Dr Anita Zaidi, the President of Gender Equality at the Bill and Melinda Gates Foundation, says “bridging the staggering 1.7 trillion dollar gender financing gap for women entrepreneurs will propel the global economy.”
Zaidi said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.
The gender official, who called for global resource mobilisation to address gender disparities in access to financing, added that“bridging the gap has the potential to catapult global Gross Domestic Product (GDP) to six trillion dollars by 2030.”
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She explained that the foundation had made these issues clear in a whitepaper it released during the World Bank Spring Meetings which focused on the huge gender financing gap faced by women entrepreneurs worldwide.
She said “the white paper indicates that closing the gap could have transformative effects on global economy, with a projected six trillion dollar increase in global GDP by 2030.
“By illustrating the significant economic potential of investing in women entrepreneurs, the whitepaper aims to spur action and mobilise resources to address gender disparities in access to financing.”
Zaidi said the foundation’s findings underscored the urgent need to prioritise gender-inclusive financing mechanisms and support initiatives
that empower women entrepreneurs.
She added that “closing the gender financing gap will not only benefit individual women, but has far-reaching implications for global economic growth and prosperity.”
She said that the white paper advocates reforming the international development finance architecture to provide affordable credit for women entrepreneurs in sub-Saharan Africa.
She noted that the white paper also emphasised the importance of linking macro-level resource mobilisation to effective deployment at the micro level.
She recalled that in spite of high level of economic activities, African women often face challenges in accessing credit, leading to income instability and inferior credit terms compared to men.
“The white paper, therefore, argues that increasing access to affordable productive capital can help women entrepreneurs build resilience against economic shocks, manage cash flows and expand their businesses, ultimately reducing poverty and fostering economic growth,” she said.
NAN reports that women’s economic power refers to their to participate in and contribute to the economy as producers, consumers, workers, and entrepreneurs.
It encompasses various aspects, including access to education, employment opportunities, financial resources, property rights, and decision-making roles in economic activities.
Women’s economic power is essential for achieving gender equality and fostering sustainable economic growth, as it allows women to fulfil their potential, contribute to household income, and drive innovation and productivity in diverse sectors of the economy.
Empowering women economically involves removing barriers to their participation in the economy, promoting equal opportunities and rights, and ensuring access to resources and support to enable women to thrive economically.
