“We don't want any gift. We just want to have the same options and opportunities that men have, because there are so many excellent women everywhere.”
— Michelle Bachelet, Former President of Chile and Co-Chair of the World Bank Group Jobs Council
On October 24, 2024, as part of the World Bank Group-IMF Annual Meetings, leaders from the public and private sectors, international organizations, and civil society gathered for “Accelerating Impact: Private Sector Partnerships for Gender Equality.” The discussions focused on how collaborative efforts can drive systemic change and advance gender equality on a global scale.
The Economic Imperative of Gender Equality
Gender equality is more than the right thing to do; it is an economic necessity. Studies have shown that closing the global gender gap could increase global GDP by $12 trillion. The event featured a compelling dialogue between Michelle Bachelet, Co-Chair of the World Bank Group Jobs Council and former President of Chile, and Makhtar Diop, Managing Director of the International Finance Corporation (IFC).
Reflecting on her trailblazing journey as the first female president of Chile, Michelle Bachelet shared her insights into the challenges women face in leadership roles: “There's lots of barriers from biases, stereotyping, prejudices, that you see everywhere. Women usually have to show their competence, and you have to be like triple times better to be considered good.”
She emphasized the sting of invisible biases that hinder women's advancement. Bachelet advocated for authenticity and resilience, choosing to lead by being true to herself rather than conforming to traditional male leadership styles.
In his remarks, Makhtar Diop emphasized the critical role that the private sector plays in advancing gender equality. Diop highlighted that achieving gender equity goes beyond increasing women’s representation in boardrooms; it requires empowering women at every level, particularly through financial inclusion and ownership of assets. “When in a village a woman cannot have a piece of land in her name to secure her financial independence, we must work to change that,” he stated. Diop explained that IFC is actively working to change the landscape by providing more women with access to finance, enabling them to build businesses, own assets, and exercise leadership.
The event showcased inspiring personal narratives that highlighted the transformative impact of investing in women. Nathalie Akon Gabala, Global Director of Gender and Economic Inclusion at IFC, presented a visionary roadmap for accelerating gender equality through the private sector. Drawing inspiration from her encounter with Awa, a young woman from Côte d'Ivoire who overcame immense barriers to achieve her dreams, Gabala underscored that gender equality is the last great untapped source of economic growth. She outlined IFC's new Gender and Economic Inclusion Roadmap, which focuses on three priorities: ensuring inclusive allocation of capital, integrating women into supply chains, and fostering female leadership and employment. Gabala highlighted the necessity of addressing critical cross-cutting barriers such as gender-based violence, climate change, and digital inclusion. “The solution lies in an integrated approach, where the private sector, the public sector, and the development community have to work hand-in-hand to tackle all the barriers that prevent women's economic empowerment,” said Gabala.
Elena Palei, Global Head of Infrastructure at the Multilateral Investment Guarantee Agency (MIGA), reflected on her journey from the former Soviet Union to a leadership role in global finance. Palei explained that MIGA leverages its political risk insurance, credit enhancement, and trade finance guarantees to encourage investments in women-focused projects. These guarantees help mitigate risks that might otherwise deter private sector investment in developing countries.
“Our political risk insurance can help private projects focused on women to become more bankable and more sustainable... It's just a matter of us working together and making it happen,” said Palei. In the last three years, MIGA has facilitated $1.4 billion in financial commitments to women and women-owned businesses.
Experience from the Private Sector
Wendy Teleki, Head of the Women Entrepreneurs Finance Initiative (We-Fi), guided a rich discussion with Steven Puig, CEO of Banco BHD León in the Dominican Republic, Katarina Zdraljevic, Head of Sustainability at ProCredit Holding, and Matthias Berninger, Executive Vice President at Bayer. Teleki focused on the role of partnerships in advancing women's entrepreneurship. Steven Puig shared how Banco BHD is not only transforming financial inclusion within the bank but also leading national efforts in the Dominican Republic. Under Puig’s leadership, Banco BHD became the first bank in the country to adopt the WE Finance Code, a global framework that encourages financial institutions to support women entrepreneurs through leadership, data, and product innovation. Puig stressed turning insights into action, stating, “Once we have the data… the real challenge is converting that data into business cases and embedding this approach… It’s one thing to have data; it’s another thing to make it operable, to have people act on the data.” By integrating the WE Finance Code into its operations, Banco BHD is setting a standard for how data-driven, inclusive practices can be embedded in both institutional culture and the broader financial ecosystem.
Katarina Zdraljevic discussed ProCredit Holding's partnership with MIGA to develop a comprehensive gender action plan. Through this plan, ProCredit is systematically integrating gender considerations into its operations, from internal HR policies to client services. “By having guarantees from MIGA, we could use this equity and invest more in our customers… supporting MSMEs in their journeys, particularly in fighting climate change and developing other impact-related products.” With MIGA’s backing, ProCredit has been able to channel more resources into women-led businesses and sustainability projects, reinforcing its commitment to gender-responsive finance and inclusive growth.
Matthias Berninger shared insights from Bayer's Better Life Farming Alliance, a program supported by IFC and We-Fi that empowers female smallholder farmers by providing access to resources, training, and markets. “The best entrepreneurs on earth are female smallholder farmers,” Berninger said. He emphasized the need to recognize and invest in these women, who play a crucial role in food security and economic development. The Better Life Farming centers have reached over 5 million smallholder farmers in Southeast Asia and India and are recruiting more women as center owners. By focusing on actionable steps and addressing structural barriers, the Better Life Farming Alliance is an example of how private sector initiatives can make a significant impact on women's economic empowerment.
The panelists' experiences converged on several critical themes essential for advancing gender equality: Collecting gender-disaggregated data is vital for identifying gaps, measuring impact, and driving accountability. Developing tailored products and services that address the specific needs of women entrepreneurs enhances their ability to succeed. Influencing industry standards and national policies is crucial for systemic change, transforming not just individual organizations but entire sectors. Collaborating across institutions and sectors magnifies efforts and accelerates progress.
