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+ Sourcing2Equal Colombia (S2E Colombia), launched today, brings together 15 corporate buyers operating in Colombia to make specific, measurable, and time-bound commitments to increase access to corporate procurement opportunities for women-owned small and medium enterprises (WSMEs). Bogotá, April 27, 2023 – The International Finance Corporation (IFC), in partnership with the Women Entrepreneurs Finance Initiative (We-Fi) and the Government of Norway, announced the launch of Sourcing2Equal Colombia (S2E Colombia), a program aimed at promoting business between WSMEs and corporate Buyers in Colombia.
The objective of the program is to reduce gender gaps in the supply chains of large companies in Colombia promoting access of WSMEs to new opportunities in corporate procurement. Thanks to the launch of S2E Colombia, 15 of the largest private sector companies in Colombia have committed to take concrete actions to promote the participation of WSMEs in their corporate procurement processes, such as to review their procurement processes and requirements to identify opportunities to increases access for WSMEs; identify WSMEs that participate in their procurement processes and strengthen their capacity; review payment policies to facilitate access to cash flow for suppliers; among others.
The companies that have joined S2E Colombia are: Alpina, Bacao, Bancamia, Bancolombia, Diageo, Coca-Cola FEMSA, Grupo Argos, Grupo Éxito, Empacor, Juan Valdez, Libero Cobre, Pavimentos Colombia, Postobón, Sunshine Bouquet and Unilever.
Elizabeth Martinez de Marcano, IFC Manager for the Andean Region, said: "By promoting the participation of WSMEs in corporate procurement, large companies diversify their supplier base and increase their resilience and sustainability. S2E Colombia helps large companies to drive innovation, and increase the quality and recognition of their brand, while generating a positive impact in the community."
The program will be implemented in a timeframe of two and a half years, which will allow participating companies to learn and implement new approaches and best practices to promote the participation of women entrepreneurs in their supply chains. S2E Colombia will also identify and strengthen the capacities of potential suppliers to help them overcome the barriers they face in meeting the requirements of corporate buyers. In parallel, the program will promote new business opportunities and commercial links that seek to generate a positive impact on the local market and gender equality.
To undertake this program, IFC has partnered with local organizations with experience in supporting WSMEs and/or corporate Buyers such as UN Women Colombia, Global Compact Network Colombia, the Bogota Chamber of Commerce, and the Cali Chamber of Commerce. According to a report by WEConnect International (2017), less than one percent of procurement spending by corporate buyers goes to women-owned businesses. In addition, women entrepreneurs are mainly in low-paying sectors, such as food, cleaning, and personal services. In Colombia, the situation is very similar, WSMEs continue to be underrepresented in the supply chains of large companies. About IFCThe International Finance Corporation (IFC), an organization that is part of the World Bank Group, is the leading international development institution dedicated to the private sector in emerging markets. It works in more than 100 countries and uses its capital, expertise and influence to create markets and opportunities in developing countries. In the fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, seeking to harness the capacity of the private sector to help end extreme poverty and promote shared prosperity at a time when economies are grappling with the impacts of simultaneous global crises. For information, visit www.ifc.org. Keep connectedwww.ifc.org/lacwww.twitter.com/IFC_LACwww.linkedin.com/company/ifc-américa-latina-y-el-caribewww.facebook.com/IFCwbgwww.instagram.com/ifc_org/www.youtube.com/IFCvideocastswww.twitter.com/IFC_orgwww.ifc.org/SocialMediaIndex
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