- Closing gender gaps in the MENA financial sector: towards women-led business development took place on March 6 and 7 in Cairo. 100 public and private sector participants engaged in strategic discussions and activities aimed at fostering inclusion in the predominantly male world of business.
- The conference featured six panel discussions and interactive roundtable talks on strengthening the role of women in the sector as well as an award ceremony for innovative women-led startups and a matchmaking session for founders and investors.
- Under 5% of businesses in the MENA region are led by women, around 20 percentage points below the global average, while an estimated $575 billion in losses are incurred annually due the lack of female economic participation. The region is home to the largest gender gap in the world, evidencing the urgent need to unlock the potential of women in order to promote widespread regional growth.
7 March 2024, Cairo. The Union for the Mediterranean and the Union of Arab Banks marked International Women’s Day by co-hosting Closing gender gaps in the MENA financial sector: towards women-led business development, a 2-day conference in the Egyptian capital aimed at reducing the high levels of entrepreneurial inequality between men and women. The first joint event since the signing of a cooperation agreement a month prior, the institutions worked hand in hand to bring together 100 public and private sector participants, highlighting initiatives and best practices that encourage female entrepreneurship and therefore promote more equitable regional growth.
Senior bankers, entrepreneurs, and other attendees took part in six panel discussions and roundtable talks on gender disparities in access to finance for business creation and development, the role of financial institutions and banks in promoting gender equality, the MENA female angel investment scene as well as on the role of fintech in bridging the gender gap, innovative practices to boost women’s financial inclusion, and accelerating the role of women in international trade.
During the event, information was shared on the two new EU-funded regional projects to promote access to finance and financial inclusion, notably for women entrepreneurs. The OECD’s Middle East and Africa Division will implement a €2.5m programme for the financial and digital inclusion of MENA women entrepreneurs, with focus on the policy and regulatory aspects, while COSPE will promote gender-sensitive financial tools and build women entrepreneurs’ capacities to use them. Meanwhile, the UfM and UAB announced the new Gender Lens in Fintech Award to showcase and support gender-sensitive initiatives in the fintech sector, with a first-ever ceremony set for the end of this year.
Mona Fattouh from Conyworld (Egypt) scooped the $1000 first-place award for innovative startups as part of a pitching contest organised by the MENA Women Business Club, an initiative launched by the UfM and the United Nations Industrial Development Organisation (UNIDO) in 2021 that facilitates members’ access to an extensive ecosystem of entrepreneurs, lawyers, consultants, executives, and investors. Guadaluna Chaer from LUXEED Robotics (Lebanon) came in second, winning $750, while third-place winner Fella Bouti from Ecotashira (Algeria) earned $500. All three women will have the chance to benefit from Plug and Play incubation and acceleration programmes in either Egypt or Morocco. The MENA Women Business Club also chaired a matchmaking session for women-led startups and investors on the second day, bringing the conference to a close.
“Our gathering in Cairo is not a celebration, but rather a call to action. The gender gaps in the MENA financial sector are stark as less than 5% of businesses are women-led, far below the global average of 23% to 26%, while the losses incurred due to the lack of female economic participation amount to $575 billion annually. These facts alone demonstrate the urgent need to further include women in the labour market, an issue that is at the heart of the UfM’s mission,” Union for the Mediterranean Secretary General Nasser Kamel said.
“In collaboration with UfM, we proudly lead the organisation of this event, showcasing our joint commitment to narrowing the gender gap in the MENA financial sector. Our shared goal is to foster an empowering environment for women, propelling them towards successful business development. I am genuinely excited about the potential impact of this event,anticipating positive transformations in our industry and beyond,” said Union of Arab Banks Secretary General Fattouh Wissam. “I eagerly anticipate the collaborative strides we will take towards a future that champions equality and empowerment for women in the financial sector.”
Background
Promoting women’s empowerment and gender equality is one of the UfM’s main priorities, in line with the 2022 UfM Ministerial Declaration in Madrid on Strengthening the Role of Women in Society. Beyond initiatives such as the MENA Women Business Club, the UfM is also behind the launch of the first-ever Intergovernmental Monitoring Mechanism on Gender Equality. The next biennial High-Level UfM Conference on Women for regional stakeholders will take place in Nicosia, Cyprus this May.
Documents
Programme
UfM, UAB and DG-NEAR Gender Lens in Fintech Award: BANKS Award / WOMEN ASSOCIATION Award
Invest in Women: Accelerate Progress – portraits of inspiring women
