Gender Equality and Women Empowerment Key in Boosting Global Economies

Are there any benefits of investing in women in order to accelerate economic development, reduce poverty and build sustainable societies around the world?

Providing the female gender with equal access to education, health care, decent work, and representation in political and economic decision-making processes will without doubt fuel sustainable economies and benefit societies and humanity at large.

Implementing new legal frameworks regarding female equality in the workplace and the eradication of harmful practices targeted at women is crucial to ending the gender-based discrimination prevalent in many countries around the world.

This is why the World Bank has issued a Sustainable Development Bond to raise awareness for the importance of investing in women through issuance a three-year bond of 400 million shillings (US$4 million) which highlights Sustainable Development Goal 5; to achieve gender equality and empower all women and girls.

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Women have a unique role to play as drivers of growth and progress and powerful agents of change. The World Bank works with public- and private-sector partners to close gaps between males and females globally for lasting impact in tackling poverty and driving sustainable economic growth that benefits all.

In the last two decades, the world has narrowed the divide between men and women, especially in primary education and health. Yet critical gaps remain. Globally, countries are losing $160 trillion in wealth because of differences in lifetime earnings between women and men.

“Gender inequality is not only the great human rights issue of our time but the great economic issue of our time,” said Joe Keefe, President of Impax Asset Management LLC and CEO of Pax Ellevate Management LLC.

According to Joe Keefe, Eradicating gender inequality and providing full educational and economic opportunities to the female gender can potentially unleash the greatest period of economic growth in the history of the planet.

As the world fights for gender equality and women empowerment, the Global Gender Gap Report 2017 ranked Kenya 76 out 144 globally with significant inequalities between males and females in education attainment, health outcomes, representation in parliament and participation in the labor market.

Changes to societal attitudes and cultural beliefs around gender roles, norms and female empowerment at the community and household levels have been slow especially due to systemic gender barriers fueled by deeply held and persistent stereotypes.

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