A Retrospective of IFC’s Implementation of the World Bank Group Gender Strategy 2016-2023 August 2023 © 2023 International Finance Corporation. All rights reserved. 2121 Pennsylvania Avenue, NW Washington, DC 20433 USA Internet: www.ifc.org The material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly, and when the reproduction is for educational and noncommercial purposes, without a fee, subject to such attributions and notices as IFC may reasonably require. All other queries on rights and licenses, including subsidiary rights, should be addressed to IFC’s Corporate Relations Department, 2121 Pennsylvania Avenue, NW, Washington, DC 20433 USA. IFC is an international organization established by Articles of Agreement among its member countries, and a member of the World Bank Group. All names, logos, and trademarks are the property of IFC, and you may not use any of such materials for any purpose without the express written consent of IFC. Additionally, “International Finance Corporation” and “IFC” are registered trademarks of IFC and are protected under international law. Disclaimer This work is a product of the staff of the International Finance Corporation (IFC). While believed reliable, IFC does not guarantee the accuracy, reliability, or completeness of the content included in this work, or the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. Any views expressed in this technical guidance do not necessarily reflect the views of IFC. Nothing in this technical guidance can be construed as a view on or interpretation of IFC’s Sustainability Framework. All information is provided “as is,” with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to, warranties of performance, merchantability, and fitness for a particular purpose. IFC expressly disclaims any responsibility or liability for damages of any kind, including special, indirect, incidental, consequential, or compensatory damages, arising from or relating to the use of or failure to use or reliance on any information, methods, processes, recommendations, conclusions, or judgments contained in this technical guidance, and IFC makes no representations about the alignment or conformity of this technical guidance with the international, national, or subnational legal requirements of any jurisdiction or any industry standards. In publishing and making this technical guidance available, IFC is providing a general guide for informational purposes and not for rendering professional or other services for, or on behalf of, any person or entity, and is not agreeing to perform any duty owed by any person or entity to another. Professional advice of qualified and experienced persons should be sought before entering (or refraining from entering) into any project activity or following any guidance set out in this technical guidance. Additionally, this technical guidance is not intended to constitute legal, securities, or investment advice, an opinion regarding the appropriateness of any investment, or a solicitation of any type. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immunities of IFC, all of which are specifically reserved. Photo credits: All photos by IFC, unless otherwise noted. About IFC IFC – a member of the World Bank Group – is the largest global development institution 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 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org. TABLE OF CONTENTS Acknowledgments............................................................................................................................................................. II Abbreviations.................................................................................................................................................................... III Executive Summary........................................................................................................................................................... V 1. Introduction – Gender Equality Context...................................................................................................................... 1 2. IFC’s Gender Equality Approaches with Clients........................................................................................................... 3 2.1 IFC’s Dedicated Gender Products and Programs ............................................................................................................................................ 3 2.2 Mainstreaming - Integrating a Gender Lens into IFC’s Operations......................................................................................................... 7 2.3 Partnerships Enable Data Collection, Learning, and Action .......................................................................................................................8 3. A Robust Architecture to Implement and Innovate................................................................................................... 11 3.1 Corporate Gender Targets ....................................................................................................................................................................................... 11 3.2 Gender Strategy Implementation Plans.............................................................................................................................................................. 11 3.3 Gender Results Measurement ................................................................................................................................................................................12 3.4 Rise in Internal Capacity to Deliver Gender-Smart Projects and Support...........................................................................................13 3.5 Developing the Business Case ................................................................................................................................................................................13 3.6 Blended Finance........................................................................................................................................................................................................... 14 3.7 Innovations in Sustainability-Linked Finance................................................................................................................................................... 14 3.8 New Forms of Country Engagements................................................................................................................................................................ 15 3.9 Strong Communications Platform........................................................................................................................................................................ 16 3.10 Walking the Talk Internally ....................................................................................................................................................................................17 4. Learnings from Implementing the World Bank Group Gender Strategy (2016-23) ................................................. 18 4.1 What Matters when Accelerating Gender Equality?.................................................................................................................................... 18 4.2 How can IFC Deliver More Gender Impact?..................................................................................................................................................... 19 5. Conclusion.....................................................................................................................................................................21 Bibliography ..................................................................................................................................................................... 22 Table of Contents I ACKNOWLEDGMENTS This Report has been led and prepared by a core team comprising of Henriette Kolb and Nhung Thi Nguyen. Inputs were provided by Heather Mae Kipnis, Priyanka Tayal Kolasa, Amy Luinstra, Carol Marina Tojeiro, and Bhattiprolu Balachandra Murti. The team received comments and suggestions from across the IFC Gender and Economic Inclusion team, as well as from IFC Gender Leads/Focal Points and colleagues across the World Bank including Camilo Amezquita, Sanola Alexia Daley, Ortenca Destani, Laurien Field, Montserrat Ganuza, Sabine Hertveldt, Martina Kadunc, Aleksandra Liaplina, Adriana Maria Eftimie, Hanh Nguyen Nam, Nabeera Rahman, Saikantha Raparla, Adam S. Rubinfield, Loty Salazar, Deepika Yadav. IFC Vice President for Cross Cutting Solutions, Emmanuel Nyirinkindi, and former IFC Director of Sustainability and Gender Solutions, Mary Porter Peschka, provided guidance and advice. Editorial support was provided by Patricia Ann Shadforth. We also thank Karlien Truyens for the design and production support. II Acknowledgments ABBREVIATIONS AS Advisory Services AIMM Anticipated Impact Measurement and Monitoring CDF Disruptive Technologies and Funds CPSD Country Private Sector Diagnostic CY Calendar Year DEI Diversity, Equity, and Inclusion DFI Development Finance Institutions EDGE Economic Dividend for Gender Equality ESG Environmental, Social, and Governance FY Fiscal Year GBVH Gender-Based Violence and Harassment GEIG Gender and Economic Inclusion Group GSIP Gender Strategy Implementation Plan HIPSO Harmonized Indicator Initiative for Private Sector Operations IFC International Finance Corporation ILO International Labour Organization IS Investment Services KPI Key Performance Indicator LGBTI Lesbian, Gay, Bisexual, Transgender, and Intersex LTF Long-term finance NPL Non-performing loan MIGA Multilateral Investment Guarantee Agency PBI Performance-based incentive SDGs Sustainable Development Goals SLF Sustainability-linked Finance SMEs Small and Medium Enterprises SSE Sustainable Stock Exchanges WB World Bank WBG World Bank Group WEF World Economic Forum We-Fi Women Entrepreneurs Finance Initiative WEOF Women Entrepreneurs Opportunity Facility WHO World Health Organization WSMEs Women-Owned Small and Medium Enterprises Abbreviations III IFC Gender Footprint FY - FY Share of women directors nominated Expansion of gender on IFC board seats advisory products FY16 FY19 36% 3 products/programs FY23 62% by FY23 Advisory 15+ products/programs Gender Flag* projects as a share of Advisory FY19 42% FY23 55% project count Investment Gender Flag* projects as a share of long-term Total long-term finance (LTF) investment finance investments (project count) volume that includes a gender lens FY19 $1.19 billion FY23 33% $8.99 billion FY19 6% FY23 Annual commitments to financial institutions Annual financing dedicated to women specifically targeting women and women-led SMEs FY19 FY23 FY21 FY23 $1 billion $5.13 billion $0.42 billion $1.47 billion Growth of gender footprint Gender expertise scaled up with presence in all regions and industries *The Gender Flag indicates whether an Investment/Advisory project is designed and implemented with explicit focus on creating equal opportunities for women and men. The following criteria needs to be met in project design and implementation, and reflected in the project document: (i) Conduct an analysis of the gap between women and men the project can contribute to reducing; (ii) Define at least one gender-related intervention the project will undertake to reduce the identified gender gap; (iii) Include sex-disaggregated indicator(s) in the project’s results framework to track implementation. IV EXECUTIVE SUMMARY There is mounting evidence that women’s equal participation in with a gender lens increased from $1 billion in fiscal year (FY) the private sector as leaders, employees, suppliers, customers, 2019 to $8.99 billion in FY23. IFC’s share of women directors and community members leads to improved financial, environ- nominated for IFC board seats rose from 26 percent in FY18 to mental, social, and governance performance (IFC 2018). For 62 percent in FY23. New advisory projects with a gender lens societies and economies to develop and prosper, and for climate rose from 25 percent in FY16 to 55 percent in FY23. IFC also change to be addressed effectively, accelerated efforts on gender invested $575 million across six gender bonds issued by private equality are necessary. sector financial institutions – each was the first in its market. Over the past seven years, progress toward closing gender Finally, this document highlights key areas of learning during gaps has been made in education, health, legal, and financial the implementation of the first gender strategy and summarizes inclusion. Yet, gender inequality remains particularly stubborn what more can be done to accelerate gender equality through in many areas, such as labor force participation rate, access to the forthcoming World Bank Group Gender Strategy. Due to assets, and access to digital technology. Moreover, the 2023 the negative impact of COVID-19 on gains in gender equality, Gender Social Norms Index (GSNI) report has revealed that new investments are required that advance affordable, safe gender bias is still a pervasive problem worldwide, with almost quality childcare, prevent and mitigate gender-based violence, nine out of ten