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Rabat – The International Finance Cooperation (IFC), an advisory institution part of the World Bank Group, launched in late December funding and sponsorship to support women-led startups across North Africa and the Middle East region (MENA).
Named “She Wins Arabia,” the program aims to provide training, guidance, a supportive structure for women-led startups, as well as assistance to startups to gain access to investment and seize growth opportunities.
Through the initiative, the ICF also aims to enhance the region’s startup ecosystem and to mediate between business makers and private equity funds, and venture capitals.
The initiative was brought to life by international stakeholders including IFC, and Abu Dhabi Global Market (ADGM), an international financial center. The project is carried out in collaboration with the Dutch government and the Women Entrepreneurs Finance Initiative (We-Fi), a Non-Governmental Organization.
Extending to Algeria, Egypt, Jordan, Morocco, Tunisia, the UAE, the West Bank and Gaza, and Yemen, She WINS Arabia sets out ambitious objectives to boost the know-how of women-led businesses across the Arab world.
Despite their pivotal role in creating jobs and generating profits, women-led business ventures lag behind men-led businesses worldwide.
Gaining access to market knowledge, investments, and growth opportunities are harder for women on average compared to their male counterparts, according to global estimates.
While the COVID-19 mortality rate has been lower for women, women-led businesses had a lower survival rate than their men-led businesses, with women-led businesses less likely to survive by up to two weeks, according to a World Bank report.
Grappling to navigate the economic aftermath of COVID-19, women-led businesses are less likely to benefit from state relief funds, the report noted.
COVID-19 revealed much of the world’s vulnerability, from weak-early response mechanisms to fragile healthcare sectors. And the status quo of gender equality was no exception.
As businesses moved to remote working to adapt to the pandemic, women found it increasingly difficult to voice their opinions and balance work responsibilities while assuming more household and childcare responsibilities.
