Arab FinanceInternational experts and officials called for gender equality in financing projects Entrepreneurship in the Middle East and North Africa region and enhancing women’s opportunities to obtain the necessary financing for their projects in the Middle East and North Africa region.
This came during the launch of a joint regional project between the European Union and the Organization for Economic Cooperation and Development, to enhance access to… Women entrepreneurs On financing, during the activities of the Women’s Economic Empowerment Forum, which will be held on November 13 and 14, and which was organized by the organization in Cairo in the presence of Orlik Vestergaard Knudsen, Deputy Secretary-General of the Organization for Economic Cooperation and Development, and with the participation of a number of ministers and ambassadors of countries around the world and representatives of the European Union and international organizations, Among them is Nour bint Ali Al Khalif, Minister of Sustainable Development, Member of the Supreme Council for Women and CEO of the Bahrain Economic Development Board.
Dr. Rania Al-Mashat stressed the importance of the project funded by the European Union, which works to enhance the economic empowerment of women by improving financial inclusion and access to finance in eight countries in the Middle East and North Africa region, including Egypt, by strengthening an enabling policy and regulatory framework for financial inclusion. Women and access to finance, especially women entrepreneurs, explaining that the project works to enhance the awareness and participation of policy makers and financial institutions towards the financial inclusion of women entrepreneurs.
Women's economic empowerment is part of the country's national strategy
Al-Mashat indicated that women's economic empowerment is at the heart of Egypt's national strategies, stressing the extent to which women's economic empowerment is linked to Egypt's national development priorities, in order to achieve growth, reflecting the commitment to mobilizing women's full potential as active and empowered participants, adding that the number of women constitutes approximately 49% of the number of women. population, making promoting gender equality and women's economic empowerment more than just an economic necessity; Rather, it represents an essential part of the national strategy.
She continued: Believing in the impact of equal opportunities between the sexes, Egypt has launched a national strategy for women’s empowerment since 2017, which is consistent with Egypt’s Vision 2030, and does not only represent a set of policies; Rather, it is a comprehensive, results-oriented roadmap for achieving a diverse and inclusive workforce, a just economy, and a society where every woman has the resources and support to realize her full potential.
She explained that the government aims to create an enabling environment for women entrepreneurs in a way that contributes to a stronger and more comprehensive economy, through gender-responsive budgeting, mainstreaming the gender perspective and targeted skills development programmes, referring to the 2022 Gender-Responsive Sustainable Development Plan Guide, which confirms Commitment to building an inclusive society by integrating gender considerations into every government program, adding that by adopting a gender-responsive planning and budgeting approach, Egypt is moving towards a sustainable and inclusive environment where all citizens can contribute to and benefit from economic growth.
Al-Mashat highlighted Egypt’s cooperation with the Organization for Economic Cooperation and Development to promote gender equality and women’s empowerment, stressing that the partnership with the Organization for Economic Cooperation and Development represents a strategic alliance aimed at maximizing the impact of gender equality initiatives within the national development agenda in Egypt, noting the launch of the country program. With the Organization for Economic Co-operation and Development in 2021, which represents a strong framework for cooperation, including 35 projects designed to address Egypt’s most pressing social and economic priorities, follow-up that among those projects, there are two major projects that focus directly on promoting women’s empowerment, and underscore Egypt’s commitment to making… Evidence-based policies and transform gender equality commitments into tangible and lasting impact.
Al-Mashat pointed to the “Review and Capacity Building for Women’s Participation in the Economy” project, where work is being done with the Organization for Economic Cooperation and Development to identify and overcome challenges and obstacles to women’s economic participation, explaining that this project is comprehensive, as it evaluates Egypt’s progress with regard to the OECD’s recommendation, regarding… Gender equality in education, employment and entrepreneurship, and also provides actionable recommendations to close gender gaps in economic participation, adding that the project supports Egypt in promoting women’s economic empowerment through a series of collaborative activities.
The Minister of Planning, Economic Development and International Cooperation also touched on the “Women’s Participation in Public Life” project, explaining that it represents a pioneering initiative to integrate a gender perspective into green and digital transformations, as they are two crucial sectors for Egypt’s sustainable and climate development goals. She continued that the project, which comes with support from the Support Project OECD Public Governance; It aims to promote gender integration and enhance women's leadership.
She continued that these projects provide Egypt with enhanced capabilities, frameworks, and visions that support gender equality in policies, adding that by implementing international best practices and enhancing cooperation with the Organization for Economic Cooperation and Development, Egypt is not only promoting its own goals, but also contributing to the exchange of regional knowledge on Gender responsive policies.