men and women globally holding “fundamental and increase women’s labor force participation rate. On biases” against women today. These include views such as an equally and increasingly important agenda, women are men make better political leaders and business executives than disproportionately impacted by climate change but are less women, or that university is more important for men than for represented in efforts to address it, gender equality and climate women (UNDP 2023). need to be better connected in development efforts. While some progress has been made, more efforts will be needed In this context, the World Bank Group is preparing its new to accelerate gender equality and tackle the backlash against gender strategy, World Bank Group Gender Strategy (2024- the inclusion of women and other marginalized groups in 2030): Accelerate Gender Equality for a Sustainable, Resilient many countries. This could include integrating more gender and Inclusive Future, which builds on approaches and lessons perspectives into IFC investments via tools such as corporate learned during the implementation of the first World Bank targets, ramping up the use of blended and sustainability- Group Gender Strategy (2016-2023): Gender Equality, Poverty linked finance, partnering with investors to mobilize and Reduction and Inclusive Growth. This IFC retrospective allocate gender-smart finance; and deploying multi-sector summarizes what has been achieved since the first gender gender programs at country level in close collaboration strategy and what remains a work in progress. with the World Bank to tackle stubborn gender inequalities. IFC can further connect its ambitious gender program with This document reflects the significant expansion of IFC’s programs targeting marginalized groups (low-income/base gender work, ranging from innovative research, new product of the pyramid, migrants/refugees, forcibly displaced people, development, broadened private sector advisory solutions, LGBTI, and persons with disabilities) to better tailor solutions increased gender-lens investments, and robust partnerships. to country and client needs. Finally, gender results measure- This expansion was fueled by a clear business case that ment was limited to inputs, processes, and some outputs, and explained why gender equality matters to the private sector, this retrospective suggests collecting more standardized moni- set ambitious institutional corporate targets, deployed an toring indicators and embedding better evaluation approaches increasing number of decentralized gender resources, fostered to measure and publicly report on aggregate outcomes and a deeper engagement between the World Bank (WB) and impacts of gender equality efforts. the Multilateral Investment Guarantee Agency (MIGA) as one World Bank Group (WBG) addressing gender barriers, broadened financing instruments, and expanded the use of blended finance. As a result, long-term finance commitments Executive Summary V 1. INTRODUCTION – GENDER EQUALITY CONTEXT Over the past seven years, global progress on gender equality Despite these upward trends, female labor force participation has been mixed. Despite some gains in gender parity, prog- has remained stubbornly low and, in some countries, has even ress has been uneven across countries, regions, and sectors. decreased over the past few years. According to ILOSTAT Furthermore, overlapping crises, including the pandemic, infla- (2022), female labor force participation rate stands at 47.2 tion, climate change, and large-scale conflict and displacement, percent in 2023, compared with male labor force participation have further reversed or impeded progress. rate at 72.4 percent.5 The gender wage gap has also been wide across all regions—globally, for every dollar that a man makes, Some modest headway has been made in several areas, a woman makes 77 cents. The economic cost of this gap is including human endowment, laws and regulations to promote significant; by closing gender gaps in lifetime earnings, including equal access to economic opportunities, women’s representa- overall wealth, pensions, and assets, economies stand to gain an tion in leadership, and access to finance. For example, the average of $160 trillion (Wodon and de la Brière, 2018). enrollment rate for girls in primary and secondary schools has been on par with that of boys for the past two decades, and Limited progress has been achieved in closing gender gaps in the global enrollment rate for women at the tertiary level has access to assets, which has especially affected women entre- exceeded that of men since 2011, according to the WB Gender preneurs. For instance, access to venture capital for women is Data Portal1. In terms of laws and regulations, economies challenging; only 7 percent of private equity and venture capital with historically larger legal gender gaps are catching up, and is invested in female-led businesses in emerging markets and this catch-up effect is occurring across all areas covered by only 11 percent of senior investment professionals in emerging the Women, Business, and the Law (WBL) index (WB 2023). markets private equity and venture capital are women (IFC Women now hold 28.2 percent of managerial roles and are 2019a). The women-owned small and medium enterprise being hired into leadership positions at a faster rate (ILO 2021 (WSME) finance gap is estimated to be $1.5 trillion (Bruhn et al. and WEF 2022). The gender gap in account ownership across 2017). Yet, IFC studies consistently show that WSME loan port- developing economies has also narrowed significantly since folios have lower non-performing loans (NPL) than overall SME 2017, with the gender gap in account ownership standing glob- loans (IFC 2023a). Women also face a significant disadvantage ally at 6 percent in 2021 (Demirgüç-Kunt et al., 2022). when it comes to other important types of assets, especially land and property ownership, which are catalysts for improved food In addition to public sector reforms that advance gender security, child nutrition, and greater bargaining power. Fewer equality, private investors have increased their interest than 15 percent of all landholders are women (FAO 2018). and commitment to advancing gender-lens investments . 2 Approximately $17 billion3 has been invested, mobilized, and Additionally, progress in closing the gender digital divide has raised with a gender lens over the last five years. From 2018 been slow, with only slight improvement in women’s access to 2020, $7 billion alone was invested with a gender lens by to mobile and internet technologies. The number of women the G7 development finance institutions, with another $3 without access to digital and technological tools has increased billion mobilized by private investors via the 2X Challenge.4 at a faster rate than that of men (ITU 2022). In addition, gender-smart climate finance, as an investment thesis, strategy, and process, is new but is growing fast as more investors apply a gender lens to their climate investments, and evidence for the business case increases. 1 Data available at https://genderdata.worldbank.org/indicators/ 2 Gender-smart investing, also referred to as gender lens investing, is an investment strategy that seeks to intentionally and measurably use capital to address gender disparities between women and men, and to better inform investment decisions (IFC & CDC 2020) 3 All dollar amounts are U.S. dollars unless otherwise indicated. 4 The “2X Challenge” was launched at the G7 Summit 2018 as a commitment by DFIs to collectively mobilize $3 billion in private sector investments that provide women in developing country markets with improved access to leadership opportunities, quality employment, finance, enterprise support and products and services that enhance economic participation and access. For more information, refer to: https://www.2xchallenge.org/ 5 Data available at https://ilostat.ilo.org/data/ Introduction – Gender Equality Context 1 The pandemic has further exacerbated gender inequality, Evidence has been mounting that closing gender gaps fuels causing an increase in gender-based violence and reduced hours macro-economic growth, stimulates firm-level productivity of paid work as women take on disproportionately more care and profitability, catalyzes green investments, and stabilizes responsibilities (WEF 2022 & World Bank 2022). countries on the brink of fragility (IMF 2018). The ability of women and girls to participate safely, freely, and equally in Given demographic trends and longer life expectancy, responsi- political life and society is a defining feature of democracy, bility for the care of the elderly also has pronounced implications but this hard-won progress is increasingly fragile. Wherever for women, particularly in regions such as East Asia and Pacific women and girls are under threat, so, too, is democracy, peace, (EAP) and Latin America and the Caribbean (LAC). and stability. Women are powerful agents of innovation, drivers of growth Finally, the concept of diversity, equity, and inclusion (DEI) and job creation. Several research studies show a link between has evolved during the implementation period of the World women in leadership roles and better environment, social, Bank Group Gender Strategy from a binary approach to governance (ESG), and financial outcomes, including robust include lesbian, gay, bisexual, transgender, and intersex disclosures on ESG indicators, more family-friendly policies, (LGBTI) populations in equality efforts and to consider and gender-equitable hiring and promotion practices (IFC the intersectionality of gender with race, age, and ability 2018). Despite a clear business (and development) case and the or disability, which can often exacerbate exclusion and vast investment opportunities, the economic potential of gender discrimination. equality remains unrealized. Without gender equality, societies are less prosperous, safe, and sustainable. 2 Introduction – Gender Equality Context 2. IFC’S GENDER EQUALITY APPROACHES WITH CLIENTS In December 2015, the World Bank Group launched its first 2.1 IFC’S DEDICATED GENDER joint World Bank Group Gender Strategy: Gender Equality, PRODUCTS AND PROGRAMS Poverty Reduction, and Inclusive Growth for 2016-2023. The strategy has four strategic pillars: (i) improving human endow- IFC’s response to persistent gender gaps, as reflected in the ments (such as health and education); (ii) removing constraints World Bank Group Gender Strategy, has been to develop new for more and better jobs for women, especially in the provi- market research and incubate pioneering investment approaches sion of care services and safe transportation; (iii) removing and advisory products to meet private sector client demand in barriers to women’s ownership and control of assets, such as the area of DEI. This was an effort carried forward by all IFC’s finance, land, and housing; and (iv) enhancing women’s voice departments and regions under the guidance and coordination and agency, and engaging men and boys to promote gender of the Gender and Economic Inclusion Group (GEIG). parity. IFC worked to close gaps between men and women across these four pillars through its investment, upstream and The products range from advancing women in company advisory businesses. IFC included gender as a cross-cutting leadership to creating more quality employment opportunities; theme in its 3.0 Strategy, budget, and fundraising as well as its employer-supported childcare, accelerating financial inclusion investment, advisory and upstream work program. In 2018, (microfinance, private equity and venture capital, SME loans, IFC also made four gender-related capital increase commit- housing and trade finance, insurance, and Fintech), reducing ments for 2030.6 This chapter highlights IFC’s approaches to gender gaps in digital technology, advancing women’s partici- engaging its private sector clients on gender equality. These pation across corporate value chains, such as agriculture, and include co-creating new gender products, implementing dedi- preventing and addressing gender-based violence and creating cated gender projects and programs, mainstreaming gender respectful workplaces. in projects with broader development objectives, and creating partnerships with other stakeholders to advance gender Below are illustrative examples that demonstrate how IFC equality. While through gender-smart lending and advising engages with clients to develop new products through research, IFC’s clients can reduce gender gaps at the company level finance, advice, and collaborative partnerships under each of and benefit women as entrepreneurs and customers, it can be the four World Bank Group Gender Strategy pillars. limited in reach. For this reason, IFC complements its client work with the creation of time-bound wider private sector IMPROVING HUMAN ENDOWMENTS peer-learning platforms at the country and global level where knowledge transfer can happen at scale and can stimulate a Increasing Female Leadership in Private Healthcare race to the top on sector-specific gender equality. Globally, women represent 70 percent of the 43 million workers in the healthcare industry, but they hold less than 30 percent of the management roles. IFC together with its health