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Gender

Women and finance: unlocking new sources of economic growth

Ceyla Pazarbasioglu's picture
Also available in: العربية


From basic financial services to board rooms, strengthening women’s role in finance is one of the keys to boosting economic growth.

In every country, women and men alike need access to finance so that they can invest in their families and businesses.  But today, 42% of women worldwide – about 1.1 billion – remain outside of the formal financial system, without a bank account or other basic tools to manage their money.   
 

Putting women’s health and empowerment at the center of development

Kristalina Georgieva's picture
Also available in: Español | Français | 中文 | العربية
Registered nurses look after newborns at a maternity hospital in Freetown Sierra Leone. © Dominic Chavez/World Bank
Registered nurses look after newborns at a maternity hospital in Freetown Sierra Leone. © Dominic Chavez/World Bank


Last week on World Population Day, I was thinking of the joy of children and the right of women to decide when to have them. It matters to women, but it matters to society as a whole. There can be no sustainable development without women’s empowerment, and there can be no women’s empowerment without access to comprehensive maternal and reproductive health services. Family planning is part of them.

We joined the food revolution—and you can, too

Nataliey Bitature's picture
Musana Carts, a business that provides clean, solar-powered street vending carts, aims to improve the lives of street vendors.
Musana Carts, a business that provides clean, solar-powered street vending carts, aims to improve the lives of street vendors in developing countries.

Africa’s urban areas are booming, experiencing a high urban growth rate over the last two decades at 3.5% per year. This growth rate is expected to hold into 2050. With this growth, street food is going to become one of the most important components of African diets. The formal sector will just not be able to keep up!
 
Enter my company, Musana Carts, which tackles the #FoodRevolution challenge from the end of the food value chain. Musana Carts, which currently operates in Uganda, streamlines and improves the production and consumption of street food.
 
Why did we decide to focus on street food?
 
Despite the illegal status of unlicensed street food vendors, who are regularly evicted from markets, street vending is an age old industry. Low income families spend up to 40% of their income in street food (Nri).  
 
People eat street food because it is affordable, abundant, delicious and has a local and emotional flavor. Street food plays a key role in the development of cities. It is the one place where the posh and the poor from all walks of life meet and forget their social differences for the few seconds it takes to savor a snack. 
 
Street foods tell a story. They capture the flavor of a nation and the pride of a tribe: in Uganda, the rolex, a rolled chapatti with an omelet, has been named one of the fastest growing African street foods. The minister for tourism made it the new Ugandan tourism product.
 

Digital financial inclusion: what works and what’s next

Kristalina Georgieva's picture


Over one billion women in the world do not have access to financial services. Having access to a transaction account is a first step for financial freedom and for women to take charge of their lives. 

Women are an underutilized resource in development. Not having access prevents women from having an equal footing in society. Financial inclusion can unleash enormous potential for economic development.

The World Bank’s World Development Report on gender estimated income losses due to women being excluded from the world of work at 10%-37% of GDP across all regions. Research by the World Bank Group, the IMF, the OECD, and private sector studies show that billions can be added to global GDP by advancing women's equality. 

Digital technologies are extending access to finance to millions of people, including women. This is incredibly exciting and the world is placing high stakes on digital technologies as a principal way to bring the 2 billion unbanked adults into the formal and regulated financial system.

It’s much easier today to save, make payments, access credit, and obtain insurance, all of which helps people manage day-to-day expenses, make long-term plans and handle unexpected emergencies.

In 2016, the G20 issued a report led by the World Bank Group and the People’s Bank of China – the High Level Principles for Digital Financial Inclusion - which provided eight recommendations for countries to encourage financial inclusion through digital technologies. A few weeks ago, the G20 finance ministers endorsed a follow-up report which profiles what countries have done in line with these recommendations.

Three things we need to know about “SOGI”

Ede Ijjasz-Vasquez's picture
Also available in: Français | Español


May 17 is the International Day Against Homophobia, Transphobia and Biphobia, or IDAHOT.
 
Why should we care about IDAHOT? Because sexual orientation and gender identity, or SOGI, matters.
 
Here are three things we need to know about SOGI:
 
First, SOGI inclusion is about zero discrimination
 
Despite some legal and social progress in the past two decades, LGBTI people continue to face widespread discrimination and violence in many countries. Sometimes, being LGBTI is even a matter of life and death. They may be your friends, your family, your classmates, or your coworkers.

Why solutions for young people, need to be by young people

Noreyana Fernando's picture
Also available in: Español | Français
 Nafise Motlaq / World Bank.
Statistics about young people today are alarming. A group of global leaders meeting at the World Bank agreed that youth should be given a role in finding solutions to these statistics. (Photo: Nafise Motlaq / World Bank)


Growing up in a developing country, I remember having some naive but clever solutions to the inequalities in and around my life. I had barely settled into my new teenage shoes, but I was already making indignant inquiries from my parents: “Why can’t we just fix everything for everyone?”

