The World Bank unveils its 2030 gender strategy to empower women for broadband penetration

The World Bank Group The aim is to enable an additional 300 million women to use broadband and access essential services, financial services, education and employment by 2030.

The goals, called Gender Strategy 2030, unveiled at a flagship event during the annual 2024 World Bank Group Meetingswill focus on broadband use, social protection and access to capital.

According to the bank, these efforts will contribute to one of the three pillars of the gender strategy, which aims to increase and enable women’s participation in the global economy.

“When we increase women’s economic participation, it not only boosts the global economy, but also strengthens families and communities. Through economic empowerment, we build a ladder out of poverty and extend hope and dignity as far as possible,” said World Bank Group President Ajay Banga.

“Support 250 million women with social protection programs, focusing on the poorest and most vulnerable, and provide capital to an additional 80 million women and women-led businesses, addressing a critical barrier to entrepreneurship growth.”

To achieve these goals, the bank says it will focus on key efforts that will create long-term, sustainable change.

In broadband access, the bank will prioritize investments in countries with the largest connectivity and financial gaps, focusing on gender equality in digital inclusion. It will also advocate for policy reforms to facilitate private investment and build infrastructure in underserved areas.

The World Bank explained that it will expand social protection programs by investing in digital social registries, which are essential for improving efficiency, reducing bureaucratic barriers and ensuring direct assistance to women.

It said it will also leverage digital money transfers, linking them to skills training, business capital, coaching and market access to equip women with the tools for sustainable economic opportunities beyond temporary financial support.

To strengthen access to capital for women and women-led businesses, the bank added that it will work with regulators, financial institutions, fintech companies, incubators, accelerators and private equity funds to prevent and address gender bias in lending practices empower women entrepreneurs. capacity, and improving access to credit and equity.

Working closely with development finance institutions and investors, the bank will also mobilize resources through gender bonds and other financial instruments, while generating knowledge to make the business case for necessary regulatory reforms.

“Many projects are already underway and efforts can be further scaled up to help achieve these goals. A project in 15 African countries is addressing challenges such as limited internet coverage, low usage due to the high cost of data and devices, and limited digital skills,” the report said.