The World Bank Group has announced key initiatives aimed at significantly boosting economic opportunities for women worldwide by 2030 including providing broadband access to 300 more women globally.
The organization unveiled this at the 2024 World Bank Group Annual Meetings with a series of goals focusing on improving broadband access, expanding social protection, and increasing women’s access to capital.
These targets are part of the Gender Strategy 2030, which seeks to expand women’s participation in the global economy.
Key targets
Other key targets of the strategy include providing 300 women with essential services, financial tools, education, and employment opportunities, and supporting 250 million women through social protection programs, focusing on the poorest and most vulnerable.
The Bank said it would also provide 80 million women and women-led businesses with capital, addressing the critical barriers to entrepreneurship and economic growth.
President of the World Bank Group, Ajay Banga, emphasized the broader impact of these efforts, stating:
“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.”
Strategies for change
To achieve these ambitious targets, the World Bank Group said it would prioritize investments in countries with significant connectivity and financial gaps, ensuring gender equality in digital inclusion.
- The strategy also includes advocating for policy reforms to facilitate private investment and expand infrastructure in underserved regions.
- The Bank will also invest in digital social registries to streamline assistance to women, reducing bureaucratic hurdles.
- The use of digital cash transfers will be scaled up, linking them with skills training, business capital, and access to markets, ensuring women can leverage these tools for sustained economic empowerment.
- To provide capital access for women entrepreneurs, the Bank said it would collaborate with financial institutions, regulators, fintech companies, and private equity funds.
- This aims to address gender biases in lending practices and improve access to credit. The World Bank will also mobilize resources through gender bonds and other financial instruments to support women-led businesses.
What you should know
Several projects that align with the Gender Strategy are already in progress. In Africa, initiatives across 15 countries are tackling challenges like limited internet coverage and high data costs.
In Zambia, nearly four million women are benefiting from expanded digital cash transfer programs, while around 60,000 women receive skills training, business capital, and mentorship.
In Ethiopia, a project supporting women-owned businesses is expected to grow profits by 30% and employment by 50% over the next five years.
These efforts are part of a broader movement to ensure that women, especially in low-income and developing countries, can fully participate in the global economy.
