Cairo, Egypt, July 04, 2021—To support increased opportunities for women in Egypt's private sector, IFC today announced a partnership with Misr Insurance Holding Company (MIHC), Egypt's largest non-banking finance group, to help the company recruit, retain, and promote more female employees.
IFC will assess gender gaps in MIHC's workforce and identify challenges and opportunities for the company's new and existing female employees. IFC will also help MIHC create a long-term career path for women, build an empowering company culture, and increase the number of women employees at all levels.
Only 22 percent of working-age women participated in Egypt's labor market in 2020, compared to 70 percent of men. Closing this gender gap will help women seize career opportunities and also support economic growth. Egypt's gross domestic product could rise by 34 percent if both men and women participated equally in the labor force, according to a study from the International Monetary Fund (IMF).
"Misr Insurance Holding Company and our subsidiaries have recently given women and their career progression priority in our internal strategy for transformational change," said Basel El Hini, Misr Insurance Holding Company Chairman and Managing Director. "Partnering with IFC and other institutions further cements our commitment to taking this to the next level and advancing gender equality in Egypt's labor market, including in the insurance and non-banking financial services sphere."
"IFC is providing its global expertise to help MIHC identify ways to improve working conditions for women, improving the quality and efficiency of the company's work force and driving it to further growth," said Walid Labadi, IFC's Country Manager for Egypt, Libya and Yemen. "I look forward to seeing more private and public companies strengthen inclusion and diversity, including through empowering women in the job market."
MIHC and its subsidiaries employ more than 13,000 people, including many women in leadership positions. The company is Egypt's first insurer to sign an agreement with IFC that enhances the prospects of female employees. The partnership is part of a new three-year IFC advisory program designed to help private sector companies tap into the country's large, underutilized female talent pool.
The initiative comes at an important time for Egypt. According to the Egyptian National Council for Women, the COVID-19 pandemic poses a serious threat to women's engagement in economic activities.
The new agreement, which is being implemented in partnership with the government of the Netherlands, is part of IFC's wider strategy to champion gender-smart business solutions with the private sector.
About Misr Insurance Holding Company
Misr Insurance Holding Company is the largest non-banking financial group in Egypt. Established in 2006, in efforts to streamline non-banking financial services in the public business sector, MIHC focuses on three core activities: insurance, financial and investment asset management, and real estate asset management. MIHC has three subsidiaries that support the strategic vision and growth aspirations of the group: Misr Insurance Company, Misr Life Insurance Company and Misr Real Estate Asset Management Company. In terms of investments, MIHC has a portfolio of over 60.8 billion Egyptian pounds as per the audited financials of the 2020 fiscal year.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
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