Cairo, Egypt, March 9, 2021—IFC, a member of the World Bank Group, today celebrated International Women's Day at a "Ring the Bell for Gender Equality" event hosted by the Egyptian Exchange in Cairo. The annual event, held by IFC and stock exchanges around the world since 2014, aims to raise awareness of the pivotal role women play supporting private sector growth and development.
The Cairo event—held virtually due to COVID-19 restrictions—brought together representatives from international agencies, Egypt's government, and the private sector to ring the bell and open trading on the Egyptian Exchange at 10 a.m. local time.
Speakers included IFC's Regional Director for the Middle East and North Africa, Beatrice Maser; Chairman of the EGX Board of Directors, Dr. Mohamed Faird; CEO of UN Global Compact, Walaa El Husseiny; and the Country Representative for UN Women in Egypt, Christine Arab.
"The celebration of International Women's Day reflects the commitment of the Egyptian Exchange to enhance women's economic empowerment and bridge the gender gap," said Dr. Mohamed Farid. "Empowering women calls for developing the work environment and motivating women to increase their participation in the labor market. This will unleash their energies and capabilities, allowing them to play a greater role achieving economic and social development goals."
"Gender equality is essential for sustainable private sector development," said Beatrice Maser, IFC's Regional Director for the Middle East and North Africa. "The need to recognize the excellence women bring to the table is now more important than ever. Supporting women's leadership, family-friendly policies, and digital infrastructure that encourages flexible work for women will support business growth, equal access to opportunities, and improved quality of life not just for women, but for everyone."
IFC has long championed gender-smart business solutions in developing countries that generate opportunities for women and promote diversity at the top of private sector organizations.
An IFC study published in 2019, Women on Board in Egypt, found that companies with women on their boards achieve much higher returns and stronger financial performance compared to those run by men alone. In Egypt, however, women hold only 14 percent of board seats, and women's overall participation in the private sector is far below that of their male counterparts. The same is true across much of the Middle East.
Following the report, IFC launched the Women on Boards and in Business Leadership Program to help talented women ascend to senior management and company board positions in Egypt. The program is being implemented in partnership with the Egyptian Institute of Directors and the American University in Cairo. The program is implemented in partnership with Japan's Ministry of Finance.
In 2020, IFC launched a three-year advisory program to help private sector companies in Egypt tap into the country's large, underutilized female talent pool.
This is the seventh "Ring the Bell for Gender Equality" event, in partnership with The World Federation of Exchanges, the Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, UN Women, and Women in Exchange Traded Funds (ETFs). This year, Ring the Bell took place at several exchanges in the Middle East and North Africa, including in Jordan, Morocco, and the West Bank and Gaza.
International Women's Day is officially celebrated on March 8, with Ring the Bell events happening throughout the week.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
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