Promoting the financial inclusion of women entrepreneurs
Reem Al-Saadi, Regional Program Director of the European Bank for Reconstruction and Development, said that there are challenges facing project financing for women and entrepreneurs in the Middle East and North Africa region, which is that they do not have access to financing to the same extent compared to men.
Al-Saadi added, during the Women’s Economic Empowerment Forum in the Middle East and North Africa region, which was held yesterday under the title: Promoting the Financial Inclusion of Women Entrepreneurs and Access to Finance in the Digital Age, that small and medium-sized enterprises face many challenges, including those related to the exchange rate and currency forecasting, as well as market clarity.
Al-Saadi stressed the need for there to be some businesses that are suitable for women, while giving women the necessary funding to implement their investments. There must also be political will, adoption of some successful models, and coordination between governments and supporters.
Spreading financial culture for women
For her part, Marwa Alam El-Din, Head of Programs at the UN Women’s Country Office in Egypt, said that Egypt has the Tahwisha Programme, which is a national program carried out in cooperation with the Central Bank with the aim of including Egyptian women in rural villages economically and financially, integrating them into the official banking system, and raising awareness and disseminating financial culture for targeted women. And eradicating digital illiteracy and providing high-quality financial services, through the use of technology and digitizing the mechanism of work of savings and loan groups, in accordance with the state strategy for 2019.
Alam El-Din explained that there is great interest in women in Egypt through several partnerships with international bodies such as the European Union, pointing out that despite this, women face some challenges, as there are some women who do not have an identity card, and there are economic difficulties facing the country, so it is necessary to ensure Women should have access to services in cooperation with the National Council for Women, and they must be helped to understand digital tools, especially for those living in the Egyptian countryside, pointing to the existence of cooperation between the Central Bank and banks with the aim of spreading digital awareness among women.
Egypt lacks good marketing
Aya Al-Arif, Executive Director of the Business Women's Club in the Middle East and North Africa, affiliated with the Union for the Mediterranean, said that Egypt has the strongest companies in the region, but it lacks good marketing, especially for emerging companies, pointing out that Egyptian women lack more networking with international supporters and also need more training in The field of entrepreneurship and capacity building.
Al-Arif stressed in statements to Arab Finance on the sidelines of the forum the importance of the role of emerging companies in the national economy, pointing out that there are countries such as Singapore whose national economy relies on emerging companies, calling for the necessity of facilitating investment procedures in Egypt while facilitating export procedures and supporting exports.
For her part, Dr. Rajia Abdel Aziz Al-Rajabani, Director of Offices at the National Council for Libyan Women, said that there are major challenges related to women’s economic awareness and women’s economic rights, pointing out that Libyan law gives Libyan women many rights with regard to equal wages with men and economic empowerment.
Al-Rajbani explained that the Libyan market faced many challenges, including the crisis related to the Corona pandemic, restrictions on oil, exchange rate problems, and its dependence on the black market.
Closing the gender gap contributes to enhancing domestic product
Badriya Al-Dosari, representative of the International Cooperation Department at the Ministry of Social Development and Family in the State of Qatar, said that Qatar Development Bank contributes to financing women’s projects. The state also supports women through social security, which allows them to obtain a monthly pension, as well as implementing a flexible work policy, which allows women to obtain a month’s rent. For women who have children under the age of 12.
Al-Dosari added that closing the gender gap contributes to enhancing the country's gross domestic product, noting the necessity of women receiving the necessary training to acquire labor market skills that will empower them economically.
Equality between women and men in access to finance
Orlik Vestergaard Knudsen, Deputy Secretary-General of the Organization for Economic Cooperation and Development, said that there is a gap between women and men with regard to digitization, pointing out the need to ensure that there are no laws that reduce opportunities for women’s participation, as well as the need for equality between women and men in access to support and financing.
He explained that women entrepreneurs are still in need of financial support to help them start their businesses, stressing the need to remove obstacles for women to confront policies that lead to poverty while enhancing opportunities for participation and involvement in business and providing them with the necessary funding so that there are women entrepreneurs in the market and so that no one is behind digitization.
Integrating women into green economy projects
For his part, Stephen Borg, Deputy Secretary-General of the Union for the Mediterranean, said that the Union is trying to encourage women, especially since there are men who have great opportunities, and we want to increase the opportunities for women’s participation in global markets, as well as promoting gender equality, as we are trying to bridge the gender gap in the face of… Climate changes and technological development.
Burg added: We are committed to developing policies to empower women economically. We are also trying to increase the rate of women’s participation through cooperation with financial institutions and integrating women into green economy projects and providing them with the necessary skills for that. We also provide opportunities for women to participate in new technologies and tools for artificial intelligence.
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