The European Investment Bank Group (EIB) is an employer committed to forging gender equality, and has released its Gender Overview 2022.
Discussing the document, President of the European Investment Bank Group, Werner Hoyer, says: "Gender Inequality isn’t just wrong, it’s dumb economics. Countries and companies promoting equal opportunities are more dynamic, prosperous and less divided internally. I’m proud our EIB, EIB Global and EIF_EU teams are committed to bridging the gender divide."
Equality is a fundamental value and human right
"Equality between women and men is a fundamental value and human right, enshrined in international law and in the European Union’s treaties and legislation. It is a necessary foundation for a peaceful, prosperous and sustainable world," states the document.
"Widespread evidence shows that gender equality is associated with faster economic development, higher income per capita, more efficient and effective businesses, more sustainable management of natural resources, social cohesion, peacebuilding and more stable societies overall. Taking action now to advance gender equality could add $13 trillion to global gross domestic product (GDP) in 2030, according to the McKinsey Global Institute."
The document also found that the COVID-19 crisis threatened the progress made in areas such as education, maternal health and women’s participation in the labour force. Women suffered disproportionate job losses and their unpaid working time has increased. According to the International Labour Organization, women’s employment declined by 5% in 2020 compared to 3.9% for men, and 90% of women who lost their jobs in 2020 exited the labour force entirely. Women also encounter a lack of access to finance for their firms, especially in developing countries.
The good news is that over the past decade, the gender gap in bank account ownership across developing economies has fallen to 6 percentage points from 9 percentage points, where it hovered for many years. The bad news is that while around 250 million more women in developing countries finally have some form of financial access, nearly three times that many — around 742 million women — are still excluded, according to the World Bank’s 2021 Global Findex Database.
Gender equality is a core European value
Gender equality is a core European value and central to the European Union’s external policies, which the European Investment Bank (EIB) is committed to delivering.
As the EU bank, it is the EIB’s duty to ensure that the projects it finances reach all communities. Women, men, girls and boys must have the opportunity to benefit from them equally and equitably.
By ensuring that gender inequalities are not reinforced or overlooked, the Bank supports the United Nations’ Sustainable Development Goals, the European Union’s Gender Action Plan and Global Europe targets.
The EIB Group Strategy on Gender Equality and Women’s Economic Empowerment and its Gender Action Plan make up the Bank’s framework for embedding gender equality considerations in its operations.
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The EIB Group values diversity and inclusion, with its motto being to protect, impact and invest.
Its diverse backgrounds foster a rich and rewarding work environment, critical to delivering the Bank's mission.
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Disclosure: Where Women Work researches and publishes insightful evidence about how its paid member organizations support women's equality.