Washington DC, November 9, 2023 – The Women Entrepreneurs Finance Initiative (We-Fi), a global partnership housed in the World Bank, has unveiled a new effort to empower women entrepreneurs and bridge the financial inclusion gap: the Women Entrepreneurs Finance Code (WE Finance Code). The framework has garnered resounding support from leaders of six Multilateral Development Banks (MDBs), cementing a partnership dedicated to driving systemic change to accelerate gender equality in the financial sector.
A pioneering initiative aimed at fostering financial inclusion, the WE Finance Code is a commitment by financial service providers, regulators, development banks, and other financial ecosystem players to work together to increase funding provided to women-led micro, small and medium enterprises (WMSMEs) around the world, so that they can grow and add value to the economy and their communities.
The WE Finance Code was officially launched on Thursday, October 12th, on the sidelines of the World Bank Group-IMF Annual Meetings held in Marrakech, Morocco.
Niels Annen, Germany’s Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development introduced the WE Finance Code at the launch event: “It is our collective responsibility to remove the barriers hindering women's participation in the economy. I would like to commend the World Bank for its commitment to accelerating gender equality.”
In a demonstration of solidarity and commitment to championing women’s economic empowerment, leaders of six multilateral development banks, whose institutions will implement the WE Finance Code, came together to endorse a Joint Statement of Support. This endorsement highlights a shared goal to drive systemic change and accelerate gender equality at scale: “We, the Implementing Partners of We-Fi, are committed to advancing access to financial services for women and women-led enterprises, to providing innovative solutions to mobilize capital, and to supporting enabling environments for gender-inclusive finance.”