB has the greatest coverage of SA Gender Priorities and preferential procurement so may be the greatest driver of change; convergence between Government priorities & investor expectations is vital; working within existing intersecting priorities, such as infrastructure growth (including green) & job creation offer the greatest scale potential • Perceived risks and issues: accessibility; incentives and trust • Stakeholder expectations of a gender bond: Women’s empowerment; sustainability; private sector participation; PPPs; inclusion of the care economy; transparency • A more diversified, intersectional and scaled approach is appropriate wrt to gender bonds 51
Considerations for a South Africa Gender Bond In South Africa DEBT has become a 4-letter word. SA is over geared and under performing The Consolidated deficit Government expects to in the current year is collect R1.21 trillion in estimated at 14% of the GDP taxes during 20/21 and could collect more Budget deficit had doubled since the 2020 Gross national debt is Budget Review, and the projected to rise from in-year revenue shortfall 80.3 percent of GDP in is estimated at R213.2 2020/21 up to R87.3 billion percent in the outer year of this MTEF 52
Considerations for an SA Gender Bond Gender Bond Trade Offs Gender Vs Sustainability Bonds • ESG issues are cross-cutting • Gender lens investing is often combined with other social or economic • Sustainability Bonds combine both social and green objectives causes • Likely to attract wider investor interest than a gender-only bond Gender & Sustainability Bonds versus Vs Unlabelled bonds Mixed views (see appendix) on whether labelled bonds provide better pricing than unlabelled alternatives for issuers – an ongoing debate Direct (sovereign) issuance versus Vs indirect support for third-party issuers • Likely to be more attractive with a social cause – particularly with • On average will be more costly than a sovereign issue initiatives such as UNECA’s African sovereign-bond subsidising Liquidity • Credit risk attributable to the issuers operations & balance sheet, or the & Sustainability Facility assets pooled or allocated for this purpose • Limited security obligations since they are based on sovereign risk & • Sovereign issuances can be used to support issues by third-parties returns on investment & debt service subsidiary to sovereign risk for • Third-parties offer direct & efficient distribution to beneficiaries South Africa • Transparency and accountability for proceeds & outcomes would be key Demonstration versus Vs Scale Smaller issuances may be easier to fundraise for, but are inefficient with Larger issuances are more cost effective, but a robust system would be higher proportionate issuance costs required to ensure transparency & accountability for use of proceeds Creating a yield-curve for social or impact bonds: Develop benchmark “risk-free” pricing for social or impact bonds & compare yields with traditional bonds STRICTLY PRIVATE AND CONFIDENTIAL 53
Considerations for a gender bond Trade Offs Ultimately, all government borrowing is aimed at enabling some social impact While there are benefits to not restricting ”the use of proceeds”, and this flexibility – it was found through consultation that in SA a more prescriptive approach can help attract more investors STRICTLY PRIVATE AND CONFIDENTIAL 54
Considerations for an SA Gender BRoencdommendations for gender bondsThe sweet spot: SIB has the greatest coverage of SA Gender Priorities and preferential procurement so may be the greatest driver of change Social Bonds | Use of Proceeds Social Impact Other Bonds Policy & Other Entrepreneurs Consumption Leadership Access to Finance Employment Outcome-Based ■ Participation in Planning ■ ■ ■■ ■ ■✓ Gender-based Violence ■ ✓✓ South African Government Priorities Care-taking Facilities ✓ ■ ■■ ■ ✓✓ Ownership ■ ✓■ Housing ■ ✓ ■■ ✓ ✓■ Social Security ■ ■✓ Programmes ✓ ✓✓ ■ ■✓ Preferential Procurement ■ ✓✓ Infrastructure Investment ■ ✓ ■✓ ■ ✓✓ Job Creation ✓✓ ■ ■■ ■ ■ ■■ ■ ✓ ✓✓ ✓ ■ ■✓ ✓ ■ ■■ ✓ STRICTLY PRIVATE AND CONFIDENTIAL 55
SA Gender Bond Consultations Stakeholder views (15 consulted) LEGEND • Implementers of development programmes (financial and technical like NEF, WeConnect) • Investors (those who lend or invest like IDF, ABSA, Sanlam, DFC, Future Growth) • Facilitators (Ecosystem actors who improve access to capital like JSE, Treasury) • Outcome buyers (Social investors focused on outcomes like government or donors) Interviews were conducted mainly between 19th April 2021 and 29th June 2021. Data collection tool found here STRICTLY PRIVATE AND CONFIDENTIAL
