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Women's share of the formal labor force is now close to 40%, and almost a third of all registered businesses around the world are owned by women. Yet, despite women’s potential contribution to economic growth and poverty reduction, in the emerging markets, they are more likely to be stuck in the informal sector.
To better leverage the untapped potential of women, as well as men, throughout its operations, IFC, the private sector arm of the World Bank Group, is launching a new-cross cutting gender initiative, Gender Entrepreneurship Markets (GEM). The program, which came into existence on December 1, 2004, will seek to unleash hidden value in business opportunities, a well as add important capacity to IFC’s development mission.
“We and our clients have missed huge opportunities. Gender issues will be a fundamental pillar of our activities in the future", said Assaad Jabre, IFC Acting Executive Vice President. “This is a great example of a grassroots initiative turning into a business imperative for IFC. Our commitment to the business case for gender equity, will further enhance IFC’s already recognized global leadership in sustainability”, he added.
Women are obviously an under-served market and a big business opportunity, as well as a development imperative. In Africa, they run a large percentage of small and medium-sized enterprises yet despite this, own less than five percent of property in their own right. “Africa will be the primary regional focus of the program for the first two years with a Women Mean Business in Africa sub-program, “said Amanda Ellis, GEM’s new head. The program will provide this growing and unrecognized minority market with advisory and best practice advice and assistance on delivering profitable financial services and business support to women. Please see:
http://www.ifc.org/ifcext/economics.nsf/Content/GI-GenderInitiative
.
The mission of IFC (
www.ifc.org
) is to promote sustainable private sector investment in emerging markets, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in transition and developing countries, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY04, IFC has committed more than $44 billion of its own funds and arranged $23 billion in syndications for 3,143 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY04 was $17.9 billion for its own account and $5.5 billion held for participants in loan syndications.
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