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Launched at the G7 Summit in 2018, the 2X Challenge is an initiative to elevate gender lens investments, including enhanced access to finance and business leadership opportunities for women. One example of its use in LC practice is as follows: A US financial institution has a transaction with an Ecuadorian bank issuing a commercial LC to a US corporation (beneficiary) which requires the LC to be confirmed. The applicant in Ecuador is an SME where 51% of its ownership consists of women or 30% or more of the women are in senior leadership. Prior to the issuing bank requesting the US bank to confirm, the US bank drafts an agreement where the Ecuadorian bank provides certain representations that the applicant meets the 2X Challenge Criteria. Under the arrangement, the applicant pays the issuance fee and confirmation fee which are reduced from the normal issuance and confirmation fee structure based on its satisfaction of the 2X Challenge Criteria.