OUR IMPACT
Gender
Overview
As part of the World Bank Group, MIGA is committed to enhancing development results in its client countries toward the twin goals of ending extreme poverty and boosting shared prosperity in a sustainable manner. MIGA recognizes that the twin goals cannot be met, and no country, community, or economy can achieve its potential without full and equal participation of women, men, girls, and boys.
The private sector has a critical role to play in narrowing gender gaps given its ability to mobilize capital and create jobs and economic opportunities. In nearly all measures of economic opportunity, women lag behind their male counterparts, and the COVID-19 pandemic has exacerbated many of the challenges that women face. Globally, female labor force participation was just over 47%, compared with over 74% for men in 2019, limiting economic growth and increases in household incomes. The COVID-19 pandemic has led to more job losses for women than men, with an estimated $800 billion in lost earnings globally for women in 2020. Moreover, the International Finance Corporation (IFC) estimated that the unmet financing needs for formal, women-owned small businesses were US$300 billion globally in 2014.
MIGA is making gender a priority area of its strategy along with climate change, low-income countries, and fragile and conflict-affected situations. In MIGA-supported projects, MIGA works with its clients to address barriers to women’s equal participation in employment and access to goods and services. In addition, our goal is to build evidence-based knowledge on successful gender initiatives within the political risk insurance sector. Our approach leverages the unique role MIGA plays in development finance as a provider of political risk insurance and credit enhancement solutions.
Please contact us at migainquiry@worldbank.org if you have any questions.
(Last Updated: March 31, 2022)
Our Strategy
In 2020, MIGA formally adopted a Gender Strategy Implementation Plan FY21–23 (GSIP). MIGA's GSIP is aligned with the World Bank Group's Gender Strategy (2016-23), which emphasizes that achieving greater gender equality is key to reducing poverty and increasing shared prosperity. MIGA's GSIP establishes areas of focus that enable MIGA to work towards contributing meaningfully to gender equality at the corporate, client, and partnership levels. The GSIP helps to integrate gender across MIGA’s business operations and in its engagement with clients by committing to create opportunities for women through clients’ investment activities. The GSIP leverages MIGA's unique role in development finance as a provider of political risk insurance (PRI) and credit enhancement solutions.
Gender-informed decision making guides MIGA’s work. For example, MIGA screens each proposed project for gender-related impacts (positive and negative) in accordance with MIGA’s Policy on Environmental and Social Sustainability. Gender issues are reviewed during project consultations and, when appropriate, clients are asked to minimize and mitigate gender-related risks from business activities and unintended gender differentiated impacts. MIGA continues to strengthen its gender-related project appraisal processes through enhanced training and due diligence on gender-based violence (GBV), sexual harassment, and sexual exploitation and abuse.
At the corporate level, MIGA works to increase gender parity and equality as part of its diversity and inclusion efforts. Staff are encouraged to participate in various trainings, workshops, and lectures to elevate current discussions on gender within MIGA and the World Bank Group.
Partnerships with external organizations serve an essential role in furthering MIGA’s gender work and expanding the knowledge base on gender-related issues. In July 2021, MIGA became a founding member of the 2XCollaborative—a global industry body designed to serve capital providers in making gender-focused investments. Its mission is to convene and equip investors with resources to increase the volume and impact of capital directed toward women’s economic empowerment.
Gender Leadership Award
Each year, MIGA hosts the Gender Leadership Award (formerly the Gender CEO Award) to recognize a leader who has a proven track record of furthering women’s advancement and gender equality while contributing to the World Bank Group’s twin goals of reducing poverty and boosting shared prosperity.
Every year, MIGA presents its Gender Leadership Award honoring senior managers who have a proven track record of seeking to further the causes of women’s advancement and gender equality. MIGA is delighted to recognize this year’s awardee, Claudia María González Arteaga, Chief Financial Officer at Bancóldex (Banco de Desarrollo Empresarial de Colombia).
In March 2022, MIGA presented the 7th Annual Gender Leadership Award to Lucy Heintz, Partner and Head of Energy Infrastructure at Actis, during its flagship event in celebration of International Women’s Day. Ms. Heintz has over 25 years of experience in the energy industry where women still account for a small percentage of top executives. She has devoted her professional career to delivering clean power across the globe while making a difference for women everywhere she has touched. At Actis, Ms. Heintz has also been instrumental in creating an environment conducive to more opportunities for women.
Past Award Recipients
2021
Audra Low, Chief Executive Officer and Executive Director at Clifford Capital
2020
Aïssata S. Béavogui, Director General at Guinea Alumina Corporation (GAC)
2019
Lara de Mesa, Head of Responsible Banking at Banco Santander Group
2018
Julie Monaco, the Global Head of the Public Sector at Citigroup
2017
Helen Tarnoy, MD at Aldwych Intl
2016
Nourah Mehyar, CEO of Nafith Logistics
