World Bank Unveils New Strategy To Boost Women's Economic Opportunities

10/24/2024 7:09:40 PM

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Oct 24 (KUNA) -- The World bank Group on Thursday announced a set of actions and concrete goals that aim to boost economic opportunities for women across the globe.
"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."
The WB Gender Strategy 2030, unveiled at a flagship event, aims to enable 300 million more women to use broadband, unlocking essential services, financial services, education, and job opportunities; and support 250 million women with social protection programs, focusing especially on the poorest and most vulnerable.
It also aims to provide 80 million more women and women-led businesses with capital, addressing a critical constraint to entrepreneurship growth.
To achieve these targets, the Bank said it will focus on key efforts that will drive long-term, sustainable change.
In the area of broadband access, the Bank will also prioritize investments in countries with the largest connectivity and financial gaps, emphasizing 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 programs 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 mobilize resources through gender bonds and other financial instruments, while generating knowledge to make the business case for necessary regulatory reforms.
The Bank said 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, it indicated. (end)
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