Women in Business Newsletter

A publication of International Finance Corporation: Gender Entrepreneurship Markets

African Edition: April 2005

Introduction

IFC GEM welcomes you to its second quarterly newsletter designed to keep businesswomen in touch with key events, relevant research and, most importantly, each other! We provide brief descriptions of news, events and online resources that will involve, inspire and inform you and others like you. Wherever possible and appropriate, we provide a link to further detail.

This issue's highlights include news of IFC and World Bank Group activities (including IFC GEM's work in Africa, IWD celebrations and addressing AIDS in Africa), news reports from other sources (including Norway getting tough on gender equality and US women-owned businesses growing), upcoming events around the globe (including the Pan-African Women Invent & Innovate Exhibition, Conference & Awards) and links to useful web sites (including an online database on investment climate in different countries). Our regular Spotlight this issue falls on Dr. Alexandra Graham, a true entrepreneur who started a successful African pharmaceutical production company.

This newsletter aims to share helpful news and information with women entrepreneurs around the world. If you or your business association have an event you would like made known, have a success story to share, or would like to tell us what you would like more of, please email us. This newsletter is for YOU and we want to get you involved.

News

News from IFC GEM and the World Bank Group

IFC GEM Celebrates International Women's Day

On March 8, 2005, in its first-ever celebration of International Women's Day, IFC hosted an event focusing on the developing role of women in business globally, with a special focus on access to finance. Charles Coffey from Canada's RBC Financial Group gave an inspirational keynote address on RBC's focus on the women's market. International experts shared their diverse experience on financing women's enterprise: Prof. Bernadette Moffat and Sonja Sebotsa from South Africa's Women's Development Bank, Aoko Midiwo-Odembo of Legacy Books in Kenya, Julie Weeks from the US National Women's Business Council, and Deborah Burand, President of Women Advancing Microfinance. The inspiring documentary film on microfinance "Raising Up: Women of India" was showcased.

IFC to Host Global Banking Alliance for Women Secretariat

The IFC is proud to announce its mandate to host the Secretariat of the Global Banking Alliance for Women. Members, including Royal Bank of Canada, Westpac, FleetBoston Financial/Bank of America, and Bank of Ireland identify and share global best practices in financial services delivery to women in order to accelerate the growth of women in business and women's wealth creation. For more information, email us.

World Bank Middle East & North Africa Region

IFC Acting Executive Vice President, Assaad Jabre

As part of the MNA Region's activities for Poverty Reduction and Economic Management Week 2005, IFC Acting Executive Vice President Assaad Jabre chaired a session on "Gender Dividend: Growth Through Gender Equality," on women's entrepreneurship as a spur for job creation and economic competitiveness. Following contributions from representatives of France, Estonia, Egypt and the US, Jabre concluded it was interesting to hear "how everyone is coming to the recognition that involving women in business can really promote growth in our member countries." read more >>

IFC Against AIDS: AIDS and Women

Every year brings an increase in the number of women infected with HIV. In Southern Africa, where almost every family has been touched by AIDS, infected women outnumber males by as much as two to one in some age groups. Women bear a greater burden due to HIV/AIDS: they care for sick parents or relatives, and are more likely to lose their jobs, income, or even their homes if they are widowed. In many instances women are also less likely to access anti-retroviral treatment programs. In collaboration with IFC Against AIDS/PEP Africa Project on HIV/AIDS, GEM seeks to target the needs of women enterprises, to encourage them to develop appropriate responses for their workforces, as well as to play an activist role in their communities. read more >>

Women, the World, and the World Bank
Elaine Wolfensohn

World Bank Group President James Wolfensohn and his wife Elaine hosted "Women, the World, and the World Bank", in Washington on April 11, 2005 to "foster a greater understanding and endorsement of the need for more equality and opportunity for women". High-level US government decision makers engaged with leading World Bank and global specialists on challenges faced by women in developing countries and why it is important to the US to address these challenges. IFC-GEM introduced the panel on Women and Economic Growth and highlighted the importance of realizing the hidden value in women's economic empowerment. read more >>

Women's Development Bank — South Africa
Women's Development Bank (WDB)

IFC GEM is collaborating with the Women's Development Bank in South Africa to provide financial literacy programs with the purpose of supporting and elevating the economic conditions of poor black women in rural South Africa. WDB provides access to finance through not-for-profit micro-credit to educate women about developing their own businesses, to enhance their household livelihoods and to improve the position of women in society overall. read more >>

IFC Solution Center Opens in Kenya
IFC African SME Solutions Center, Nairobi

IFC African SME Solutions Center, Nairobi

IFC officially launched its second African SME Solutions Center (SSC) in Nairobi, Kenya on March 16 (the first opened in Madagascar in June 2004). It is estimated that 22,000 Kenyan small and medium sizes enterprises will benefit from the SSC, which is establishing a Women's Advisory Board, coordinated by Aoko Midiwo-Odembo of Legacy Books in Kenya. Email her for more information.