Ten years later — now blessed with a quality education and some work experience — those ideas today are likely less naive (and, I would hope, a little more clever). 

But where should I be vocalizing such ideas? The answer: In boardrooms, government buildings and high-level policy meetings. That is according to a group of global leaders who met at the World Bank Spring Meetings in April. 

Empowering Women in the World

Kristalina Georgieva's picture
Also available in: 中文

© Binyam Teshome/World Bank

When women do well, everyone benefits. Giving women access to better jobs and financial security are keys to ending poverty. Gender gaps harm the entire economy. We know that when women control the finances, they tend to spend money on the things that matter most – essential food and water, school fees and health care for the family. It’s amazing what small changes can do – a mobile money account opens up the ability to get small loans, buy insurance, and make payments. The World Bank is working to empower women around the world, supporting women entrepreneurs in Pakistan and supporting women and their families with cash cards in Lebanon.

To fight discrimination, we need to fill the LGBTI data gap

Ede Ijjasz-Vasquez's picture
Despite some progress in the past two decades, lesbian, gay, bisexual, transgender, and intersex (LGBTI) people continue to face widespread discrimination and exclusion around the world. Many of them suffer from punitive laws and policies, social stigma, and even violence. They may also be subject to lower educational attainment, higher unemployment rates, poorer health outcomes, as well as unequal access to housing, finance, and social services. As a result, LGBTI people are likely overrepresented in the bottom 40% of the population.
 
The adverse impacts on the health and economic wellbeing of LGBTI groups—as well as on economies and societies at large—tell us one thing: exclusion and discrimination based on sexual orientation and gender identity (SOGI) is a serious development issue.

We’ve already taken the first steps to address this issue, such as quantifying the loss in productivity, but there is still a long way to go. Robust, quantitative data on differential development experiences and outcomes of LGBTI people is crucial, but remains scarce especially in developing countries. Such a research and data gap poses a major constraint in designing and implementing more inclusive programs and policies.
 
The World Bank’s SOGI Task Force—consisting of representatives from various global practices and country offices, the Gender Cross-cutting Solution Area, as well as the GLOBE staff resource group—has identified the need for quantitative data on LGBTI as a priority. 
 
On Zero Discrimination Day, the World Bank’s Senior Director Ede Ijjasz-Vasquez and SOGI Advisor Clifton Cortez explain the urgent need to fill the LGBTI data gap. They’ve also discussed why inclusion matters for development, as well as what can be done to end poverty and inequality for LGBTI and other excluded groups.


 

Three misconceptions about women in agribusiness that hold companies back

Nathalie Hoffmann's picture
Also available in: العربية | Español

Debunking common misconceptions about women in agribusiness can unlock business opportunities for the private sector

At the recent World Economic Forum meeting in Davos, global leaders from across the world came together to deliberate on some of the most pressing issues of our time, such as agriculture and food security and greater social inclusion. With the global population projected to rise more than 9 billion by 2050 and the demand for food expected to jump sharply, the need for addressing the challenges of food security assumes greater urgency than before. There is also a growing need to adopt stronger measures to reduce the gender gap—women shouldn’t have to wait 170 years to bridge the divide.

Ahead of the Davos meeting, IFC released a report on agribusiness, Investing in Women along Agribusiness Value Chains, highlighting how companies can increase productivity and efficiency in the agriculture sector by closing economic and social gaps between women and men throughout the value chain, from farm to retail and beyond. The solution to address two of the most pressing challenges—food security and gender parity—isn’t difficult to find, as my research for the report suggests.

Women comprise over 40 percent of the agricultural labor force worldwide and play a major role in agriculture; yet they face a variety of constraints, such as limited access to agricultural inputs, technologies, finance, and networks. As the report shows, an increasing number of companies now recognize that investing in women can help increase companies’ bottom lines—while helping improve the lives of people in rural areas.

Yet, despite the clear business rationale, one wonders why more companies aren’t replicating the efforts of successful companies. The answer probably lies in the prevailing misconceptions about women in agribusiness—despite promising business case testimonials for gender-smart investments from multinational companies such as Mondelēz International and Primark.

Agribusiness companies need support in identifying where and how they can close gender gaps in their value chain. A good start would be to debunk those common misconceptions about women in the sector:

Making the World Bank Group LGBTI friendly, one step at a time

Caroline Vagneron's picture
Also available in: Français | Español

The business case for greater diversity and inclusion of Lesbian, Gay, Bisexual, Transgender and Intersex (LGBTI) staff is now well documented, and the corporate world is making solid progress towards LGBTI equality at the workplace. The message is also slowly but surely sinking into international organizations such as the World Bank Group, for which diversity is also synonymous with greater productivity, collaboration, innovation and creativity. In particular, LGBTI-supportive policies are linked to less discrimination against LGBTI employees and more open corporate cultures. Less discrimination and more openness (or less concealment), in turn, are also linked to greater job commitment, improved workplace relationships, improved health outcomes (concealment of sexual orientation is associated with increased psychological distress) and increased productivity among LGBTI employees.

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