IFC, a member of the World Bank Group entered into partnerships with Al Mansour Holding Company, owner of prominent food retail chains in Egypt to increase economic opportunities for women.
IFC will work with Al Mansour group subsidiaries, Metro Markets, and Kheir Zaman, to increase career opportunities for women employees across the chains’ operations. IFC’s will help the two leading retailers create a long-term career path for women by introducing workplace practices that support working parents, create a company culture that empowers women and increase the share of women across all levels of the company.
“We have just appointed the first female supermarket store manager in Egypt,” said Tamer Gouda, Managing Director of Metro Markets. “My vision is that soon, we will also have female operations managers at Metro Markets. Having more women in our operations and putting them on a career path that includes non-traditional, technical, and senior jobs will strengthen our workforce, operations, and customer experience.”
The partnership is part of IFC’s newly launched “Women’s Employment Program” for Egypt, which aims to increase the share of women in the workforce in select client companies, while simultaneously creating business benefits for firms in Egypt.
This program is important because, in Egypt, women represent just over 13 percent of permanent full-time workers and about 18 percent of business owners. Only 5 percent of Egypt’s firms are led by a female executive and they earn on average about 22 percent less than their male counterparts. Closing these gaps could help Egypt increase its gross domestic product by over 30 percent.
“Creating economic opportunities for women in key sectors such as retail is an important part of IFC’s strategy,” said Tomasz Telma, IFC Global Director for Manufacturing, Agribusiness, and Services. “Investing in women is essential for businesses and the economy. Companies that attract and retain female employees have a wider and better talent pool and improve the alignment of their business with the market place, which of course includes both men and women.”
IFC’s commitment to advancing gender equality is anchored in a strong business case and in client demand for gender-smart solutions, which has significantly grown over the past several years. IFC investee companies in the Middle East and North Africa have generated more than 120,000 jobs for women over the past decade. IFC is also investing in banks for on-lending to women-owned SMEs through its Women Entrepreneurs Opportunity Facility.
Original source: IFC
Published on 10 April 2019