sector clients undertook a study (IFC 2019b) to better understand the level of women’s participation in the private health sector in emerging markets and to identify ways to advance more women into senior positions. Based on the find- ings of the report, IFC created a Women’s Leadership in Private Healthcare Global Group under its Women’s Employment Program to strengthen women’s leadership roles in the 6 Under the capital Increase, IFC agreed to four gender-related commitments by 2030: (i) 50 percent share of women directors IFC nominates to boards of companies where it has a board seat; (ii) $2.6 billion in annual commitments to financial institutions specifically targeting women; (iii) quadruple annual financing dedicated to women and women-led SMEs to $1.4 billion; and (iv) flag IFC projects with gender components (implement Gender Flags for investment, advisory, and upstream projects). IFC’s Gender Equality Approaches with Clients 3 healthcare sector. The working group, which has been active established the Early Childcare and Education Task Force and since September 2020, brought together CEOs and Human included implementation spending allocation in the national Resources managers from 17 leading healthcare companies in budget. The Task Force, with IFC support, drafted Fiji’s first Africa, the Middle East, and South Asia to identify and address Guidance Note for the National Early Childhood Care Services gender barriers in their field. Policy and Regulatory Framework, which was endorsed by the Cabinet in May 2023. As part of this initiative, IFC coordinated knowledge-sharing webinars on gender inclusion topics and peer-to-peer sessions The work in Fiji was incubated by IFC’s Global Tackling on integrating gender-smart business solutions for healthcare Childcare Program set up in 2017, which developed a robust companies. In addition, all members committed to imple- business case for employers to invest in childcare support and menting at least two strategies for advancing gender equity in co-created guidance for employers in collaboration with more their organization. The commitments ranged from prioritizing than thirty institutions ranging from civil society to investors increased female representation in management to creating and the UN. Since then, IFC has completed similar studies in mentoring programs and offering flexible working hours to other markets, such as Sri Lanka, Vietnam, and Myanmar, and employees. For example, Saudi German Hospitals and Hemen has offered clients this new advisory service on how to set up Maternal and Children’s Specialty Centre, both members of the a tailored childcare support program at the company level. working group, are partnering with IFC to carry out gender This became even more relevant during COVID-19 as it signifi- gap workforce assessments and eliminate barriers to women’s cantly increased the time spent on unpaid care for all working equal participation. IFC is now offering gender gap diagnostics parents, but in particular for women. and an action plan to its health sector clients as an advisory service option. Sri Lanka’s SheWorks Partnership The SheWorks Sri Lanka Partnership was a two-year initia- REMOVING CONSTRAINTS FOR MORE AND tive launched in 2018 to improve business outcomes in the BETTER JOBS country by advancing workplace gender equality. Under IFC’s leadership, fifteen companies, employing more than Tackling Care Challenges in Fiji 170,000 employees, made commitments to improving gender IFC collaborated with partners to establish more accessible, equality, focusing on women in leadership; recruiting, quality, and inclusive childcare services to raise the female retaining and promoting women in the workplace; tackling labor force participation in Fiji, which stood at 37 percent employer-supported childcare; building respectful workplaces; compared with male participation at 72 percent. IFC published supporting women in supply chains; and fostering leadership a report, The business case for employer-supported child- commitment to gender. To join SheWorks, each company care in Fiji, to estimate employee time lost due to childcare made a commitment to implement at least three actions that responsibilities. The study found that businesses and the create an equal workplace for women and men. IFC provided public sector were losing on average 12.7 working days per workshops, tools, best practice examples and peer-learning year per employee to childcare responsibilities. It follows opportunities to help companies meet their commitments. that ensuring childcare is more readily available would allow IFC also monitored and shared the progress of each company working parents to be more productive at their paid employ- against its targets. ment. In response to the study’s findings and interest from the private sector, IFC launched a private sector peer-learning At the program’s conclusion, the 15 companies had completed platform (Rakorako), which was joined by 28 companies and 97 actions. The share of women as a proportion of new public sector organizations. One of the main goals of this recruits increased from 49 percent to 73 percent, which private sector platform was to accelerate employer-supported equated to an additional 23,675 women being recruited as childcare. Further, in response to the study’s findings, the compared with the status quo at baseline. In 2021, in response government of Fiji recognized that a lack of childcare regula- to strong demand from the private sector for further support tions was a barrier to building a strong childcare sector and on women’s employment, IFC launched TogetherWeCan, a 4 IFC’s Gender Equality Approaches with Clients second peer-learning platform on women’s employment, with Wyman, explores the link between financial returns and 22 companies. In parallel, IFC established TogetherWeCan+, gender diversity; the lack of women in the industry; and steps which supported 12 companies to advance opportunities for needed to achieve gender balance. One of the key findings of persons with disabilities and from the LGBTI community. the report is that private equity and venture capital funds with gender-balanced senior investment teams (at least 30 percent REMOVING BARRIERS TO WOMEN’S of one gender represented) generated 10 percent to 20 percent OWNERSHIP OF AND CONTROL OVER ASSETS higher returns compared with funds that have male- or female- dominated leadership. Providing Financial Services to Women Women face challenges in accessing and using financial This report has been one of IFC’s most cited reports in finan- services, especially women entrepreneurs who want to grow cial media outlets and it influenced other private investors to their businesses. Multiple barriers hinder women’s access firstly, sex disaggregate their employee and portfolio data, and to finance, such as legal restrictions, a lack of products that secondly, increase the amount invested in women-led companies. meet women’s needs, and a lack of collateral. IFC was one of Major news outlets either published articles about the report’s the first multilateral development institutions to undertake findings, cited the research, or conducted interviews with IFC gender-lens investing – allocating capital with an intentional experts. These include the Financial Times, Bloomberg, BBC, gender outcome – through its Banking on Women Program. CNN, CNBC, Reuters newsletter, and Forbes Mexico. The program, launched in 2010, provides finance, expertise, and data to financial institutions to help them expand valuable Internally, the report enabled IFC to increase its own fund’s services and opportunities for women customers and WSMEs portfolio with a gender lens. In FY22, 38 percent of Disruptive in emerging markets. This program is built on the business case Technologies and Funds (CDF) investments had a dedicated that providing tailored financial services to women customers gender lens, up from 24 percent in FY21. Project documenta- generates bottom line value for banks. As of January 2023, the tion of all fund deals with a gender lens cite the study as program has cumulatively invested over $4 billion, mobilized evidence of a gender gap. funding, and provided expertise to 154 financial institutions in 68 countries to launch profitable value propositions for ENHANCING WOMEN’S VOICE AND AGENCY women customers. The program has expanded its offering AND ENGAGING MEN AND BOYS from SME loans for women entrepreneurs to housing, trade, climate finance, and insurance services with a gender focus. To Women on Boards and in Business Leadership date, IFC has also supported and invested $575 million across Research has shown that having gender-diverse boards and six gender bonds issued by private sector financial institutions senior leadership is positively correlated with better finan- – each was the first in its market – with proceeds supporting cial and non-financial performance, contributing to overall increased access to finance for women entrepreneurs. company growth and ESG performance. Despite the proven benefits, women are still under-represented, and progress is Tackling the Gender Gap in Private Equity and slow. According to Deloitte (2021), globally, women hold only Venture Capital 19.7 percent of board seats, 6.7 percent of board chair posi- Women founders are notoriously underfunded in the private tions, 5 percent of CEO, and 15.7 percent of CFO positions. equity and venture capital space. However, most data on the gender gap stems from developed markets such as Australia, IFC’s Women on Boards and in Business Leadership program the United Kingdom, and the United States. As the largest aims to address the root causes of gender gaps in business private equity investor in emerging markets, IFC was keen to leadership by breaking down barriers to boardroom entry and better understand the gender gap in emerging markets to be accelerating the pace at which women are joining boards and able to address the issue. The study Moving Toward Gender ascending to senior management positions. The program is part Balance in Private Equity and Venture Capital (2019), which of IFC’s comprehensive approach to advancing gender diver- IFC undertook in partnership with RockCreek and Oliver sity, equity, and inclusion, tied to achieving the Sustainable IFC’s Gender Equality Approaches with Clients 5 Development Goals (SDGs) and enhancing company sustain- Gender-Based Violence and Harassment: Creating ability and growth. Respectful Workplaces Addressing gender equality and gender-based violence and The program addresses gender gaps by working with policy- harassment (GBVH) is not only a social and moral imperative makers, market intermediaries, and IFC clients to: but also an economic need. One in three women worldwide has experienced either non-partner sexual violence or physical • Leverage capital markets to advance women leaders by and/or sexual intimate partner violence (WHO 2021). Online, partnering with the United Nations Sustainable Stock the figure is as high as an estimated 85 percent of women and Exchanges (UN SSE) Initiative to work on guidance for girls who have experienced harassment and abuse. One in five exchanges and issuers, global training, gender disclosure, persons in employment has experienced violence and harass- rankings, market monitors, gender taxonomy, market ment at work during their working life (ILO 2022). GBVH education, and others. The UN SSE is also an IFC partner can impact business operations through workplace bullying in Ring the Bell for Gender Equality events. and sexual harassment, employees experiencing domestic and • Build capacity, networks, and institutions by delivering to sexual violence, and sexual exploitation and abuse connected clients and market intermediaries comprehensive training to the workplace. These impacts affect employee well-being and focusing on diverse, equitable, and inclusive leadership, strat- can lead to reduced productivity, increased absenteeism, and egies to ignite change, and promote sound ESG practices. increased costs associated with employee turnover and security. • Increase thought leadership and knowledge by producing research, manuals, guidance, and tip sheets and stepping up IFC’s research on the business impacts of GBVH in multiple dissemination and knowledge sharing. countries found that GBVH could cost businesses up to 14 • Address crisis management and grow resilience and percent of their annual wage bill due to employees’ loss of sustainability by tapping into the ability of women leaders productivity at work. IFC has developed advisory programs to and sharing their experience on navigating crises and address the workplace impacts of GBVH in the private sector recovering stronger. in Brazil, El Salvador, Fiji, Mexico, Myanmar, Papua New Guinea, Sri Lanka, the Solomon Islands, and specifically in the As of December 2022, the program had trained over 750 garment sector in Bangladesh, Haiti, and Vietnam. As of FY23, women and men executives in over 20 countries; published, IFC worked with over 75 businesses to address GBVH as a contributed, or reviewed more than 20 publications; contrib- workplace issue, by building the business case and developing uted to 15 corporate governance or ESG codes to include tailored business