Latest news with #WEFinanceCode
Business Recorder
07-07-2025
- Business
- Business Recorder
ADB finances $500mn for women's financial inclusion, economic empowerment in Pakistan
The State Bank of Pakistan (SBP) officially joined the global initiative of Women Entrepreneurs Finance Code (WE Finance Code) in collaboration with the Asian Development Bank (ADB) and under the leadership of the World Bank on Monday. The ADB has partnered the initiative with a substantial $500 million financing programme to the government of Pakistan. The funding is aimed at bridging the gender gap and enhancing equality, with a focus on advancing women's financial inclusion and economic empowerment. Global financial institutions' studies estimate that the programme may unlock a potential 30% boost in Pakistan's GDP (gross domestic product), driven by the growth of women in the economy. $350m loan agreement signed with ADB to boost women's financial inclusion As part of the initiative, some 20 banks and other financial institutions operating in Pakistan have committed to supporting the SBP-led effort. Their participation underscores a collective push to improve women's access to finance, particularly by expanding their eligibility for bank loans and other financial services. ADB-representative Christine Engstrom said the regional financial institution is supporting the Women Inclusive Finance Sector Development Programme in Pakistan. 'This is the $500 million programme with the government of Pakistan, which is actually designed to reduce the gender finance gap. This programme combines policy base lending and technical assistance to drive sector wise reforms and to provide access to finance to over 2 million women.' She said women financial inclusion was no more a personal agenda. 'It is a central pillar of economic development'. 'It is essential to drive exclusive growth, especially in the financial system, as millions of women remain excluded from the formal financial sector.' She acknowledged that the SBP initiative of 'banking on equality and policy framework have already begun to shift mindset in institutions, embedding gender inclusion into the DNA of the financial sector'. Citing from studies conducted by global financial institutions including ADB and Islamic Development Bank (IDB), SBP-representative Abid Qamar said that women were empowered and gender parity in workforce could boost the overall GDP like up to $28 trillion globally. 'If we focus on only on South Asia, it can add up to to like half a trillion dollar to the economies of region. And in case of Pakistan of course by reducing this gender gap Pakistan GDP could also be boosted by almost like 30%.' The access to banking services to underbanked and unbanked women through bank branches, ATMs, and loans also support banks to increase their revenue. 'Expanding the financial services to women may increase banking revenue up to like $650 million in Pakistan…this shows the significance of women economic empowerment,' he said. Some 17 million women had been employed in various sectors of the economy in Pakistan out of 79 million working age women, he added. In her recorded video message, WE Finance Secretariat's representative Wendy Teleki said the secretariat had been working for women's financial inclusion and their empowerment across the globe. Financial inclusion of women in Pakistan is a '$500mn market opportunity' In the past around two years, they have launched the refinance code at the World Bank, International Finance Corporation (IFC) and other leading signatory institutions and partners. 'Almost 30 countries and more than 250 financial institutions have signed the code and made commitment to the cause like policy reforms to include women in the financial sector, support SMEs (run by them) and create employment opportunities for them,' she said. 'They (women) also have opportunities to grow if we can remove barriers to growth like access to finance and policy reforms.' The WE Finance Secretariat hopes the code in Pakistan will go beyond banks to include fintech, digital finance institutions, and showing companies and equity funds as well. 'The refinance code is helping us move forward on SGD5, which is about achieving gender equality and empowering all women and girls,' she said. SBP Governor Jameel Ahmad said the launch event of WE Finance Code represented a strategic step towards fostering inclusive and sustainable economic growth by prioritising women's economic participation at the heart of the national development agenda. The case for gender equality is both moral and economic, according to Ahmad. 'No country can thrive when half of the population is under-employed and underserved. In Pakistan, women's labor force participation is just 22% and with only 164,000 women entrepreneurs.' Gender gaps in education, mobility, skills and access to financial services continue to hinder women's full economic participation. It is also one of the major causes of low savings as well as low investment in Pakistan compared to many regional peers. 'SBP will collaborate with financial institutions, regulators, government agencies, private sector and academia to build an inclusive ecosystem for women entrepreneurs,' he said.
