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How has IFC ‘Embraced Equity’ both inside its workplace and across its partner countries / programmes?

Embracing equity is central for IFC both in its workplace and across its programmatic activities. IFC incorporates gender balance targets in its corporate scorecard and promotes gender equity through various internal programs. For our clients in emerging markets, we see gender as part of our core development goals.

IFC strives to create private sector markets that provide equal economic opportunities by closing gender gaps through its investments and advisory work. Over the last four years, IFC has invested nearly $7 billion of its own capital with a gender lens and mobilised an additional $4 billion. As more women enter the labor market and exert influence as consumers, savvy companies recognise the need to attract and retain more female employees and purchase from women-led companies. IFC’s Gender-Smart Business Solutions program provides clients with the tools and resources to strengthen gender inclusion within their operations, resolve labor issues, increase employee engagement, benefit from inclusive sourcing, and enhance company performance.

What are ways to get women more involved in international trade?

Access to trade finance is a major obstacle for women starting international trade businesses. As one of IFC’s development priorities, we provide strategic support where trade finance gaps are identified. In order to support more women-owned businesses that would benefit from participation in cross-border trade, IFC launched the “Banking on Women” (BOW) initiative under the Global Trade Finance Program (GTFP). Under this initiative, through GTFP’s network, we are leveraging financing tools and incentives that empower banks to increase trade finance offerings to women-owned SMEs and entrepreneurs in emerging markets, further raising awareness of the untapped potential of investing in women-owned businesses while catalysing sustainable trade finance services for women.  

How can men in executive positions better support women in their career progression?

Men play a significant role in influencing workplace environments and can be champions of inclusivity and gender equality, including through advocating for more representation of women in leadership roles, and through formal or informal mentoring of women employees. Companies that invest in women’s employment gain an important competitive advantage because they reach a wider talent pool and realize enhanced productivity. Men’s commitment and collaboration to implement gender equality in the workplace are essential for companies to reach their potential. Moreover, having gender-diverse management is positively correlated with better financial and non-financial performance, contributing to overall company growth.

What does #EmbraceEquity mean to you?

Embracing equity means ‘easing access to finance for more women-owned and women-led SMEs.’ The
financing gap for women-owned SMEs in emerging markets is estimated at US$1.5 trillion. There is significant market demand for financial services for women in general. Trade finance is even more challenging. IFC recently conducted a research study in 6 countries spanning three regions and found that only 33% of women-led businesses who trade utilised trade finance from a bank. We need to
change this market environment and accelerate gender inclusion in trade finance. IFC launched the
Banking on Women initiative under the Global Trade Finance Program to expand the availability of trade
finance for women in emerging markets. #EmbraceEquity

Can you give any examples of problems faced by younger women during their career progression?

In general, I can see that younger women face three types of challenges in their career progression. The first is that younger women are more likely to be dismissed for their age than younger men. Due to various system biases, men are more readily recognised as experts, giving them greater professional standing and visibility. Second, the data shows that women consistently undervalue themselves vis-à-vis peers, especially in relation to salary negotiations. Third, women may have to leave the workplace for childcare, at minimum for a short time. That can impact career advancement opportunities at critical progression moments and even hiring decisions. Since women still often bear more responsibility for household work that can also impact their ability to dedicate overtime or take on additional projects in the workplace as compared to male peers.

Do you have any personal anecdotes about senior colleagues supporting you during your career growth?

I have been fortunate to be supported by various senior colleagues during my career growth. In the early stages, I had a good line manager, who pushed for opportunities and mentored me on how to best take advantage of those. That include frank feedback on what I could do better, which was not always easy to hear, but was very formative. It was a good relationship where my responsiveness to this feedback then inspired the line manager to continue to push for opportunities. I have also on several occasions been championed as an expert by senior colleagues who have encouraged stakeholders to hear from me. My recent promotion was also strongly supported by another line manager who listened to the vision I had for my current role and has been a consistent partner in helping me to implement this vision. 

What does #EmbraceEquity mean to you?

It means we work to ensure the systems we operate in provide equal opportunities and have no discriminatory outcomes based on gender. Those systems include financial, social, commercial, political and academia, among others. Embracing equity also means surfacing under-represented female voices where rising to leadership roles was more challenging due to other systemic biases. We need to have a diversity of female leaders across global systems.