WE-Fi's WE Finance Code Empowers Global Women

During the World Bank Group-IMF Annual Meetings in Marrakech, Morocco, the Women Entrepreneurs Finance Initiative (We-Fi) took a ground-breaking move by proposing the Women Entrepreneurs Finance Code (WE Finance Code). This program, backed by officials from six Multilateral Development Banks (MDBs), intends to transform financial inclusion and empower female entrepreneurs throughout the world.

The WE Finance Code is the result of a collaboration between financial service providers, regulators, development banks, and other financial ecosystem participants. It aims to increase funding for women-led micro, small, and medium-sized companies (WMSMEs) throughout the world, fostering their growth and economic benefits.

The WE Finance Code, which was introduced on October 12th by Niels Annen, Germany's Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development, won praise for its commitment to increasing gender equality.

A Joint Statement of Support was issued in support of this promise by 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.

Hana Brixi, the World Bank's Global Director for Gender, stressed the code's compatibility with the World Bank's proposed 2024-2030 Gender Strategy. It strives to unlock women's immense potential by concentrating on leadership, gender-specific data, and private capital mobilization tactics.

We-Fi Implementing Partners will help pilot the WE Finance Code in 24 countries. Indonesia, a pilot nation, has stated its intention to alter the financial environment for women-led MSMEs and to learn from worldwide accomplishments.

The inaugural ceremony underlined the eagerness of participating nations such as Albania, Egypt, Nigeria, and others to move the financial inclusion goal forward. The National Codes are scheduled to be implemented in March - April 2024, marking an important step toward empowering women in the global economy.