Consultation Five Key Stakeholder Categories – 15 Interviews between April – June 2021 Facilitators (4) Implementors (4) • Adjunct Proffesor Michael Sachs • Olebogeng Marakalla (The NEF Women (Financial and Fiscal Commission) Empowerment Fund) • Shaamela Soobramoney (JSE) • Nomsa Daniels (Graca Machel Trust) • Zoheb Khan (Intellidex) • Jean Chawapiwa (WeConnect • Wanga Cibi (National Treasury) International) • Salome Sengani (Women Development Investors (6) Bank) • Polo Leteka (IDF Capital) • Sanlam Outcome Buyers (1) • Futuregrowth • DFC • Aunnie Patton Power (Bertha Centre) • Babongile Mandela (ABSA) • Babongile Mandela (ABSA) • Mmakgoshi Phetla-Lekhthe (AfDB) Certifiers STRICTLY PRIVATE AND CONFIDENTIAL 57
Expectations of a gender bond PRIVATE SECTOR Stakeholder views Innovative ways of WOMEN’S EMPOWERMENT crowding in private sector including equity funds, A facility that builds capacity banks and through DFIs to translate policy into lived reality for women & girls CARE ECONOMY including the elimination of GBV and other patriarchal Exclusive care of climate systemic issues is narrow. Caring for people is as important as SUSTAINABILITY caring from the planet, and worth investing in Gender bonds linked to global development TRANSPARENCY frameworks such as the SDGs Governance, process and measures that inspire trust PPP and accountability are key Instrument/s that foster AGRICULTURE stronger private public partnerships (PPP) Investment in agriculture particularly in renewable since women comprises energy investments the majority of the labour force STRICTLY PRIVATE AND CONFIDENTIAL
Perceived Gender Bond Success Factors By stakeholder group OUTCOME BUYERS FACILITATORS • ACCOUNTABILITY • ACCOUNTABILITY • INVESTMENTS IN • PPP • MORE FIRST MOVER INVESTORS WOMEN BUSINESSES • RENEWABLE FACILITATORS ENERGY AND CARE • LEAVE NO ONE ECONOMY. BEHIND (LNOB) IMPLEMENTORS • REACH • SYSTEMS • METRICS • IMPACT • STANDARDS. INVESTORS IMPLEMENTORS • INVESTMENT IN • CAPACITY TO SCALE ENERGY SECTOR • PROJECT DEV FUNDS (including Renewable) • IMPACT • RISK MGMT. STRICTLY PRIVATE AND CONFIDENTIAL
Considerations for a gender bond 60 Success Factors gleaned from desk top research and stakeholder views Convergence between Government priorities & investor expectations is vital There are various roles the Government can play – important to be clear on approach per priority Working within existing intersecting priorities, such as infrastructure growth (including green) & job creation offer the greatest scale potential STRICTLY PRIVATE AND CONFIDENTIAL
Perceived Risks & Issues Gleaned from desk top research and stakeholder views Accessibility. “Money is not the problem. There is a lot of it. The issue is women’s access to it partially because of the paucity of investable women owned projects”. Other factors are misaligned risk profiles, cost of capital e.t.c. Incentives. Capital markets tend to be conservative as is government with little or no risk appetite. Private sector risk appetite comes at a cost. Incentives for innovation like tax breaks and risk management instruments like guarantees could buy down the cost of capital Trust. Private sector and Government relationships are often plagued by mistrust. Capital flight and corruption respectively feature as perceived risks. STRICTLY PRIVATE AND CONFIDENTIAL 61
Main SA Gender Bond Consultation Finding/s 62 Gleaned from desk top research and stakeholder views q The time is indeed now to combine the economic upside of gender parity and capital markets in SA for economic recovery. q Gender equality can ride and heighten the wave of green bond & other sustainability investments. q For SA it will be even more impactful to position gender as a catalyst and driver of sustainability investment leveraging a range of capital market instruments for SDGs/ sustainability than pursue a stand-alone debt instrument like a gender bond. STRICTLY PRIVATE AND CONFIDENTIAL
