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• The World Bank has announced a new strategy, the Gender Strategy 2024-2030, to enhance economic opportunities for women.
• The strategy aims to enable 300 million more women to use broadband internet by 2030, unlocking essential services and opportunities.
• World Bank President Ajay Banga emphasized the importance of women's economic participation, stating it strengthens families and communities.
• The strategy also includes advocacy for policy reforms to facilitate private investment and build infrastructure in underserved areas.

The World Bank has taken a significant step towards gender equality with the announcement of a new strategy aimed at enhancing economic opportunities for women. The Gender Strategy 2024-2030, unveiled during the International Monetary Fund and World Bank annual meetings in Washington, is designed to boost women's participation in the global economy. This is to be achieved through social protection and access to broadband and capital.

The strategy sets ambitious goals for the next decade. It aims to enable 300 million more women to use broadband internet by 2030, unlocking essential services, financial services, education, and job opportunities. This digital inclusion is expected to be a game-changer, providing women with the tools they need to thrive in the global economy.

World Bank President Ajay Banga emphasized the importance of women's economic participation. He stated, When we increase women's economic participation, it not only boosts the global economy but also strengthens families and communities. Through economic empowerment, we are building a ladder out of poverty and extending hope and dignity as far as possible.

Global Efforts Towards Women's Economic Empowerment

The World Bank's strategy is part of a broader global trend towards gender equality and women's empowerment. For instance, India's National Rural Livelihoods Mission (NRLM), launched in 2011 with support from the World Bank, has been successful in improving the livelihoods of poor rural people and boosting the rural economy. The NRLM utilized the ecosystem of Self-Help Groups (SHGs) in rural districts to execute the mission.

Today, India has the largest network of women's SHGs across the world. These groups have proven crucial in mitigating the impacts of the COVID-19 pandemic. They have provided essential services, from running community kitchens to facilitating access to cash transfers for the COVID-19 relief package.

Moreover, a study by the McKinsey Global Institute (MGI) suggested that India could increase its 2025 GDP by between 16% and 60% simply by enabling women to participate in the economy on par with men. This could add up to $2.9 trillion to India's 2025 GDP.

The Role of Digital Technology and Policy Reforms

The World Bank's strategy also includes advocacy for policy reforms to facilitate private investment and build infrastructure in underserved areas. The Bank plans to invest in digital social registries to streamline assistance to women, reducing bureaucratic hurdles. This approach aligns with the broader global trend of using digital technology to drive social and economic change.

The strategy recognizes the crucial role of women in the global economy and aims to address the barriers that prevent women from fully participating in economic activities. The success of the strategy will depend on the effective implementation of its goals and the cooperation of governments, businesses, and communities worldwide.