responses. IFC also partnered with Business provisions for diversity on boards and senior management, and Fights Poverty to produce How Can Business Tackle Gender supported over 100 women appointed to board positions. Based Violence in the World of Work: A Toolkit for Action developed in collaboration with Anglo American, Primark, and In addition, IFC designed projects aimed at recruiting more CARE International UK. women into leadership positions in male-dominated Science, Technology, Engineering, and Math (STEM) fields. In Africa Preventing Sexual Exploitation and Abuse – Doing for example, IFC launched the Women in Renewable Energy Due Diligence in Africa Network (W-REA), the first professional network IFC has been addressing GBVH during client due dili- for women working in sub-Saharan Africa’s renewable gence using a tool rolled out in 2019 aligned with IFC’s energy sector. The Women in Renewable Energy in Africa Environmental and Social Performance Standards. IFC screens Network aims to enhance women’s participation in leader- new investment projects for sexual exploitation and abuse ship and employment in the renewable energy sector through (as well as sexual harassment in the workplace) and works networking, mentoring, advocacy, and leadership training. with companies to equip them to better prevent and address GBVH when it occurs. Jointly commissioned by IFC, EBRD, and CDC Group, Addressing Gender-Based Violence and Harassment: Emerging Good Practice for the Private Sector 6 IFC’s Gender Equality Approaches with Clients (2020) outlines emerging practices in addressing GBVH in The gender flag was created in 2013, but it has been more operations and investments. Various sector briefs, case studies, widely used since IFC set targets for advisory services in FY tip sheets, and toolkits have also been produced to support 2016 and across investments in FY 2019 with IFC’s capital client companies. The latest Guidance for Boards of Directors increase. An ex-post quality review process for gender-flagged on Overseeing Gender-Based Violence and Harassment Risk is projects began in FY 2019. GEIG and industry gender teams to equip company boards on the effective governance of GBVH advise investment and advisory project teams’ ex-ante on how risks. Directors should understand what adequate GBVH risk their projects can meaningfully integrate gender and thereby management is so they can recognize good practices and exer- obtain the flag. In FY 2016,7 3 percent of IFC’s long-term cise better oversight of GBVH matters. finance projects included a gender lens compared with 33 percent in FY 2023. IFC’s long-term finance investments with a 2.2 MAINSTREAMING - INTEGRATING A gender lens have risen from $0.93 billion in FY 2016 to $8.99 GENDER LENS INTO IFC’S OPERATIONS billion in FY 2023. IFC aims to integrate a gender lens in its projects across regions For advisory projects, in FY 2016, 25 percent of all newly and industries with investment, advisory and upstream clients, approved client-facing advisory projects included a gender lens which have broader development objectives (those that are not compared with 55 percent in FY 2023. The rise in advice to solely gender-dedicated). companies on how to accelerate DEI efforts was underpinned by IFC’s creation of new market approaches and tools that This requires clients to understand why closing gender gaps enable firms across different sectors to close key gender gaps. matters for their operations, generate buy-in for data collec- tion, and take actions to reduce at least one gender gap. IFC Figure 1: Share of IFC Gender-Flagged Project Counts reports on investments and advisory projects that include FY16 – FY23 a gender lens via the gender flag, which ensures a theory of 57% 55% change for gender activities. Sample interventions include 45% 43% 42% reducing gender gaps in recruitment, promotion, and reten- 37% 36% tion, increasing women’s leadership, addressing the childcare 33% 25% needs of working parents, providing tailored financial services 21% to women, preventing and mitigating gender-based violence, 15% 15% 8% ensuring women are included in corporate value chains and the 5% 6% 3% implementation of local revenue sharing with a gender lens. The client, in dialogue with IFC, decides where to focus their FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 efforts to close gender gaps. Advisory Investment Note: Historic numbers may have shifted from the time of reporting. The definition of IFC’s gender flag is the same as that of the World Bank gender tag: identify a gender gap, design a specific intervention to address this gap, and include sex-disaggregated indicator(s) to track implementation. IFC’s own capacity and ambition have grown rapidly when it comes to gender through the application of its gender flag across investment, advisory and upstream projects. 7 Gender-flagged investments were validated starting in 2019 IFC’s Gender Equality Approaches with Clients 7 2.3 PARTNERSHIPS ENABLE DATA program Invest2Equal, which launched in 2022 in partnership COLLECTION, LEARNING, AND ACTION with We-Fi, bringing together fund managers to make specific, measurable, and time-bound commitments to increasing gender IFC has accelerated gender equality efforts by engaging in diversity within their firm and/or investment processes. impactful partnerships that can introduce a gender focus to sectors and markets that previously had not focused on CONVENING FOR WIDER IMPACT: addressing gender equality. These partnerships range from PARTNERSHIP WITH THE INTERNATIONAL joint research and co-financing platforms to convening, setting LABOUR ORGANIZATION (ILO) standards, influencing capital markets, and advocating for the collection of harmonized sex-disaggregated data. Illustrative Better Work Partnership: As a partnership between the ILO examples of some of IFC’s diverse types of partnerships follow. and IFC, Better Work brings governments, global brands, factory owners, unions, and workers together to improve CONDUCTING RESEARCH IN PARTNERSHIP working conditions in the garment industry and make the WITH THE WORLD BANK GROUP’S GENDER sector more competitive. The partnership was launched in INNOVATION LABS 2007 and is now active in 2,000 textile and apparel factories in 12 countries. Part of this partnership is the Gender Equality Women entrepreneurs in emerging markets face a daunting and Return Program (GEAR) program, which provides super- gender finance gap when it comes to growing their start- visory skills training for female operators in garment factories ups into mainstream businesses. Research shows that in Bangladesh, Vietnam, and Sri Lanka. In Bangladesh, for despite women leading half the start-ups that participate in example, 78 factories have participated to train over 600 accelerators, they continue to face unequal access to capital. 8 female operators and their managers and 65 percent of these Venture Capital and the Gender Financing Gap: The Role of trainees have been promoted to supervisory roles with an Accelerators developed by IFC and the World Bank Group’s average of 40 percent increase in their earnings (compared with Gender Innovation Lab Federation in partnership with Village their earnings as operators). Capital and the Women Entrepreneurs Finance Initiative (We-Fi), studies the steep differences between financing for The Women’s Insurance Community of Practice: In 2021, male and female-led start-ups post-acceleration. ILO’s Impact Insurance Facility and IFC launched a Women’s Insurance Community of Practice to raise awareness about the The comprehensive research found that acceleration increases insurance needs of women and to highlight the market oppor- the gap in equity fundraising. While acceleration is effective at tunity for insurers to better target women as customers and helping male-led startups raise equity, it has a negligible impact employees. The Community of Practice consisted of 21 insur- on female founders. As a result, male-led startups increase ance industry organizations from 16 countries that had signed the amount of equity they raise post-acceleration by 2.2 times on to closing women’s employment and insurance gaps. ILO more than startups with a female founder. The research has and IFC facilitated knowledge sessions and provided members influenced the ecosystem of accelerators to focus more on with guidance on commitment selection and implementation. linking women-led businesses directly to funding. It has also At the end of the initiative in 2022, participating companies contributed to IFC’s programs such as SheWins Arabia, which offered tailored products to women and hired more women aims to help women-led startups across the Middle East and as employees, and revised their workplace policies to become North Africa (MENA) get the advice, mentorship, and finance more family friendly. Based on the success of the first cohort they need to grow, and ScaleX, which aims to increase early- and high demand, ILO and IFC launched a second cohort in stage equity investments in women-led startups in emerging March 2023 with 18 insurance industry representatives from markets globally. The research also influenced IFC’s new global 13 countries. 8 Entities designed to train and support the development of start-ups to become investment ready 8 IFC’s Gender Equality Approaches with Clients CO-FINANCING WITH GOLDMAN SACHS 10,000 DATA COLLECTION: HARMONIZED INDICATORS WOMEN PROGRAM FOR PRIVATE SECTOR OPERATIONS (HIPSO) INITIATIVE The Women Entrepreneurs Opportunity Facility (WEOF), a partnership between Goldman Sachs 10,000 Women and IFC is an active member of HIPSO, which is a commitment of IFC, has reached more than 164,000 women entrepreneurs, 28 development finance institutions (DFIs) toward long-term eclipsing the 100,000-target set when the initiative was collaboration through better harmonizing data collection and launched in 2014, and providing over $4.5 billion in loans via reporting. It includes 38 reporting indicators for DFIs of which financial institutions to women-owned businesses. Working 8 focus on gender-specific results: Number of Women in Senior through 95 financial institutions, the first-of-its-kind finance Management; Number of Women on the Board; Number of facility has generated more than 172,000 loans in 55 countries, Investment Committee Members who are Female; Number of providing much-needed access to finance for WSMEs, helping Female Founded Enterprises; Female Direct Jobs Supported to create jobs in developing countries and promoting an inclu- (Operations and Maintenance); Female Construction Jobs sive recovery from the pandemic. The initiative was designed (Temporary Construction); Female Direct Jobs Created by to expand and deepen financing for women-owned SMEs in the Investment (Operations and Maintenance); Number of developing countries, empower women entrepreneurs through Female Students Enrolled; Number of Female Patients Served. access to finance and expertise, and demonstrate the commer- The definition for each indicator has been agreed upon by the cial viability of investing in women by attracting external institutions participating in HIPSO. The partnership helps investors. Of the $2.81 billion investments through WEOF, expand the collection of sex-disaggregated data, creates gains $1.9 billion was invested from IFC’s own balance sheet and in efficiency when DFIs coinvest in the same client, and allows $904 million was mobilized from external investors. WEOF- for more consistent reporting. participating financial institutions continue to report healthy growth and strong asset quality in their WSME portfolios. STANDARD SETTING: ECONOMIC DIVIDEND From 2015 through 2021, the average NPL ratio for WSMEs FOR GENDER EQUALITY (EDGE) was just 2.6 percent, far below the NPL ratio for total SME loans, which was 3.3 percent over the same period. IFC signed an agreement with EDGE Gender Equality Certification in 2018, which sets benchmarks for gender INFLUENCING CAPITAL MARKETS BY WORKING equality in workplaces, to promote gender diversity among WITH STOCK EXCHANGES IFC clients and partners in emerging markets. As an accredited licensing partner, IFC has offered EDGE Gender Equality IFC works with hundreds of stock exchanges on advancing Certification advisory to more than 20 clients in over 15 coun- gender equality through issuing joint guidance on How tries in a wide range of sectors including construction, finance, Exchanges Can Advance Gender Equality (IFC & SSE 2022), healthcare, manufacturing, retail, and tourism. EDGE-certified producing market monitors to track the state of gender companies are evaluated according to global and industry equality in corporate leadership and co-hosting private sector benchmarks through a third-party audit of four pillars: gender peer-learning platforms such as in Nigeria. Every year, IFC balance at all levels; equal pay for equivalent work; effective partners with the UN SSE, UN Global Compact, UN Women, policies and practices to ensure equitable career flows; and an and the World Federation of Exchanges to help organize “Ring inclusive culture. The EDGE gender methodology can provide the Bell for Gender Equality” events. A record of over 120 companies with a competitive advantage by positioning the exchanges and central counterparty clearing houses around organization as having a gender-equal environment to work the world participated in 2023 to support the eighth annual and invest in and do business with. The EDGE certification “Ring the Bell for Gender Equality” campaign, raising aware- advisory service is one example of how IFC supports compa- ness around the opportunities for the private sector to advance nies to assess and identify opportunities to close gender gaps gender equality and sustainable development. in the workplace. For example, IFC’s Women’s Employment IFC’s Gender Equality Approaches with Clients 9 Program, launched in 2018, provides gender advisory services (including EDGE Certification) to IFC clients to help analyze gender gaps in the workplace and implement meaningful solutions such as creating a gender strategy; developing inclusive policies and programs; and providing support to working parents. One investment client, Bauducco – the largest manufacturer of baked goods in Brazil – partnered with IFC in 2018 to obtain the EDGE Gender Certification as part of its new investment and advisory package. The investment team engaged early in the project cycle, and the investment integrated a gender lens and was thereby gender-flagged. As a result of IFC’s advice, Bauducco has implemented solutions focused on staff retention, career development, and leader- ship. The number of women on Bauducco’s board of directors increased from 11 percent in 2018 to 18 percent in 2022. The company reports decreased voluntary turnover from 5 percent in 2018 to 1.3 percent (2022). Additionally, the retention rate for women one year after returning from maternity leave increased from 57 percent in 2018 to 100 percent in 2022. 