Section 5 This section concludes the report with a summary of findings Recommendations for Gender Bonds which included: • The gender equality policy and priorities in South Africa • The bond landscape • The opportunities and constraints for implementing a gender bond in South Africa with the current economic landscape, which entails a map of gender priorities to be financed • Assessing the trade-offs of gender-specific, broader themed bonds and unlabeled bonds This section recommends the most viable option(s) for a gender bonds in South Africa and • Proposes a structure that combines the best features of sovereign, social and social impact bonds • Highlights two illustrative flagship projects STRICTLY PRIVATE AND CONFIDENTIAL 63
Summary: Recommendation for Gender Bonds in South Africa • The recommendation is a Sustainability Plus Facility (SPF+) that combines commercial and commercial funds to pools public & private capital for gender powered Sustainability/ SDG impact investments. The facility can drive the development and issuance of gender bonds and/or other gender powered capital market instruments. • The Sustainability Plus Facility (SPF+) would be a vehicle through which gender bonds and other gender mainstreamed capital markets instruments could be scaled and developed. It would seek to maximise: (i) Economic Impact, based on the commercial feasibility & impact of the project & their ability to service debt obligations; (ii) Social Impact, based on intangible returns with the Government as an outcome-funder and (iii) Project Preparation & Support, to build the skills & execution capabilities of key stakeholders to increase the likelihood of compliance & success • The SPF+ could empower DWYPD efforts to mainstream gender within SA’s Economic COVID-19 ERRP and other strategic priorities like the digital strategy and sector master plans with capital market instruments to mobilize funding, increase social impact as well as accountability for delivery • With respect to metrics and reporting it is recommended that SPF+ align with the existing international frameworks like ICMA Social Bond Principles, 2X and SDG Impact Investment measures and JSE efforts versus develop additional and new measures 64
Recommendation Leverage the Economic Recovery Plan to power SA COVID-19 ERRP with women’s participation A Sustainability Plus Facility (SPF+) that • Women carrying the increased COVID-19 burden of care & combines a commercial disproportionately affected by climate change & economic downturns and commercial Fund that invests public & • Pursue a blended approach including both traditional & performance private capital in gender based issuances under a sub-issuance powered SDG impact investments and is uses • Collaborate with reputable implementers for inclusive growth ICMA Social Bond, SDG Impact and 2X performance-based disbursement impact measures Pursue Sustainability Bonds & Other Capital Market Instruments STRICTLY PRIVATE AND CONFIDENTIAL versus Exclusive Focus on Gender Bonds • Approach has Sustainability Bonds combining gender, green or other impact themes – via the JSE’s Sustainability Bond Segment for example, allows use of a range of instruments & mechanisms • Identify & leverage cross-cutting issues such as climate finance, infrastructure & access to finance • There is considerable depth in the local capital market, & even more considering international ESG & 2X investors with allocations for Africa Align with the ICMA Social Bond Principles, 2X and SDG Impact Investment measures • Transparency & accountability will be key – the main differentiator between a general sovereign bond issue & a themed issue • Use of proceeds & investment criteria needs to be clear & verifiable by a reputable independent third-party` 65
SPF CAN HELP THE DWYPD MAINSTREAM GENDER WITHIN THE COVID-19 ERRP AND ACROSS GOVERNMENT WITH THE MUSCLE THAT MONEY BUYS Gender-based violence Financial inclusion and access to digital services Develop budget and KPIs to support the plan Strengthen women’s access to finance, mandatory currently in place reporting of sex-disaggregated data by all financial Ownership institutions is an important catalyst Transform ownership patterns and providing Housing access to assets, e.g., land Protect women against housing evictions Social security Increase social security grants with inflation Legal remedies to close the gender pay gap Implement policies aiming at closing the gender pay Care-taking facilities gap Supporting early childhood development (ECD) Programme Implementation and community health across private and public Provide clear articulation of how the government sectors budgets give effect to announced plans, develop accountable monitoring frameworks to evaluate progress in gender responsive budgeting