Ya Biladi
20-06-2025
- Business
- Ya Biladi
Morocco partners with EBRD, IFC to launch WE Finance Code for women's access to finance
On Thursday, the Director General of Bank Al-Maghrib, Abderrahim Bouazza, signed a Declaration of Intent to launch the WE Finance Code, an initiative to support women entrepreneurs. The agreement was signed in partnership with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). The signing ceremony was attended by EBRD Vice President Mark Bowman, EBRD Managing Director for the Southern and Eastern Mediterranean region Mark Davis, and several senior officials from both the EBRD and Bank Al-Maghrib. In a press release, Bank Al-Maghrib explained that this initiative aligns with the institution's broader goals of promoting financial inclusion and women's economic empowerment. It also builds on the bank's long-standing collaboration with both the EBRD and IFC. The initiative further draws on the significant progress Bank Al-Maghrib has made in collecting and analyzing gender-disaggregated data within the financial sector. The WE Finance Code aims to improve access to finance for women-led micro, small, and medium-sized enterprises (MSMEs), while also providing technical support to financial service providers to strengthen their ability to meet the needs of this vital segment of Morocco's economy. «The launch of the WE Finance Code reflects our firm commitment to advancing women's financial inclusion in Morocco», said Bouazza, as quoted in the statement. He also expressed his desire to deepen fruitful cooperation with the EBRD, IFC, other international institutions, and key stakeholders to maximize the impact of the initiative and achieve its objectives.
Morocco World
19-06-2025
- Business
- Morocco World
BAM, EBRD and IFC Partner to Boost Women Entrepreneurship in Morocco
Marrakech – Bank Al-Maghrib (BAM), the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC) signed a Declaration of Intent on Thursday to launch the WE Finance Code initiative. This aims to improve access to financing for very small, small, and medium enterprises (VSMEs) led by women in Morocco. The initiative, which aligns with BAM's ambition to promote financial inclusion and women's economic empowerment, builds on the long-standing collaboration between the three institutions. It capitalizes on the significant progress made by BAM in collecting and analyzing gender-specific data in the financial sector. The WE Finance Code seeks to strengthen the capacity of financial service providers to meet the needs of this important segment of the Moroccan economy by providing targeted technical support. The convention aims to improve access to financing for women-led VSMEs while providing this technical assistance. The signing ceremony took place in the presence of Mark Bowman, EBRD Vice-President, Mark Davis, EBRD Director General for the Southern and Eastern Mediterranean (SEMED) region, and several senior officials from EBRD and BAM. Abderrahim Bouazza, BAM Director General, said that 'the launch of the WE Finance Code reflects our firm commitment to women's financial inclusion in Morocco.' He also expressed his willingness to strengthen productive cooperation with EBRD, IFC, international institutions, and other stakeholders to maximize the positive impact of this initiative and achieve its objectives. Mark Bowman praised 'Bank Al-Maghrib's strong commitment to promoting financial inclusion, particularly by facilitating access to financing for women-led VSMEs.' He reaffirmed 'the EBRD's commitment to supporting Bank Al-Maghrib's initiatives through the implementation of the WE Finance Code. Bank Al-Maghrib is thus positioning itself as a key multilateral player in reducing the gender gap in access to finance in Morocco.' The initiative will provide technical support to strengthen the North African country's efforts in women's economic empowerment. BAM intends to leverage the technical assistance provided by EBRD and IFC under this initiative to build the capacity of Moroccan financial service providers and relevant entities, in coordination with the Ministry of Economy and Finance and other concerned public bodies. This technical assistance aims to promote women's financial inclusion and develop financial and non-financial products and services tailored to their needs. The Women Entrepreneurs Finance Initiative (We-Fi) is a global multi-stakeholder partnership comprising 14 governments, 8 multilateral development banks, and other public and private stakeholders. It is hosted by the World Bank Group. The EBRD is implementing the Code in Egypt and Morocco and will mobilize financing to support women's entrepreneurship, with a view to promoting gender equality, removing gender-related barriers, and reducing gaps in access to finance for women entrepreneurs. The partnership comes as Morocco, alongside Spain and Portugal, prepares to host the 2030 FIFA World Cup with high standards of governance, sustainability, and inclusion. EBRD, which has invested over €5 billion in Morocco to date, sees the event as a catalyst to accelerate climate transition and strengthen social cohesion in the country. EBRD had previously supported Agadir in issuing Morocco's first municipal green bond under the Green Cities program. The bank also assists Morocco in implementing the State Ownership Policy adopted in December 2024 to clarify mandates, enhance transparency, and attract private investment in major infrastructure projects. The EBRD has been active in Morocco since 2012 and has supported a wide range of financial, digital, and green initiatives across the country. In February, BAM and EBRD signed an agreement with a consortium of Korean institutions to bolster Morocco's fintech ecosystem through the 'Boosting Morocco's Regulatory Fintech Ecosystem' technical assistance program. This coincided with the establishment of the Morocco Fintech Center association to support startups and companies in the sector. Tags: Bank Al-MaghribEBRDIFCmoroccan women entrepreneurs