10 IFC’s Gender Equality Approaches with Clients 3. A ROBUST ARCHITECTURE TO IMPLEMENT AND INNOVATE This chapter describes the internal tools IFC uses to imple- Importantly, IFC’s Board of Directors has supported advancing ment the World Bank Group Gender Strategy (2016-2023). gender equality across IFC operations. This is evident through These tools have been critical to develop internal gender board requests for gender to be included in World Bank Group capacity and create broad buy-in for the operational delivery strategies, programs, and projects and the Board’s mostly of gender results. unanimous response to the World Bank Group’s management annual Gender Board Update, signaling strong alignment 3.1 CORPORATE GENDER TARGETS among the Board constituencies on the importance of the topic. Since FY16, IFC has included gender targets in its Corporate 3.2 GENDER STRATEGY Scorecard and Key Performance Indicators (KPIs), first for advi- IMPLEMENTATION PLANS sory and then investments in FY19 to align with IFC’s gender commitments in the capital increase. Delivery on the four Building on the World Bank Group Gender Strategy, IFC devel- gender-related capital increase commitments is well on track. oped a three-year, industry-led Gender Strategy Implementation Plan (GSIP I) for FY17-19, which translated the World Bank • Flag IFC projects with gender components by 2020 Group Gender Strategy into an internal IFC implementation • 50 percent share of women directors IFC nominates to plan, led by the respective industries. GSIP I was signed off by Boards by 2030 IFC’s Management Team in September 2016, with progress • $2.6 billion in annual commitments to financial institutions tracked annually. IFC developed its second GSIP (GSIP II) for targeting women by 2030 FY20-23 to summarize progress to date and set the direction • Quadruple the amount of financing dedicated to women and for the implementation of the remainder of the World Bank women-led SMEs by 2030 from $0.4 billion to $1.4 billion Group Gender Strategy. Developing the second GSIP was led by the regions, to align with IFC’s decentralized structure and Annual targets for these commitments are included in IFC’s decision making. Corporate Scorecard and KPIs, to account for delivery and monitor progress. Beyond the capital increase commitments, Like the first GSIP, IFC’s GSIP II focuses primarily on the IFC tracks additional gender indicators both as formal metrics strategic pillars related to women’s access to jobs and assets. It (on the KPIs) and as informal metrics (off the KPIs). also considers IFC’s role in the additional pillars of improving access to and quality of basic goods and services, particularly • Formal KPI: share of approved client-facing advisory proj- concerning health and education, and further advancing ects with a gender flag (annual target exceeded since FY16) women’s voice and agency in line with World Bank Group • Informal metric: share of LTF projects with a gender flag – commitments on GBVH. GSIP II also pays increased attention no target set to key areas not previously covered, such as engaging with men • Informal metric: Total LTF volume with a gender flag – no and boys, fragility, and climate. GSIP II was endorsed by IFC’s target set Management in December 2019, with progress tracked annually. IFC’s significant management commitment is reflected in its advocacy, resource dedication, progress review across the institution, and the number of corporate indicators that are regularly tracked via KPIs. Most recently, IFC’s leadership has also announced a director position to lead the new Gender and Economic Inclusion Department. A Robust Architecture to Implement and Innovate 11 3.3 GENDER RESULTS MEASUREMENT Figure 2: Sex-Disaggregated Data for IFC Investment Clients Calendar Year (CY) 2016–20219 Regular collection of sex-disaggregated data is an important Percentage of Female Employment aspect in understanding where gender gaps occur, enforcing accountability, and tracking progress, yet it is often chal- 38% 39% 39% 38% 39% lenging for IFC and its clients to obtain such data across all 35% stakeholder groups and to report it regularly and consistently. IFC monitors gender gaps and its efforts to reduce them as part 33% 34% 25% 28% 24% of its individual investment, advisory, and upstream projects’ 22% monitoring and evaluation (M&E) framework through stan- dardized and customized gender indicators. CY16 CY17 CY18 CY19 CY20 CY21 IFC Direct Investment Clients Gender and inclusion efforts are also reflected in IFC’s Private Equity Fund Investees Anticipated Impact Measurement and Monitoring (AIMM) process, which was introduced in 2017. IFC scores all its Percentage of Female Students Reached investment projects for an anticipated development impact and has recently started to assess large advisory service projects. 55% 55% 52% 52% 53% The AIMM system is fully integrated into IFC’s operations, 49% allowing development impact considerations to be weighed against a range of strategic objectives, including volume, financial return, risk, and thematic priorities. Quantifiable CY16 CY17 CY18 CY19 CY20 CY21 gender-related outcomes are incorporated as part of the AIMM system. At the end of 2019, IFC introduced the AIMM Total Volume of Women MSMEs Loans (US billion) Guidance for Inclusion to recognize the contribution of inter- 35.7 ventions that promote gender and inclusion and incentivize 31.6 31.5 their use through the AIMM rating process. Where gender 22.8 23.5 equality efforts are intentional, ambitious and material enough 17.6 for the project, the development impact score can potentially be higher. However, the specific gender gap and the aim or way to reduce it needs to be thoroughly documented through CY16 CY17 CY18 CY19 CY20 CY21 baseline benchmarks and portfolio monitoring. Share of Women MSMEs loans 45% 46% Gender-specific monitoring indicators collected annually 43% 43% 42% through investments include the percentage of women on 36% boards and in senior management; the percentage of female students; the percentage of female employees; the percentage of women-owned and funded businesses (for equity clients); and the share/volume of micro and SME loans going to 8% 8% 8% 4% 5% 5% women-owned and led businesses (for financing to financial intermediaries). Figure 2 provides a snapshot of sex-disaggre- CY16 CY17 CY18 CY19 CY20 CY21 gated data trends in IFC’s investment projects. Women MSME loans as % of total MSME loans # Women MSME loans as % of total MSME loans $ 9 When calculating the percentage in total, only include clients reported on both total and female. 12 A Robust Architecture to Implement and Innovate Advisory and upstream projects that have a gender lens collect Independent Evaluation Group’s (IEG) mid-term review of the a wide range of semi-standardized and customized gender World Bank Group Gender Strategy FY16 – FY23 (WB 2021) indicators twice a year during project supervision report cycles. stated IFC’s approach was “well-organized”. This architecture The considerable number of different indicators makes it will continue to evolve to respond to client and staff needs. difficult to aggregate them in a meaningful manner. The most common indicators include the number of women trained, the 3.5 DEVELOPING THE BUSINESS CASE number of female farmers reached, the number of new women customers, the number of women borrowers, the number IFC made significant contributions to understanding and of female employees reached, and the number of companies documenting the business case for gender equality across a taking measures to close gender gaps in their operations. range of sectors and themes, resulting in more than 15 primary research-based, global publications and well over 50 regional 3.4 RISE IN INTERNAL CAPACITY TO publications and case studies since FY16. When working with DELIVER GENDER-SMART PROJECTS private sector clients, having an evidence-backed business AND SUPPORT proposition can unlock additional opportunities for client engagement and investor buy-in. IFC established an overall structural architecture that supported the delivery of both gender-focused projects and by For example, IFC’s annual survey of its banking clients (2022) closing gaps between men and women in projects with broader revealed that WSME loan portfolios consistently exhibit lower development objectives. Beyond projects, this architecture has NPLs. In a surveyed sample of 131 IFC client financial institu- also enabled broader research, strategic thinking, innovation, tions in CY21, the average NPL ratio for loan portfolios of and partnerships across the institution. WSMEs was 4.4 percent, significantly lower than the average NPL ratio for total SME loan portfolios (comprising men and Developed over the course of the strategy period, each industry women-owned SMEs) of 5.1 percent. This data follows the department, and the ES&G Sustainability Advice and Solutions same trend for WSMEs over the past five years, regardless of department have dedicated gender full-time leads as well as whether the financial institutions launched specific strategies to consultants to provide gender-smart due diligence, financing, target women customers. and advice to clients and staff. This group of gender experts is complemented by the global GEIG team, which was estab- Another study that paved the way to strengthen the business lished in 2013 and mostly decentralized in 2017 to be closer case for more female representation in company leadership to clients and staff across regions. GEIG works across IFC to is IFC’s research Women in Business Leadership Boost ESG incubate ideas and disseminate knowledge, represent IFC’s Performance: Existing Body of Evidence Makes Compelling gender work externally, develop and implement strategy and Case. The study has been quoted widely, including by the communications, deliver direct gender-smart advice to clients, OECD, the UN Global Compact, the Harvard Law School forge partnerships, and build the capacity of investment and Forum for corporate governance, and other platforms. advisory colleagues internally. GEIG delivers its work program through product and regional leads. In response to the pandemic, where more economic trade moved online, IFC researched and examined the role of women entre- Other corporate departments (such as Blended Finance, preneurs in e-commerce in the study, Women and E-commerce: Climate Business, FCS, and Development Impact) and some A $300 Billion Market Opportunity (IFC 2021a & 2021b). IFC regions (Africa, and Asia Pacific) have also assigned gender leveraged data from Jumia and Lazada to show to what extent focal points/anchors to support the roll out of gender invest- women are participating and succeeding in online commerce ments and advice. Gender focal points and gender leads meet and how the COVID-19 pandemic changed the e-commerce regularly to discuss IFC’s strategic directions, collaborate on landscape. The report also finds an additional $280 billion client delivery and the knowledge agenda, enable joint commu- could be added to the value of the e-commerce market in nication efforts, and facilitate learning from each other. The Southeast Asia and $14.5 billion to the African e-commerce A Robust Architecture to Implement and Innovate 13 market between 2025 and 2030 if gender gaps were closed. rates in the number of loans provided to WSMEs by those financial institutions— the number of female-led businesses that IFC’s business case research often influences the wider sector, received loans increased by 94 percent in cases where IFC’s loan well beyond IFC’s own investment footprint, therefore opening had a PBI, compared with 84 percent in cases where it did not. more opportunities for women. For example, IFC’s 2018 report on gender patterns in ridesharing, Driving Toward Equality: Going forward, the ambition is to raise additional blended Women, Ride-Hailing, and the Sharing Economy, inspired finance to support projects that are innovative and ambi- several ridesharing companies to adjust their operating model tious when it comes to advancing women leaders, employees, to better meet the needs of women drivers and riders. farmers, producers, and community members, in addition to women entrepreneurs. 