Goldman Sachs is investing billions of dollars into its One Million Black Women initiative.

Goldman Sachs Global Head of Corporate Engagement Asahi Pompey said, “We launched about a year ago, a $10 billion commitment, on top of that $100 million in philanthropic capital, to improve the lives of at least a million Black women over the next decade. We’ve made about a billion dollars of investments so far.”

In Janurary, the investment bank revealed a suite of 17 new investments, partnerships, and grants for its initiative, which is designed to advance racial equity and economic opportunity in Black women

It has invested the money in entities performing a variety of functions, ranging from building multi-family housing units to making loans to underserved communities.

Pompey, who. is also president of the Goldman Sachs Foundation, said, “On the philanthropic side, it’s really around a number of things around the pillars of healthcare, education, access to capital, closing the digital divide that we all know is more important than ever. And so, really making investments in those seven pillars, as well as our philanthropic grants and commitments.”

Goldman’s research has shown that single black women are six times less likely to own stocks than single white men, and are nearly 50% less likely to own a home. They are also 24 times less likely to own their own business than single white men.

In addition, single black women are paid 35% less than white men and 15% less than white women. The bank concludes that closing the earnings gap would add an estimated $300 billion to the US GDP each year and 1.2 million jobs to the economy.