Washington: The World Bank Group has initiated the rollout of its Gender Strategy 2030, presenting a series of actions and specific goals designed to enhance economic opportunities for women.
Announced during a key event at the 2024 World Bank Group Annual Meetings, the targets will emphasize broadband access, social protection, and capital availability. These initiatives are part of the Gender Strategy’s focus on increasing and facilitating women’s involvement in the global economy.
World Bank Group aims to;
Enable 300 million more women to use broadband, unlocking essential services, financial services, education, and job opportunities.
Support 250 million women with social protection programs, focusing especially on the poorest and most vulnerable.
Provide 80 million more women and women-led businesses with capital, addressing a critical constraint to entrepreneurship growth.
Ajay Banga, President of the World Bank Group said that, “When we increase women’s economic participation, it not only boosts the global economy, but also strengthens families and communities,” “Through economic empowerment we are building a ladder out of poverty and extending hope and dignity as far as possible.”
To meet these targets, the World Bank will concentrate on key initiatives that promote long-term, sustainable change. Regarding broadband access, the Bank plans to prioritize investments in countries with significant connectivity and financial disparities, ensuring gender equality in digital inclusion. Additionally, it will push for policy reforms to encourage private investment and develop infrastructure in underserved regions.
The Bank aims to enhance social protection programs by investing in digital social registries, which will improve efficiency, minimize bureaucratic obstacles, and guarantee direct support for women. Furthermore, it will utilize digital cash transfers in conjunction with skills training, business capital, coaching, and market access, equipping women with the resources needed for enduring economic opportunities beyond temporary financial aid.
.@WorldBank Group aims to boost economic opportunities for women by 2030
➡️Enabling 300M more women to use broadband internet
➡️Supporting 250M women w/ social protection programs
➡️Providing 80M more women & women-led businesses with capitalhttps://t.co/xqfEAx07IX #WBGMeetings pic.twitter.com/udQ4kKHHXf— World Bank (@WorldBank) October 24, 2024
To further enhance access to capital for women and women-led businesses, the World Bank will partner with regulators, financial institutions, fintech companies, incubators, accelerators, and private equity funds to address gender biases in lending practices. This collaboration aims to strengthen the capabilities of female entrepreneurs and improve their access to credit and equity.
Additionally, by collaborating with development finance institutions and investors, the Bank will mobilize resources through gender bonds and other financial instruments. It will also generate insights to support the business case for essential regulatory reforms.
Numerous projects are already in progress, with potential for further scaling to achieve these targets. One initiative spanning 15 African countries addresses challenges such as inadequate internet coverage, high costs of data and devices, and limited digital skills.
In Zambia, the World Bank is assisting the government in expanding digital cash transfer programs to nearly four million women. Additionally, it is providing support to approximately 60,000 women through skills training, business capital, mentorship, and the establishment of savings groups. In Ethiopia, a project aimed at supporting women-owned businesses with loans is expected to increase their profits by 30% and boost employment by 50% over the next five years.
Through these initiatives, the World Bank is making significant strides toward empowering women economically, fostering sustainable growth, and promoting gender equality in the global economy.
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