3.6 BLENDED FINANCE 3.7 INNOVATIONS IN SUSTAINABILITY- IFC and other DFIs have increased their use of blended conces- LINKED FINANCE sional finance solutions to catalyze much-needed private investments to achieve the SDGs, and increasingly, blended IFC has broadened its private sector financing instruments to finance is being used to support SDG #5: Gender Equality. support gender equality innovation and widen the investor base. Instruments such as blended finance, use of proceeds Blended finance mechanisms have played a key role in gender- instruments (social, gender, and sustainability bonds and specific IFC investment facilities, enabling access to capital for loans), and sustainability-linked finance (performance-based pioneering projects with higher perceived risks and uncertain loans and bonds) have all been used to advance gender equality returns. To date, all IFC gender-specific blended finance invest- and open markets for underserved communities. ment facilities have been dedicated to solutions that support women’s entrepreneurship through access to capital, markets, Sustainability-linked finance (SLF) is more recent but has an and capacity. Through its existing facilities – such as the WEOF, increasing role to play, providing an opportunity for issuers We-Fi, and the Global SME Finance Facility (GSMEF) – IFC and investors to use capital to achieve gender equality-related has been able to pilot new types of investments with banks, targets. IFC partnered with UN Women and ICMA to produce funds and the real sector with differentiated deal terms linked to the study, Bonds to Bridge the Gender Gap: A Practitioner’s gender targets. Such engagements have helped IFC work with its Guide to Using Sustainable Debt for Gender Equality (2021), private sector clients to achieve gender-related objectives through which is now a key guide for the market on how to leverage financial de-risking, where needed, and the adoption of gender- use of proceeds and sustainability-linked instruments for related targets through performance-based incentives (PBIs). gender equality. IFC has deployed sustainability-linked loans to close specific gender gaps, such as women’s participation in the As of December 2022, We-Fi has supported 62 partner institu- workforce. tions and companies across 38 countries. So far, $35.7 million of We-Fi funding has catalyzed over $1.3 billion in private and For example, the SLF that IFC provided to Brazil-based public sector investment, providing a leverage of 37 times. Suzano, the world’s largest pulp producer, included a $600 million SLF A and B loan with two KPIs – to reduce GHG Within IFC’s gender-blended finance portfolio, PBIs have been emissions and increase the share of women in leadership posi- one of the most commonly used instruments in the banking tions to 30 percent by 2025 (from a baseline of 22.5 percent). sector and have already demonstrated positive results. WEOF In the infrastructure space, IFC has completed nine SLFs to alone has supported 75 projects worth more than $2 billion, date, including a $30 million sustainability-linked loan to enabled by around $31 million in rebates ranging from 25 to IZSU, the water utility in the City of Izmir, Turkey, which had 100 basis points. Data from 2015 to 2017 show that IFC loans a gender KPI and targets related to increasing the number of to financial institutions that included PBIs had higher growth women employed in technical jobs. 14 A Robust Architecture to Implement and Innovate 3.8 NEW FORMS OF COUNTRY program, these companies achieved or surpassed a total of 35 ENGAGEMENTS specific commitments on gender equality in their operations, including achievements such as increasing the representation Peer-learning platforms: A peer-learning platform is an IFC-led, of women in leadership positions, training women-owned time-bound (usually 12 months to 18 months), results-focused businesses in their supply chains, and creating action plans initiative that brings together private sector companies to for employer-supported childcare. Of the companies that address a specific form of inequality and share knowledge and responded to the endline survey, 100 percent reported an best practice among peers, learn from industry stakeholders improvement in their company culture, practices, and policies. and partners, and make measurable commitments to close The success of this initiative led to a second peer-learning gender or other economic inclusion gaps in their operations. platform (Empresas Mexicanas X la Inclusión) in 2023, which Company commitments can focus on a theme (such as the convenes 12 companies in Mexico to make specific, time- digital economy) or several themes (women’s entrepreneurship, bound commitments on the workplace inclusion of LGBTI employment, GBVH, care, financial services for women, or people and persons with disabilities. leadership). These themes are identified based on country or regional market failures and gender gaps in a specific sector Integrating gender in Country Strategies and Country Private or market. IFC has rolled out over 30 country private sector Sector Diagnostics (CPSDs): IFC, together with the World peer-learning platforms since 2016, involving more than 730 Bank, developed a methodology note on “Integrating Gender companies with a commitment to closing gender gaps. Most into the CPSD” (June 2021) to help CPSD teams consider and peer-learning platforms have been implemented in Africa, integrate a gender lens in the diagnostics. Of the 29 CPSDs followed by South Asia, the Middle East, and Latin America that have been published since June 2021, 24 have integrated and the Caribbean. gender in some manner. In addition, IFC also developed an “IFC Country Strategy – Gender Tip-sheet” (April 2021) For example, a peer-learning platform in the Solomon Islands following the “IFC Country Strategy Template” (April 2021) (Waka Mere) that was set up to advance women’s employ- which indicates where and how gender considerations can be ment and tackle sexual harassment and gender-based violence integrated in an IFC Country Strategy. increased feelings of safety and well-being at the workplace by 15 percentage points; improved employee loyalty among Country-level Gender Programs: In April 2017, IFC launched women by 16 percentage points; improved skills, confidence, Women in Work (WiW) Sri Lanka, a six-year, $9.5 million part- and greater job opportunities for women, with 80 percent of nership with the government of Australia. The Women in Work the first cohorts of leadership graduates receiving a promotion Program is IFC’s largest, multi-sector country-based gender or additional responsibilities; and increased the number of program, and is designed to close gender gaps across the private women in jobs traditionally held by men, with 33 new female sector while improving business performance. WiW comprised licensed drivers sponsored by seven different companies. Waka 12 projects led by five IFC industries to advance gender in Mere has inspired the Solomon Island government to apply employment and leadership, access to finance and non-financial Waka Mere principles to the public mining sector. It also led to services, and support women-owned businesses to grow. In the the setup of the first professional driving school in the country. Independent Evaluation Group’s (IEG) mid-term review of the World Bank Group Gender Strategy FY16 – FY23 (WB 2021), Another more recent example is the peer-learning platform in the Women in Work Program approach was identified as a good Mexico (Empresas Mexicanas X la Equidad) set up in 2022, practice and a strong example of institutional change and recom- in partnership with the government of Japan, to close gender mended that IFC should focus on developing more country gaps in the Mexican labor market. The initiative brought programming on gender. Building on the success of the Women together 17 large companies across several sectors, employing in Work, IFC is developing country-level gender programs in a combined 450,000 people in Mexico. By the end of the other markets, including Indonesia, Kenya, and Tanzania. A Robust Architecture to Implement and Innovate 15 3.9 STRONG COMMUNICATIONS Internally, a curated biweekly media review with over 4,000 PLATFORM subscribers provides a synopsis of major gender news relevant to the private sector. Every March, IFC employees from across IFC has created tailored, global, regional, and country-specific the globe participate in International Women’s Day campaigns, communication outreach content for gender equality, to the IFC Insights global newsletter is an exclusive gender- publicly acknowledge good performers and celebrate their focused edition (its internal and external audiences include progress, disseminating knowledge, and helping clients build C-level executives), and internal channels such as the IFC Daily their own capacity for communicating on this topic. Robust newsletter and the intranet feature stories published on the communication engagement is essential for scaling up gender World Bank and IFC websites, and the World Bank blog site. equality ambitions as it demonstrates transparency and leader- ship commitment and examines evidence on what works when The communication and outreach for gender and e-commerce closing gender gaps. provides an example of a tailored campaign. In May 2021, IFC launched two reports, Women and E-commerce in As part of those efforts, IFC organized several gender-focused Africa and Women and E-commerce in Southeast Asia. They events during the World Bank Group-International Monetary highlighted a $300 billion opportunity for the e-commerce Fund Spring and Annual Meetings in various years, from 2017 markets in Africa and Southeast Asia if gaps between sales to 2023, developed numerous social media communication by women and men were closed. IFC’s Managing Director, campaigns, and conducted media outreach for launches of IFC Makhtar Diop, led a fireside chat on World Bank Live to programs and key research reports to highlight the business case disseminate the findings of these reports. Lazada’s Group CEO, for improving inclusion for women as entrepreneurs, employees, Chun Li, and Jumia Group’s Chairwoman, Juliet Anammah, leaders, farmers, consumers, and community members. participated in the event, both highlighting opportunities for further growth by exploring more inclusive practices. CNBC These campaigns were directed at both internal audiences, to Africa interviewed Stephanie von Friedeburg, (then-Senior raise awareness and increase stakeholder engagement, and Vice President, Operations, IFC) about the market opportunity external audiences, to support business development and client in Africa and Alexa Roscoe (then-Disruptive Technologies commitment to gender equality. The 2023 Spring Meetings Gender Lead, IFC), about the research findings. A blog post public event on Gender, for example, showcased how the by Stephanie von Friedeburg was published by the Council for private sector can better harness the potential of both women Foreign Relations. Deutsche Welle interviewed Henriette Kolb entrepreneurs, and leaders, to grow societies and economies. (then-GEIG Manager) and Juliet Annamah on the women’s e-commerce market in Africa. TechCabal hosted an online Examples of impactful communication: IFC leveraged a range seminar on How Increasing Women’s Participation Can Grow of communication tools for campaigns, including traditional African E-commerce, featuring Alexa Roscoe, Juliet Annamma, media, such as press releases, print media, TV, and online media and Mercy Wanjau (Director, Legal and Board Advisory, outlets, including the Financial Times, Bloomberg, BBC, CNN, Communications Authority of Kenya). Lazada published a CNBC, Quartz, Fast Company, Reuters newsletter, and Forbes podcast episode with Alexa Roscoe on women and e-commerce Mexico. Blogs and op-eds were published through the World in Southeast Asia. Economic Forum, Brookings, and the Council on Foreign Relations. The communications team worked with various On social media, the campaign for the launch of the reports organizations, including clients and partners, such as TechCabal, reached 54.2 million people and generated 14,000 engage- Impact Alpha, and Business Fights Poverty, to support ments, such as likes, shares, retweets, reactions, and comments report launches, place IFC speakers on panels, and amplify across digital platforms. On YouTube, the video for the Africa core messages. IFC also published digital gender content on region had over 23,300 views and the one for Southeast Asia Twitter, including gender and economic inclusion dedicated @ had over 31,700 views. WBG_Gender, LinkedIn, YouTube, Instagram, Facebook, digital podcasts, videos, and the IFC website www.IFC.org/gender. 