OWIT South Africa

IFC-Africa Director Dick Ranken officially launched the South African chapter of the Organization for Women in International Trade on April 8 in Johannesburg, with IFC GEM as its principal sponsor. Some of South Africa's top businesswomen attended, including South African Business Woman of the Year, Futhi Mtoba of Deloitte Southern Africa, and Dr. Namane Magau of the South African Businesswomen's Association. OWIT promotes the participation of women in international trade by providing networking and educational opportunities. read more >>

IFC GEM Website

The Global Directory of Women's Business Associations, a very useful tool for networking, is available on our website, as is a Reference List of print and web publications related to women and entrepreneurship, archived copies of this newsletter, media releases and more. read more >>

More news

Norwegian Government Gets Tough on Gender Equality

On April 5, Norway's Minister for Children and Family Affairs Laila Daavoey advised local companies that they will be expected to have at least 40% of their board seats occupied by women by 2007 or face closure. In a country where 40% of cabinet ministers and 37% of all parliamentarians are women, private companies have only been able to raise the level of gender equality in the boardroom from 6% in 2002 to 11% in 2005. All government-controlled firms have complied with the target. Corporate boards will be reviewed in August and any companies falling short of the 40% mark will be given a deadline of two years to comply or face liquidation by court order. read more >>

US Women-Owned Businesses Growing Faster, Still Lack Credit

The Center for Women's Business Research reports that between 1997 and 2004, the number of women-owned firms grew nearly twice as fast that of all US firms and employment in women-owned firms expanded at twice the rate of all US firms. Firms owned by "women of color" (of African, Hispanic, Asian, Pacific Island or Native American background) are growing at six times the rate of all US firms. However, CWBR's latest report issued March 23 notes that women business owners' access to capital, despite having improved in the last decade, still lags considerably behind firms owned by men. read more >>

Self-Employed Women in India Find Strength in Numbers

On March 22, BusinessWeek Online profiled India's Self-Employed Women's Association, a trade union of that has grown from a small group offering little more than solidarity to street vendors into a national organisation focusing on entrepreneurship and providing services including financial and business management training as well as operating three cooperative banks. Read more at the online article or the SEWA website.

African American Business Women Role Models of Excellence

On March 16, the American & African Business Women's Alliance hosted the 2nd Annual African Women Ambassadors' Breakfast Roundtable on "Role Models of Excellence" at the National Press Club in Washington, DC. African women Ambassadors to the US presented inspirational women role models from Lesotho, Mauritius, Swaziland, Uganda and Zambia. The critical role of universal, free education and entrepreneurial skills was highlighted, as well as women's lack of independent financial or property rights in many countries. read more >>

Email us your news items.

Inspirational Quote

"It is what we make of what we have, not what we are given, that separates one person from another."

Nelson Mandela
former President of South Africa, Nobel Peace Prize laureate

Spotlight On:

Alexandra E. Graham, Ph.D., MBA
Vice President & Chief Operating Officer, LaGray Chemical Company

Dr. Alexandra Graham, Vice President and Chief Operating Officer of LaGray Chemical Company is this edition's GEM for her outstanding commitment to pioneering a sustainable approach to self-sufficient drug manufacturing in Africa.

Born in Ibadan, Nigeria, Dr. Graham spent many years as a pharmaceutical executive at Abbott Laboratories before deciding to leverage her expertise in pharmaceutical manufacturing, distribution, and quality control to help solve Africa's healthcare problems. Recognizing that the key to an effective impact on health in Sub-Saharan Africa is to establish a profitable business producing modern and affordable drugs, in 2001, she and her husband started building the first fully integrated pharmaceutical production facility in West Africa.

LaGray Chemical, a U.S corporation, will be manufacturing active pharmaceutical ingredients in Ghana, and converting them into finished dosage forms. The result: effective and affordable medicines to fight the HIV/AIDS pandemic as well as better treatment options for malaria and other parasitic infections, fungal infections and tuberculosis for the people of Sub-Saharan Africa.

Dr. Graham will be one of the speakers at the Pan African Women Invent and Innovate Awards & Conference in Ghana in September. Join her there!

