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IWD: World Bank restates commitment to closing gender disparities

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The World Bank Group has restated its commitment to closing disparities between men and women as the world celebrates International Women’s Day.

President of the World Bank Group, David Malpass, said this in a message titled; “The World Bank Group and International Women’s Day” posted on the World Bank blogs on Wednesday.

Malpass said the bank’s commitment to gender equality had increased in ambition over time.

“Gender and development has been an International Development Association (IDA) Special Theme since IDA16, recognising that reducing gender disparities is essential for reducing poverty.

“In IDA20, the number of gender policy commitments has increased from six to eight, with ambitious targets in areas including economic inclusion, gender-based violence prevention, and childcare.”

He said entrepreneurship offered an important path to empowerment.

Malpass said the Women Entrepreneurs Finance Initiative (We-Fi), based at the World Bank, was supporting tens of thousands of women entrepreneurs, with more than 1.2 billion dollars of financing to date.

He said the International Finance Corporation was working with private sector clients to promote women’s entrepreneurship and advance economic inclusion in the workplace.

“Across the World Bank Group and with partners, clients and donors, there is much work underway that aims to address gender disparities including the ID4D initiative that works to close gender gaps in financial inclusion.

“Others are efforts to reduce the prevalence of gender-based violence and the Gender Innovation Labs that undertake impact evaluations to generate more evidence on how to close gender gaps.

Malpass said the labs were in Africa, East Asia and the Pacific, Latin America and the Caribbean, Middle East and North Africa, and South Asia.

He said most importantly, the bank was integrating gender in its operations worldwide.

“At the World Bank Group, we continue to hold ourselves accountable for progress on achieving more gender-inclusive recruitment, promotion, leadership development, and mentoring programmes.

“We also hold ourselves accounrable in diverse candidate pools and interview panels; enhanced career development and learning opportunities; and greater opportunities for work-life balance.

“Today, women account for 53.5 per cent of our workforce, and 43 per cent of management, a share that has grown significantly.

According to him, there is much work ahead, and International Women’s Day provides an opportunity to galvanise attention and to restate our commitment to closing disparities between men and women which is in the interests of everyone.

Malpass said that addressing critical gender gaps, including female labour force participation, offers an opportunity to boost incomes and stimulate growth.

He said research from the World Bank had repeatedly made clear that accelerating gender equality could generate significant economic gains.

According to him, the World Bank’s Women, Business and the Law 2023 report published recently, shows that 2.4 billion women of working age do not have fully equal economic opportunity.

“In 2022, only 34 gender-related legal reforms were recorded across 18 economies, the lowest number since 2001. It is important that the pace of legal reforms accelerates.”

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Hardship: Protesters Defy Police Warning, Hit Lagos Streets

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Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

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In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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