Recommendation THE SUSTAINABILITY PLUS FACILITY (SPF+) IS PROPOSED AS A WIN-WIN-WIN WOMEN WIN GOVERNMENT WINS COUNTRY WINS JOBS POVERTY GROWTH 01 The SPF+ will focus on job 02 The SPF+ intends to 03 Gender parity is 04 and technology rich high accelerate and scale positively correlate 07 impact and scale projects that with inclusive GDP absorb women (young & old) social impact that growth. MARKETS alleviates poverty & The SPF+ will initially prioritize 05 increases jobs 06 RETURNS FinTech's, MFIs & Partnering with DFIs to finance female PACT Teams with one or more suppliers in infrastructure & women out-perform men renewable energy The SPF+ will help only teams by 63%. This trend extends to large FINANCE government meet its corporations The SPF+ will support commitment of buying SUSTAINABILITY alternative financial mechanisms like 40% from women in crowdfunding, Funds, Angel investment networks infrastructure PEOPLE 08 The SPF+ with help kick 09 The inclusion of women can start & grow a care bolster SA’s burgeoning green growth & other economy that promotes sustainability investments equal & more pay for care 67 STRICTLY PRIVATE AND CONFIDENTIAL
Sustainability Plus Facility (SPF+) HIGH LEVEL STRUCTURE AND PARAMETERS SPF+ would have two funds and a project development pillar: • Commercial Fund focused on economic Impact, based on the commercial feasibility & gender impact of the project & their ability to service debt obligations • Concessional Fund focused on social impact: based on financially sustainable social returns with the Government as an outcome-funder • Project Preparation & Support, to build the skills & execution capabilities of key stakeholders to increase the likelihood of compliance & success Size Security Tenor • Initial tranche of US$ 50 million to • Will be pertinent in terms of the use • Will vary in line with use of balance economic efficiency with of proceeds when deploying capital, demonstrative ability proceeds and outcomes & demonstrating impact STRICTLY PRIVATE AND CONFIDENTIAL 68
Sustainability Plus Facility - illustrative revenue streams A GENDER POWERED CAPITAL MARKET SDG FOCUSED INVESTMENT FACILITY OTHER REVENUE GOVERNMENT GENDER INCENTIVES Advisory services on gender mainstreaming, care economy ventures and tax, concessions, subsidies, awards, mobilizing women through groups and cooperatives competitions, TA & catalytic grants etc FOR PROFIT IMPACT OUTCOMES examples SOURCE OF CAPITAL PROJECT DEVELOPMENT Commercially (private • SA COVID 19 faster economic Identifying, screening, sector) profitable green reconstruction & recovery Source 1. Appropriation of portion of structuring & gender responsive deals entrepreneurship, training and other technical assistance with returns of 15% plus • Greener more inclusive women powered growth Decisions on for profit or non -profit social • More jobs for women & youth impact existing levies for gender smart SPF+ IMPACT MEASUREMENT investments and project development Source 2. Profit from commercially NON -PROFIT IMPACT Ex ante impact due diligence to prepare deals; driven impact investments by the Facility Financially sustainable pure gender responsive Source 3: Grant funding and innovation social impact projects like gender mainstreaming impact monitoring consolidation, analysis & competitions in Jobs SIBS reporting; post facto impact validation including STRICTLY PRIVATE AND CONFIDENTIAL Partnership with corporates on scalable green & oversight of external parties. Use of 2X criteria gender CSR projects that boost care economy for gender and ICMA for green and SDG impact 69 measures
SPF+ illustrative Investments EXAMPLES OF INVESTMENT PROJECTS I. Gender mainstreaming the Youth Employment SIB • For a more gender responsive II. Investing in Financial institutions, intermediaries and fintech to help them participate in infrastructure: • The Government has committed to R791.2 billion infrastructure investment drive, with partners in the private sector, to rollout infrastructure through initiatives such as the blended finance Infrastructure Fund • It is recommended that this money is used to lend to women-led/owned businesses participating in the infrastructure, including renewable energy. Funds for the facility could be generated through: o Proportion of proceeds from revenue the government gains from bonds o Money made by the hybrid facility would be channeled towards social impact STRICTLY PRIVATE AND CONFIDENTIAL 70