16 A Robust Architecture to Implement and Innovate 3.10 WALKING THE TALK INTERNALLY Prioritizing inclusive leadership is essential to address inclusion gaps and create an environment where DEI values can prosper INTERNAL DIVERSITY, EQUITY, AND INCLUSION across the organization. IFC introduced a modular inclusive EFFORTS leadership learning program called Leaders for Inclusion, Innovation & Impact. In April 2023, IFC published its first To credibly generate gender commitments from clients and external DEI Annual Report. investors, it is critical for IFC to lead the way internally in fostering diversity, equity, and inclusion. IFC has implemented PROCUREMENT a robust set of measures such as being the first multilateral development organization to be EDGE gender certified in 2016. One of the widest gender gaps relates to limited access to IFC progressed from EDGE Assess to EDGE Move certification markets for women entrepreneurs via corporate procurement in 2022 (the second of three levels) based on the organization’s contracts. Globally, only an estimated 1 percent of private continuous efforts to improve gender balance within all levels of and public procurement spend goes to women-owned and led responsibility. EDGE Move recognizes that IFC has conducted businesses. To reach the World Bank Group’s own 2023 target a detailed assessment and has undergone an independent third- of more than doubling its share of global corporate procure- party audit of its policies, practices, and culture to reach the ment with women-owned and led enterprises, and to build on EDGE global standard for a gender-inclusive workplace culture achievements to date, the World Bank Group has intensified in some areas and has committed to an impactful action plan to efforts to standardize supplier diversity across procurement document how it will make further progress. practices; continue outreach activities towards the vendor community through a series of vendor forums targeting all IFC continues to make progress on its Gender Balance geographic regions; and requiring non-diverse suppliers to Index (GBI), a metric used to promote, measure, and track report on and increase their efforts to incorporate diversity into greater gender distribution across four grade groups at IFC their supply chains. and VPU levels, by increasing the overall share of women in GG+ Technical and Managers grade groups by 1.4 percent To date, nearly 6 percent of the World Bank Group’s in FY22 compared with FY21. IFC also conducts annual pay procurement is directed toward women-owned and led busi- gap assessments using a regression analysis that covers base nesses, thanks to efforts related to requiring subcontracting salaries, bonuses, and other cash benefits. The outcome of the women-owned businesses, integrating evaluation criteria for 2022 assessment showed a 0.8 percent statistically insignificant women-owned businesses into standard procurement process, unexplained gender pay gap between men and women on the elevating the discussion of supplier diversity and inclusion into US salary plan. senior procurement committee presentations, and targeting over 2000 women-owned businesses over the last three years with training on how to do business with the World Bank Group. A Robust Architecture to Implement and Innovate 17 4. LEARNINGS FROM IMPLEMENTING THE WORLD BANK GROUP GENDER STRATEGY (2016-23) 4.1 WHAT MATTERS WHEN in less developed regions of the world (UN 2018). Moreover, ACCELERATING GENDER EQUALITY? according to the Harvard Business Review (2019) and other studies, women in their mid-fifties continue to face biases in Economic gender gaps are particularly entrenched when it the workplace, including the assumption their age is making comes to financial inclusion, supply chains, and employment them more tired or less interested in their work. As a result, and leadership. To accelerate progress, wider change needs to they are being forced out of work at an age when they are still happen at the country level by engaging the public and private productive. sector actors, including regulators, to advance financial inclu- sion and open market access by collecting sex-disaggregated Combatting climate change is urgent and needs the world’s full data, undertaking policy and legal reform, incentivizing finan- talent pool. Women often experience the impacts of climate cial institutions and lending platforms to widen access and use change more intensely but are not well represented in decision- for women customers, and procuring more goods and services making bodies and clean technology sectors (Deininger from women-owned and led businesses as well as promoting et al., 2023). Women are more likely than men to earn a more equal employment and leadership. living from natural resource-based activities or in climate- vulnerable sectors. Women’s participation in decision-making Addressing GBVH is essential to improving women’s can strengthen communities’ resilience to natural disasters. lives. During COVID-19, 54 percent of women reported Enhancing gender diversity in private sector leadership posi- an increase in the prevalence of GBVH, with the highest tions is also linked to greener outcomes. For example, banks perceived increases in Latin America and the Caribbean and with more gender-diverse boards provide more credit to greener Sub-Sahara Africa (Flor, et al., 2022). Abuse is slightly more companies and lend less to firms with high pollution intensity. common online, with 85 percent of women and girls glob- Companies with greater gender diversity on their boards are ally experiencing some form of abuse or harassment (EIU 60 percent more likely to reduce the intensity of their energy 2021). Gender minorities often experience high rates of abuse consumption, 39 percent more likely to reduce their green- and violence, causing them to feel unsafe and be less able to house gas emissions, and 46 percent more likely to reduce their work. Companies can help to reduce GBVH by addressing water use (FP Analytics 2020). Investors and investees need customer and client aggression, sexual exploitation, and abuse to focus their efforts on mobilizing and allocating capital and and harassment connected in the workplace. This is not only producing goods and services with a commitment to sustain- essential for the well-being of employees but is also good for ability and inclusion, not either or. business as it strengthens the company’s license to operate, lowers absenteeism, and increases employee retention. Unequal access to digital technology deepens gender inequalities and has profound economic implications. Countries have lost Deepening the work on redistributing unpaid care is essential out on $1 trillion in GDP due to the digital exclusion of women to enable women’s equal participation in the paid workforce. (A4AI 2021). In Africa, for example, only 2 percent of micro This will include building the capacity of the private sector to firms owned by young women and 8 percent of micro firms help address not just childcare needs, but also elder and mental owned by young men use a computer.10 COVID-19 has seen a health care. Demographic change is increasingly shaping significant increase in the use of digital technology for trade, our future. Globally, people above the age of 65 outnumber health, and education, yet women have lower access to the children under five years old, and over two-thirds of them live internet than men – there is a mobile internet gender gap of 19 10 World Bank Group Press Release No: 2023/052/Afe, retrieved at https://www.worldbank.org/en/news/press-release/2023/03/13/accelerating-the-use- of-digital-technologies-is-key-to-creating-productive-jobs-and-boosting-economic-growth-in-africa 18 Learnings from Implementing the World Bank Group Gender Strategy (2016-23) percent (GSMA 2023). It is imperative to address this inequality capital increase commitments and the gender flag have been and create a more level playing field for women as leaders, particularly useful tools; (v) partnerships, including across the coders, entrepreneurs, employees, and customers in the digital WBG, are key for delivery, scale and innovation; (vi) country technology arena. Furthermore, the unintended consequences of programs have enabled more robust results by garnering a artificial intelligence (AI) and machine learning (ML) can exac- critical mass to drive change in the public and the private erbate inequalities and discrimination against certain groups. sector; and (vi) collecting sex-disaggregated data helps to For example, advancing AI and ML may shift the demand inform gender equality interventions and track progress. for labor and skills, benefitting some and reducing opportuni- ties for others – often women and underserved groups (WEF 4.2 HOW CAN IFC DELIVER MORE 2023). Automated decision making will also displace people by GENDER IMPACT? replacing jobs (often held by women), increasing inequalities between people and within countries and may even widen gaps Scale investments with a gender lens. IFC has more than between high-income countries and emerging markets (Strusani quadrupled its investments with a gender lens during the imple- & Vivien Houngbonon 2019). At the same time, it is important mentation period of the World Bank Group Gender Strategy to increase the number of women coders to tackle gender bias (2016-2023). Going forward, the ambition is to continue this in the AI ML sector (Terrell, et al., 2017). growth journey by establishing a target for gender flagged investments and as a result, incorporating a gender lens in as Expanding economic inclusion efforts to other groups who many investment opportunities as possible across all regions are often socially and economically marginalized (LGBTI, and industries. Achieving this will require a mandatory assess- disabilities, ethnicity, base of the pyramid, and race). Available ment of gender opportunities during each investment project data on LGBTI people shows that LGBTI youth are more in the pipeline, particularly at the due diligence stage, and likely to face barriers to a good education. It is also harder consequently, a concerted effort to continue building internal to find and keep a job, pushing LGBTI people further into and external capacity and the knowledge of investment staff to poverty. Evidence indicates that persons with disabilities and integrate gender into their projects. LGBTI people experience lower education outcomes due to discrimination, bullying, and violence; higher unemployment Engage in partnerships with investors to mobilize and allocate rates; and low access to adequate housing, health services, and gender-smart finance. IFC should continue sharing its expertise financial services. As a result, persons with disabilities and with gender-smart finance organizations such as 2x Global, LGBTI people are overrepresented in the bottom 40 percent which is a global membership and field-building organization of the population by income level. Given the pressing need for for investors, capital providers, and intermediaries working financial inclusion, the banking industry is well-positioned to in public and private markets, across both developed and lead the way in increasing access to employment opportunities, emerging economies. Another valuable organization with as well as financial services and products (IFC 2022) for under- which to continue collaborating is the Financial Alliance for served communities. Women, a membership association of financial services institu- tions serving the world’s largest addressable market – the Implementation approaches: Key lessons from implementing female economy. To scale up blended finance and influence the 2016-23 World Bank Group Gender Strategy include: (i) capital markets, new partners can be identified, for example, the importance of establishing a business case across sectors pension funds or climate investors. and themes and leveraging this to design specific solutions to translate into operations; (ii) working on end-to-end solutions Ramp up the use of blended and sustainability-linked finance from identifying gender gaps via diagnostics through to invest- options. Sustainability-linked finance is designed to incentivize ment services; (iii) having an architecture across regions and a borrower’s achievement of ESG targets through pricing industries that enables direct support and tailored technical incentives. Launched in 2017, it has now become the fastest- advice to clients and staff; and (iv) providing incentives to growing sustainable finance instrument. At the end of 2022, a teams via indicators or targets to facilitate better uptake – the cumulative total of $1.3 trillion in sustainability-linked bonds Learnings from Implementing the World Bank Group Gender Strategy (2016-23) 19 and loans had been issued (IIF 2023). While some of these Deploy multi-sector gender programs at country level in close financing instruments have started to integrate a social dimen- collaboration with the World Bank. Concerted efforts by