World Bank Group advances Gender Strategy, unveils economic opportunity ambition

WASHINGTON, Oct, 24, 2024 – The World Bank Group today took the first steps toward implementing  Gender Strategy 2030, announcing a set of actions and concrete goals that aim to boost economic opportunities for more women.

The targets, unveiled at a flagship event during the 2024 World Bank Group Annual Meetings, will focus on use of broadband, social protection, and access to capital. These efforts will contribute to one of the three pillars of the Gender Strategy, which is dedicated to expanding and enabling women’s participation in the global economy.

By 2030, the World Bank Group aims to: Enable 300 million more women to use broadband, unlocking essential services, financial services, education, and job opportunities; support 250mln women with social protection programs, focusing especially on the poorest and most vulnerable; and provide 80mln more women and women-led businesses with capital, addressing a critical constraint to entrepreneurship growth.

“When we increase women’s economic participation, it not only boosts the global economy, but also strengthens families and communities,” said Ajay Banga, President of the World Bank Group. “Through economic empowerment we are building a ladder out of poverty and extending hope and dignity as far as possible.”

To achieve these targets, the Bank will focus on key efforts that will drive long-term, sustainable change. In the area of broadband access, the Bank will prioritise investments in countries with the largest connectivity and financial gaps, emphasising gender equality in digital inclusion. The Bank will also advocate for policy reforms to facilitate private investment and build infrastructure in underserved areas.

The Bank will expand social protection programmes by investing in digital social registries, which are essential for improving efficiency, reducing bureaucratic barriers, and ensuring direct assistance to women. The Bank will also leverage digital cash transfers, linking them with skills training, business capital, coaching, and market access to equip women with the tools for sustained economic opportunities beyond temporary financial support.

Additionally, to bolster access to capital for women and women-led businesses, the Bank will collaborate with regulators, financial institutions, fintech companies, incubators, accelerators, and private equity funds to prevent gender biases in lending practices, strengthen female entrepreneurs’ capacity, and improve access to credit and equity.

By working closely with development finance institutions and investors, the Bank will also mobilise resources through gender bonds and other financial instruments, while generating knowledge to make the business case for necessary regulatory reforms.

There are many projects already underway, and efforts can be further scaled up to help meet these targets. A project across 15 African countries is tackling challenges such as limited internet coverage, low usage due to the high cost of data and devices, and limited digital skills.

In Zambia, the World Bank is helping the government expand digital cash transfer programs to nearly four million women, while supporting almost 60,000 women with skills training, business capital, mentorships, and support to create savings groups. In Ethiopia, a project supporting women-owned businesses with loans will help grow their profits by 30 percent, and employment by 50 percent over five years.

https://thecooperator.news/world-bank-new-financing-tools-receive-major-funding-boost/

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