SPF+ illustrative Logos Design themes: Gender powered sustainable investment. Recovery of people & planet. When women rise the nation rises STRICTLY PRIVATE AND CONFIDENTIAL 71
Stakeholders Key stakeholders for the SPF+ to be consulted during Phase 2 of the assignment on developing the framework Who Invests? Who Pays? Who Evaluates? Who Who Implements? Facilitates? Development Finance Institutions & Investors Borrowers Certification & Evaluation Borrowers Transaction Advisors & Local & International Bodies Civil Society Arrangers South African Organisations Portfolio Managers Government, Independent Auditors Non-Governmental Legal Advisors Local & International Departments or Agencies Non-Governmental Organisations Johannesburg Stock Exchange as Outcome Payers Organisations Corporates, Impact Pension Funds Development Finance Investors & Other Private Government Departments & Specialized Fund Institutions as Outcome Sector Actors Agencies Managers Funders National Treasury Philanthropist Financial Services Board Organisations as Local or Global Custodians Outcome Payers Transfer Secretaries South African Government as Sovereign Issuer? 72 STRICTLY PRIVATE AND CONFIDENTIAL
Copyright Advised by Triple C Advisory & ZeniZeni Dr Khetsiwe Dlamini (Lead Author) is the Executive Director of Triple C Advisory which is an African originated female owned gender lens advisory firm based in South Africa and worked in association with ZeniZeni Sustainable Finance Advisory on the Landscape Report by Triple C Advisory & ZeniZeni
SPF+ Supplement 74
Introducing SPF gender powered capital market SDG solutions
The Sustainability Plus Facility Gender powered capital market SDG investment solutions
SPF Structure (schematic) Impact Investing Social impact Technical Assistance Profit Purpose Project Commercial Concessional Technical Fund Fund Assistance Investments in capital markets (including Financially viable & sustainable Technical Assistance that surfaces, gender bons) that yield profit/ return & contributions through capital markets strengthens and/or scales gender exclusively focused on SDG outcomes SDG impact (use of proceeds) powered SDG impact projects
SPF Capitalization $100 m $ 200 m $200 m Round 1 Round 2 Round 3 Capitalized at $500 m (1/2 billion) by a government levy of 0.5% on the import of non-green infrastructure inputs (materials, technology etc) over three years for commercial and concessionary investments. Technical assistance capitalized by grants between SA development Banks and G7 countries investing in SA gender responsive green growth.
SPF Investment Strategy Scaling what works today. Exploring what will work tomorrow. What works for women, girls & planet works for all Stream 1 : WOBs commercial investmentsUse of proceeds Outcomes scaling Credit lines to Fintechs, innovation Funds, DFIs, Banks lending inclusion to WOBs infrastructure suppliers & actors Stream 2: Care concessional finance Care for people & planet; as part of the ERRP. Aged care; health; childcare; education, climate etc Other priorities Commercial Experimental Concessionary 4IRSA - scalable digitally 4IR – South Africa believes that the digital economy is the 4th Industrial Revolution and has their growth strategy pegged to it enabled SDG linked women powered investments & projects
2x Criteria Used by DFIs who have collectively invested $7 billion from 2018-2021 (double the target) & aim to double that Investment needs to meet one these 5 Criteria: o 51% female founded and/or owned o 20-30% women in decision making (board, senior mgmt. investment committee) o 30-50% women in workforce depending on quality of jobs o Product/ service disproportionally benefits women o 30% of financial institution proceeds or portfolio company meeting 2x criteria
Phase 2: Developing the SPF+ Framework Scope of Work (SoW) • Develop structure & mechanisms including detailed measurement & reporting framework • Determine size of funds, use of proceeds, issuers, certifiers etc • Assess launch and implementation risks • Package investment case and mini- prospectus • Investor road show • Capital raising • Launch and operationalization
Copyright Advised by Triple C Advisory & ZeniZeni Dr Khetsiwe Dlamini (Lead Author) is the Executive Director of Triple C Advisory which is an African originated female owned gender lens advisory firm based in South Africa and worked in association with ZeniZeni Sustainable Finance Advisory on the Landscape Report by Triple C Advisory & ZeniZeni
Annexure 83