sion, there is an opportunity to do more. However, these efforts public and private sector entities are necessary to reduce gender are often hampered by a lack of data, standards, and bench- gaps by changing norms, laws, policies, and practices. These marks and by the weak capacity of issuers and second opinion can be focused on a single key sector identified as a priority providers about social KPIs. IFC can play a critical market such as financial inclusion, sustainable agriculture, or digital development function by helping to develop a set of standards technology, or can cut across sectors and themes such as care, and benchmarks together with others interested in enhancing GBVH, or climate action. Close WBG collaboration and coor- sustainability-linked financing. dination between the public and private sectors are critical to addressing stubborn gender inequities. This country program Blended finance has advanced gender-lens investments with ambition is currently realized in the Mashreq, Kenya, and a focus on women entrepreneurs. Through facilities such as Tanzania, but can be expanded to other countries. We-Fi or WEOF, projects have aimed at reducing finance and market gaps for women entrepreneurs. Additional mobilization Measure gender-specific project results at completion and and the wider use of blended finance would enable the private launch impact evaluations. The World Bank Group Gender sector to innovate and reduce deep-rooted gender inequalities Strategy’s mid-term review by the Independent Evaluation such as GBVH, care, occupational segregation, and digital Group (WB 2020) suggested ways to strengthen results gender gaps. measurement by monitoring and reporting results more consis- tently, especially at project completion. IFC could consider Advance inclusion of marginalized groups. IFC can further developing a standard set of sex-disaggregated investment, connect its ambitious gender program with its growing advisory and upstream indicators that can be applied to programs for low-income earners and base of the pyramid, projects with a gender lens (gender-dedicated and those that migrants and refugees, forcibly displaced people, LGBTI, and integrate gender). IFC could work with other DFIs, clients, and persons with disabilities to better tailor solutions to country regulators to increase the collection, reporting, and use of sex- and client needs. This can be achieved by consulting and disaggregated data wherever possible in a harmonized manner. including the communities and groups mentioned. Priority To get a deeper understanding of what works to close gender themes include building climate resilience, advancing financial gaps in private sector operations, IFC could launch gender inclusion, addressing GBVH, care, and digital needs, creating impact evaluations in collaboration with the World Bank’s employment opportunities, and broadening access to distribu- Gender Innovation Labs, where relevant. tion networks and supply chains. 20 Learnings from Implementing the World Bank Group Gender Strategy (2016-23) 5. CONCLUSION While IFC has significantly increased its finance and advice As the biggest employer and provider of jobs, the private with a gender lens during the period of the World Bank Group sector is essential to level the playing field for women’s and Gender Strategy (2016-2023), more can be done through the non-binary peoples’ economic participation and stands to gain next World Bank Group Gender Strategy (2024-2030). There from including the world’s full talent pool. Accelerating gender is a new sense of urgency since societies and economies became equality is more pressing than ever, given increasing economic less equitable during COVID-19 and a result of concurrent challenges and the frequency of crises, but these overlapping crises such as climate change and rise in fragility. At the same challenges can be tackled by ensuring that all leadership is time, real wages are declining as a result of the ongoing cost of diverse, equitable, and inclusive. Only then, will it be possible living crisis, making it specifically hard for women who are in to look toward a sustainable future. part-time roles or in underpaid jobs to make ends meet. Conclusion 21 BIBLIOGRAPHY A4AI (Alliance for Affordable FAO (Food and Agriculture IFC (International Finance IFC (International Finance Internet). 2021. The Costs of Organization of the United Corporation). 2023. Diversity Equity Corporation). 2021c. Workplace Exclusion: Economic Consequences Nations). 2018. The Gender Gap in and Inclusion FY22 Annual Report. responses to Family and Sexual of the Digital Gender Gap. Web Land Rights. 8796EN/1/03.18 Washington, DC: IFC Violence in PNG: Measuring the Foundation. Business Case. Washington, DC: IFC Flor, L. S., Friedman, J., Spencer, C. IFC (International Finance Anglo American, Business Fights N., Cagney, J., Arrieta, A., Herbert, Corporation). 2019a. Moving Toward IFC (International Finance Poverty, Care, International Finance M. E., Stein, C., Mullany, E. C., Hon, Gender Balance in Private Equity and Corporation). 2022a. Business Case Corporation & Primark. 2019. How J., Patwardhan, V., Barber, R. M., Venture Capital. Washington, DC: IFC for Creating Respectful Workplaces in Can Business Tackle Gender Based Collins, J. K., Hay, S. I., Lim, S. S., Sri Lanka. Washington, DC: IFC Violence in the World of Work: A Lozano, R., Mokdad, A. H., Murray, IFC (International Finance Toolkit for Action. C. J. L., Reiner, R. C., Sorensen, R. J. Corporation). 2019b. The Business IFC (International Finance D., . . . Gaidai, E. 2022. “Quantifying Case for Workplace Responses to Corporation). 2022b. Inclusive Begazo, Tania, Moussa P. Blimpo, the effects of the COVID-19 pandemic Domestic and Sexual Violence in Fiji. Banking: Emerging Practices to and Mark A. Dutz. 2023. Digital on gender equality on health, Washington, DC: IFC Advance the Economic Inclusion of Africa: Technological Transformation social, and economic indicators: LGBTI People. Washington, DC: IFC. for Jobs. Washington, DC: World A comprehensive review of data IFC (International Finance Bank. doi: 978-1-4648-1737-3. from March 2020 to September Corporation). 2019c. The Impact IFC (International Finance License: Creative Commons 2021”. The Lancet, 399 (10344), of Domestic and Sexual Violence on Corporation). 2023a. IFC Banking Attribution CC BY 3.0 IGO 2381–2397.  https://doi.org/10.1016/ the Workplace in Solomon Islands. on Women: Business Case Update #5 S0140-6736(22)00008-3 Washington, DC: IFC Lower NPLs for Women-Owned SMEs. Deininger, Franziska; Woodhouse, Washington, DC: IFC Andrea; Kuriakose, Anne T.; Gren, FP Analytics. 2020. Women as levers IFC (International Finance Ana; Liaqat, Sundas. 2023. Placing of changes. Unleashing the Power of Corporation). 2019d. Tackling IFC (International Finance Gender Equality at the Center Women to Transform Male-dominated Childcare: The Business Case for Corporation). 2023b. Tip Sheet: of Climate Action. World Industries. Foreign Policy. https:// Employer Supported Childcare in Fiji. Guidance for Boards of Directors on Bank Group Gender Thematic womenasleversofchange.com/ Washington, DC: IFC Overseeing Gender-Based Violence Policy Notes Series: Issues and and Harassment Risk. Washington, Practice Note. World Bank, Goldstein, M., Gonzalez, P., IFC (International Finance DC: IFC Washington, DC. http://hdl.handle. Papineni, S., & Wimpey, J. (2022). Corporation). 2019e. Women’s net/10986/39436 License: CC BY Childcare, COVID-19 and Female Leadership in Private Health Care. ILO (International Labor 3.0 IGO Firm Exit Impact of COVID-19 School Washington, DC: IFC Organization). 2022. Experiences of Closure Policies on Global Gender violence and harassment at work: A Deloitte. 2022. Progress at a snail’s Gaps in Business. World Bank IFC (International Finance global first survey. Geneva: ILO, 2022. pace. Women in the boardroom: A Group. https://openknowledge. Corporation) & the Dana Facility. ISBN 9789220384923 (web PDF). global perspective. Seventh edition. worldbank.org/server/api/core/ 2019. Respectful Workplaces Exploring https://doi.org/10.54394/IOAX8567 Deloitte Global. https://www2. bitstreams/1b92ddd8-d8fe-5b8a- the Costs of Bullying and Sexual deloitte.com/xe/en/pages/about- 821c-432972bfa5a2/content Harassment to Businesses in Myanmar. IMF. International Monetary Fund. deloitte/articles/women-in-the- Washington, DC: IFC 2018. Blog: EconomiFDEc Gains from boardroom.html GSMA (Global System for Mobile Gender Inclusion: Even Greater than Communications Association). IFC (International Finance You Thought. Washington, FC: IMF. Demirgüç-Kunt, Asli, Leora Klapper, 2023. The Mobile Gender Gap Report Corporation) & CDC. 2020. Private Dorothe Singer, and Saniya Ansar. 2023. https://www.gsma.com/r/ Equity And Value Creation A Fund Miriam Bruhn, Martin Hommes, 2022. The Global Findex Database gender-gap/ Manager’s Guide To Gender-Smart Mahima Khanna, Sandeep Singh, 2021: Financial Inclusion, Digital Investing. Washington, DC: IFC Aksinya Sorokina and Joshua Seth Payments, and Resilience in the Age of Harvard Business Review. 2019. Wimpey. 2017. MSME FINANCE COVID-19. Washington, DC: World “Aging up not out”. Women at Work, IFC (International Finance GAP: Assessment of the Shortfalls Bank. doi:10.1596/978-1-4648- season 4, Episode 8 (Podcast), Corporation). 2020. Venture Capital and Opportunities in Financing Micro, 1897-4. License: Creative Commons December 02, 2019. https://hbr.org/ and the Gender Financing Gap: The Role Small and Medium Enterprises in Attribution CC BY 3.0 IGO podcast/2019/12/aging-up-not-out of Accelerators. Washington, DC: IFC. Emerging Markets, Washington, DC: International Finance Corporation. Di Miceli Da ICMA (International Capital Market IFC (International Finance Silveira,Alexandre; Donaggio, Association), IFC (International Corporation). 2021a. Women and Strusani, Davide; Houngbonon, Angela. Women in Business Leadership Finance Corporation) & UN E-commerce in Africa. Washington, Georges Vivien. 2019. The Boost ESG Performance: Existing Body Women. 2021. Bonds to Bridge the DC: IFC. Role of Artificial Intelligence of Evidence Makes Compelling Case. Gender Gap: A Practitioner’s Guide in Supporting Development in Private Sector Opinion Washington, to Using Sustainable Debt for Gender IFC (International Finance Emerging Markets. EMCompass, D.C.: World Bank Group. http:// Equality. Washington, DC: IFC. Corporation). 2021b. Women and no.69; International Finance documents.worldbank.org/ E-commerce in Southeast Asia. Corporation, Washington, curated/en/099816206142242695/ IIF. (Institute of International Washington, DC: IFC. DC. http://hdl.handle. I DU032d509210614e04578090350 Finance). 2023. ESG Flows and net/10986/32365 License: CC BY- 1d30311cf8f0 Markets – Front and Center. Global IFC (International Finance NC-ND 3.0 IGO Debt Monitor. Corporation). 2018. Women in EIU (The Economist Intelligence Business Leadership Boost ESG Terrell J, Kofink A, Middleton Unit). 2021. Measuring the prevalence IFC (International Finance Performance: Existing Body of J, Rainear C, Murphy-Hill E, of online violence against women. Corporation) & SSE (Sustainable Evidence Makes Compelling Case. Parnin C, Stallings J. 2017. Gender https://onlineviolencewomen.eiu. Stock Exchanges). 2022. How Washington, DC: IFC. differences and bias in open com/ exchanges can advance gender source: pull request acceptance equality: Updated guidance and best of women versus men. PeerJ practice. Washington, DC: IFC. Computer Science 3:e111. https://doi. org/10.7717/peerj-cs.111 22 Bibliography UN (United Nations). 2018. Global WEF (World Economic Forum). Wodon, Quentin T.; de la Brière, World Bank. 2023. Women, Business issues: Ageing. New York. 2022. Global Gender Gap Report Bénédicte. 2018. Unrealized and the Law 2023. Washington, 2022. Geneva: WEF. ISBN-13: 978- Potential: The High Cost of Gender DC: World Bank. doi:10.1596/978- UNDP (United Nations 2-940631-36-0. Inequality in Earnings. The Cost of 1-4648-1944-5. License: Creative Development Programme). 2023. Gender Inequality. Washington, DC: Commons Attribution CC BY 3.0 2023 Gender Social Norms Index WEF (World Economic Forum). World Bank. http://hdl.handle. IGO (GSNI): Breaking down gender biases: 2023. Future of Jobs Report 2023. net/10986/29865 License: CC BY Shifting social norms towards gender Geneva: WEF. ISBN-13: 978-2- 3.0 IGO. World Bank (WB). 2021. World equality. New York 940631-96-4 Bank Group Gender Strategy Mid- World Bank Group. 2015. World Term Review: An Assessment by UN Women. 2015. Progress of the WHO (World Health Organization). Bank Group Gender Strategy (FY16-23): the Independent Evaluation Group. World’s Women 2015-2016 . ISBN: 2023. Trends in maternal mortality Gender Equality, Poverty Reduction Independent Evaluation Group. 978-1-63214-015-9 2000 to 2020: estimates by WHO, and Inclusive Growth. World Bank, Washington, DC: World Bank. UNICEF, UNFPA, World Bank Washington, DC. http://hdl.handle. Group and UNDESA/Population net/10986/23425 License: CC BY Division. Geneva: World Health 3.0 IGO. Organization; 2023. Licence: CC BY-NC-SA 3.0 IGO Bibliography 23 August 2023 2121 Pennsylvania Ave, NW Washington, D.C. 20433, USA www.ifc.org/sustainability www.ifc.org/hydroadvisory