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Sir Suma Chakrabarti speaks at an event in central London about the importance of inclusive economies
EBRD President Sir Suma Chakrabarti said access to loans, professional training and improved local amenities is key to improving gender equality.
Speaking at a Chatham House event in central London on Tuesday 10 July, he said: “We will make gender equality happen only by investing in, advising and partnering with the private sector to spur innovation and push through change.”
President Chakrabarti said many women entrepreneurs in countries where the EBRD operates are still struggling to access finance and professional training. He said this has left many countries with an untapped source of potential.
Access to funding and training is not the only issue facing women in business. President Chakrabarti also said it was important to improve women’s access to transport, water and urban planning in the Middle East, Central Asia and Turkey.
He added: “Only when we are all engaged in the struggle for gender equality, and are not just leaving it up to the state – or someone else – can we make sure there is no going back.”
Read Sir Suma Chakrabarti’s full speech
The EBRD’s Women in Business programme is helping to tackle these problems and has already reached more than 35,000 women entrepreneurs across 17 different countries, providing finance of over €400 million in partnership with 30 financial institutions.
EBRD economists in Turkey found that private funding is often out of reach for women because of bias shown by some lenders. While on paper banks do not show a preference towards male-owned enterprises, women are often asked for several guarantors where their male counterparts are not.
The EBRD also has 44 projects offering training for women in commerce, agribusiness, energy and infrastructure in the countries where it invests.