 Earlier statements by Mr. Wolfowitz that “women’s economic empowerment is smart economics…and a sure path to development,” spurred the Bank to take the lead in a plan to invest in women’s economic activity in the Bank’s client countries.
"Although we see women front and center in areas such as education and health, we need more of it in those areas that support shared economic growth—such as infrastructure, finance, private sector development and agriculture. These are critical areas: women’s ability to benefit from investments in roads, energy, water, extension and financial services will profit not only women, but also men, children and society as a whole, as economies grow and poverty is reduced," said Mr. Wolfowitz.
Using examples from developing countries, the new plan says that investing in women is already showing results, but needs to go much further, as women gain the tools and expertise to go business on their own, and buy land in their own names. In Vietnam, a legislative change that allowed for two names to appear on land-titles enabled women to use land for collateral in borrowing money; and in South Asia and other parts of the world where women are given access to formal credit markets, it is well documented that they have better repayment records than men.
The new Gender Action Plan has received strong support from donor partners, and the Bank expects to finance about half the US$ 24.5 million budget through donor contributions. Norway and Germany have been key partners in its development, and the German Minister for Economic Cooperation and International Development, Heidemarie Wieczorek-Zeul, who joined Paul Wolfowitz in announcing the launch of the new gender plan in Singapore, has agreed to champion the initiative, and will host a high-level conference on the plan in early 2007. "The Gender Action Plan is a milestone both for the World Bank and the international community. It represents an active appeal to enhance efforts towards gender equality and draws international attention to an aspect of gender equality that has received far too little attention in the past: the economic empowerment of women ", said Minister Wieczorek-Zeul.
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A Bold Initiative to Meet
Audio clips from the Annual Meetings in Singapore
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