Women play a critical role in the global economy as entrepreneurs. They help create jobs, generate income, and boost revenue—driving economies while reducing inequalities between women and men. In many emerging economies, women are starting businesses at a faster rate than men, significantly contributing to the economic growth.
Yet women face greater obstacles, compared with men, in almost all spheres of economic activity—from access to finance and assets to technology and peer-to-peer networks. On average, women have just three-fourths of the economic rights afforded to men, according to the World Bank Group’s Women, Business and the Law report (2023). In some countries, women cannot register a business, sign a contract, or open a bank account.
Access to financial and nonfinancial services is one of the key barriers for women. An IFC study noted that the SME finance gap for female entrepreneurs in developing countries at $1.48 trillion. The private sector’s role is indispensable to bridge the gap.
That’s why IFC works with the private sector to improve the business environment, provide access to capital, as well as leadership training, market access, peer networks, and business management skills. We help promote women-owned and led, micro, small, and medium enterprises (WSMEs) by providing the tools and resources they need to enhance their confidence, capacity, capital, community, and access to contracts.