IFC Estimates $1.5trn Annual Global Deficit For Women-Owned SMEs

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Monday, October 23, 2019 / 7.30PM / Nifemi Taiyese for Proshare WebTV / Header Image Credit: @IFC_org

 

The International Finance Corporation, IFC, has estimated that women-owned enterprises experience an annual deficit of about $1.5trn in required financing.

 

The data was part of the discussions at a global forum on women empowerment recently sponsored by the World Bank in partnership with the International Finance Corporation (IFC). 

The President of the World Bank, Mr. David Malpass in his opening remarks, said both international financial institutions were working together to promote and support women-owned business enterprises. 

According to Malpass, women's economic empowerment is a global imperative.  He stated that the World Bank Group has many strong partners, as it seeks to broaden the empowerment of female entrepreneurs. 

Speaking further, Malpass noted that women entrepreneurs have a major impact on communities, not only in socio-economic terms but also as change agents. 

Mrs. Ivanka Trump a Senior Adviser to the United States Government and another panellist at the forum giving her perspective, stressed that access to capital has been challenging for women.

"In 70% of the developing world, women face an inability to access capital or funding from institutions" Trump said. 

The Chairman of Banco Santander, a leading European bank Ana Botin, who also featured in the panel session said "We need to encourage women to be confident, especially enable them to believe in themselves, starting when they are girls."

Also, giving his thoughts at the forum, the Chairman of Goldman Sachs, a leading global investment bank, Mr. David Solomon, said the GSK10KWomen Initiative was launched to explore the potentials for women, which recorded enormous success. 

The GS10KWomen, according to Solomon, has so far made strides in addressing the financing gap for women across the globe. 

Currently, women own 28% of small businesses in emerging markets and closing the gender credit gap for women-owned SMEs could push annual incomes higher by 2030. 

At the , 25th edition of the Nigeria economic summit which featured a lunch session on "Women empowerment" anchored by Mrs. Ibukun Awosika, Chairman of First Bank Nigeria said "Every well-educated woman has the ability to become an asset to the nation and will raise children and families that will advance our country" She said . 

International Financial Institutions, Banks, Global Corporations and even Sovereigns are beginning to realize the value of increasing the funding levels for women-owned SMEs because of the , that will panellist in terms of economic prosperity.

 

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