Each newsletter we spotlight either a women's business association that has developed an innovative idea or process that promotes women's entrepreneurship, or an enterprising woman who has achieved success. If you have a success story to share, please email us with the details. We look forward to sharing your stories.

Call for Nominations — Seeking Women Inventors & Innovators

As part of the Pan-African Women Invent & Innovate Exhibition, Conference & Awards, the inaugural PAWII Awards will recognize Africa's creative, inventive and innovative women who improve the self confidence, boost the self esteem, increase the motivation, broaden the horizons and raise the aspirations of their peers. To nominate yourself or another outstanding woman, please click here.

Events

Taking the Lead, WITI National Conference

5-6 May, Los Angeles, USA: Women In Technology International aims to empower women worldwide to utilize technology to achieve leadership and economic prosperity. read more >>

TIAW 2005 International Meeting

15-18 May, Sofia, Bulgaria: The International Alliance of Women's annual opportunity for learning and networking, under the theme "Women Changing Business and Civic Landscape". read more >>

Women and Integrated Rural Development

12-13 June, Cairo, Egypt: The second of two linked conferences as part of the 2005 Arab International Women's Forum program under the title "Women as Engines of Economic Growth in the Arab World" read more >>

BPW International Congress
BPW

17-20 June, Lucerne, Switzerland: the organization for business and professional women holds its annual congress on the theme New Dimensions in Leadership. read more >>

Global Summit of Women
Globe Women

23-25 June, Mexico City, Mexico: will focus on accelerating women's economic development through the effective use of technology, and maximizing the benefit of cross-border business alliances. read more >>

2005 U.S.-Africa Business Summit

21-24 June, Baltimore, USA: Hosted by the Corporate Council on Africa, the Summit aims to increase American investment throughout Africa by increasing US private sector awareness of commercial opportunities in Africa. read more >>

FURTHER AHEAD — MARK YOUR CALENDARS

Pan-African Women Invent & Innovate Exhibition, Conference & Awards

6-8 Sep, Accra, Ghana: Global Women Inventors & Innovators Network (GWIIN) and IFC GEM invite you to take part in the first ever awards to honour Sub-Saharan Africa's women inventors and innovative entrepreneurs. read more >>

Email us details of your event.

Links to Resources

Pathway to Gender Equality: CEDAW, Beijing and the MDGs
UNIFEM, the women's fund at the United Nations, outlines how the UN Convention on the Elimination of All Forms of Discrimination Against Women and the 1995 Beijing Platform for Action can be used to understand and address the gender equality dimensions of the Millennium Development Goals. The Millennium Declaration emphasizes the critical importance of gender equality. read more >>

Investment Climate Surveys
The Rapid Response website on Private Sector Development provides an online database compiling results from 27,000 investment climate surveys in 51 countries. National profiles provide practical and informed data on the realities of doing business. This resource complements Doing Business, which focuses more on regulatory constraints. read more >>

Women, Industry and Entrepreneurship
This publication from the United Nations Industrial Development Organization reports on five sample cases where UNIDO has supported women to become involved in industrial decision-making, including four from Africa. read more >>

WOUGNET
Women of Uganda Network (WOUGNET) is a non-governmental organization initiated in May 2000 by several women's organizations in Uganda to develop the use of information and communication technologies (ICTs) among women as tools to share information and address issues collectively. read more >>

Africawoman
A women-led news and broadcasting service operating in Ghana, Kenya, Uganda and Zimbabwe (with aims to include every African country). It is run by about 40 women journalists and activists who create a monthly web-based newspaper that follows a distinctive African women's news agenda and uses radio to provide access for rural women. read more >>

FemSud
FemSud Consult is a private company established to help train African women, girls and men in agriculture, health care, gender issues, SME (Small Medium Enterprises) business and management skills so that they can actively participate in developing their society. read more >>

Win With Women Global Initiative
Resources for political leaders and activists all over the world pursuing the greater participation of women in public life through political parties. read more >>

International Center for Research on Women
ICRW is a private, nonprofit organization dedicated to improving the lives of women in poverty, advancing equality and human rights, and contributing to broader economic and social well-being through research, capacity building and advocacy on issues affecting women's economic, health and social status in low- and middle-income countries. Among the publications available online from this site are A Second Look at the Role Education Plays in Women's Empowerment and Toward Achieving Gender Equality and Empowering Women. Read more >>

Email us to suggest a web link.

Published by the Gender Entrepreneurship Markets unit of the
International Finance Corporation, managed by Amanda Ellis.
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