Finance companies launch new funding program for female entrepreneurs

China's first funding program aimed at providing finance exclusively to female entrepreneurs has been launched by a group of heavyweight finance organizations.

International Finance Corporation, Ant Financial Services Group, a subsidiary of Alibaba Group Holding Ltd, and Goldman Sachs Foundation will jointly run the program.

The funds to be offered - through loans from Ant Financial Services' microcredit arm Ant Credit, with the backing of IFC and Goldman Sachs - are expected to benefit around 46,000 female entrepreneurs. The program has 500 million yuan ($80.13 million) available to it.