Specifically, the foundation will support advocacy and public policy work globally to enable entrepreneurship, especially for women, by removing barriers caused by poor and inequitable access to sanitation – such as places to wash hands or use the toilet – and lack of access to basic education.

The Global Poverty Project estimates universal sanitation would improve the entrepreneurial potential of women by freeing up more than 200 million hours for women and girls each day, enabling them to achieve an education, have time for paid employment or run their own small enterprises.

This, in turn, would return about $220 billion to the global economy annually.

The Foundation’s investment will also support universal quality primary education for the 31 million girls who currently go without school, helping literacy and enabling them to access higher level academic and vocational education.

Caterpillar Foundation president Michele Sullivan said the investment with the GPP would help people fulfil their potential, lifting themselves and their communities out of poverty, having seen first-hand how these investments could impact lives.

“This investment will help change lives,” he said.