Case study | Mahlango and Another V Minister of Labour and Others “intersectionality when faced with prioritising The judgments of Victor AJ and Mhlantla J in the Constitutional Court explored the unfair discrimination claim under section 9(3) in some detail, showing value of “intersectionality when faced with prioritising “textured analysis in relation to discrimination is an indispensable legal methodology and, using the intersectionality framework as a legal tool, leads to more substantive protection of equality. Adopting intersectionality as an interpretative criterion enables courts to consider the social structures that shape the experience of marginalised people. It also reveals how individual experiences vary according to multiple combinations of privilege, power, and vulnerability as structural elements of discrimination. An intersectional approach is the kind of interpretative approach which will achieve “the progressive realisation of our transformative constitutionalism” STRICTLY PRIVATE AND CONFIDENTIAL 84
Annexure | Comparison of bond characteristics Characteristics of sovereign, social & social impact bonds Opportunities Sovereign Bond Traditional Social Bond Social Impact Bond Basis for Repayment Obligation Periodic & Fiscal Ability Periodic & Economic Periodic, Outcome-based Financial Obligation Direct, On-Book Direct (On-Book) or Indirect (Off-Book) Primary Returns Required Direct, On-Book Social & Economic Risk Focus Economic Social Investors Achieving Economic Viability & Impact Achieving Desired Social Impact Pricing & Tenor Sovereign Risk General, Impact Monitoring & Evaluation General Sovereign General, Impact “Purple Washing” Potential Sovereign Issuer Implementation Optional Second Opinion Long Tenor Not Required Medium Potential Mandatory Independent Evaluation Scalability High Potential Direct or Indirect Low Potential Cost Efficiency Direct or Indirect Medium to Long Indirect Status Medium to Long Medium Standards Medium Short to Medium Typical Issuer High Low Use of Proceeds High Listed or Private Placement Low Security Listed or Private Placement ICMA Social Bond Principles Optional Multilaterals, Corporates, Funds Private Placement (option for JSE Listing) Central Governments or Departments Commercial, Inclusion, Finance ICMA Social Bond Principles, Other Multiple Specialised Funds Unsecured Secured or Unsecured Welfare, Intangible Financial Impact Not Applicable STRICTLY PRIVATE AND CONFIDENTIAL 85
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Reference Cont… 58. Climate Bonds Initiative. (2021). Types of bonds. Retrieved from https://www.climatebonds.net/resources/understanding/types-of-bonds 59. International Capital Market Association. (2020). Bond Market Size. Retrieved from https://www.icmagroup.org/Regulatory-Policy-and-Market- Practice/Secondary-Markets/bond-market-size/ 60. Social Finance. (2017). Social Impact Bonds. Retrieved from https://www.socialfinance.org.uk/what-we-do/social-impact-bonds 61. Brookings Institution. (February 1, 2020). Global Impact Bond Databases. Retrieved from https://www.brookings.edu/wp-content/uploads/2019/01/Global- Impact-Bonds-Snapshot-February-2020.pdf 62. Brookings Institution. (2019). First Social Impact Bond in South Africa Shows Promise for Addressing Youth Unemployment. Retrieved from https://www.brookings.edu/blog/education-plus-development/2019/07/12/first-social-impact-bond-in-south-africa-shows-promise-for-addressing-youth- unemployment/ 63. Climate Bonds Initiative. (2019). Green Bonds: Global State of the Market. Retrieved from https://www.climatebonds.net/system/tdf/reports/cbi_sotm_2019_vol1_04d.pdf?file=1&type=node&id=47577&force=0 64. International Institute for Sustainable Development. (2021). Furthering Gender Equality Through Gender Bonds. Retrieved from https://www.iisd.org/system/files/2021-03/equality-gender-bonds.pdf 65. Gustafsson-Wright, E., Boggild-Jones, I., Segell, D., & Durland, J. (2017). Impact Bonds in Developing Countries. Retrieved from https://www.brookings.edu/wp-content/uploads/2017/09/impact-bonds-in-developing-countries_web.pdf 66. 2X Challenge. (2021). 2X Criteria. Retrieved from https://www.2xchallenge.org/criteria 67. Triple C Advisory. (2021) UN Women SA Gender Bond Study Interview Questions. Retrieved from https://docs.google.com/forms/d/e/1FAIpQLSegHDl6hgx8EEk-7GFwktaxYrxXHweJUENmJBKW9eZhq6R3yA/viewform STRICTLY PRIVATE AND CONFIDENTIAL 90
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