The Women Entrepreneurs Finance Initiative (We-Fi) made a ground-breaking move during the World Bank Group-IMF Annual Meetings in Marrakech, Morocco, by introducing the Women Entrepreneurs Finance Code (WE Finance Code). This initiative, which is supported by officials from six Multilateral Development Banks (MDBs), aims to transform financial inclusion and empower female entrepreneurs worldwide.
The WE Finance Code is the outcome of a partnership between financial service providers, regulators, development banks, and other actors in the financial ecosystem. It aims to expand funding for women-led micro, small, and medium-sized enterprises (WMSMEs) worldwide, promoting their growth and economic advantages.
The WE Finance Code, announced on October 12th by Niels Annen, Germany's Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development, has received positive feedback for its dedication to boosting gender equality.
Leaders from the African Development Bank Group, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, Islamic Development Bank, and World Bank Group published a Joint Statement of Support in support of this pledge.
Hana Brixi, Global Director for Gender at the World Bank, emphasized the code's compliance with the World Bank's proposed 2024-2030 Gender Strategy. It aims to unleash women's enormous potential by focusing on leadership, gender-specific data, and private capital mobilization strategies.
The WE Finance Code will be piloted in 24 countries by We-Fi Implementing Partners. Indonesia, a pilot country, has expressed its goal to change the financial climate for women-led MSMEs and to learn from global successes.
The inaugural event demonstrated the desire of participating countries such as Albania, Egypt, Nigeria, and others to further the objective of financial inclusion. The National Codes are set to go into effect in March - April 2024, marking a significant step toward empowering women in the global economy.
