IFC, CFA partner to increase gender diversity in Morocco
IFC, a member of the World Bank Group and the Club des Femmes Administrateurs (CFA), a non-profit association dedicated to promoting good governance and gender diversity on boards of private and public companies in Morocco, signed an agreement to help women attain more leadership positions in the business world.
IFC will train members of CFA on a range of topics relating to corporate governance, as well as conduct outreach activities to strengthen the participation of women on corporate boards and in executive positions. While Morocco has a large pool of educated women, just 21 percent of women participate in the labor force, only 5 percent of firms are led by women, and women own just 3 percent of businesses.
"More than ever, the woman administrator is called upon to contribute to building competitive and efficient companies able to meet the current challenges. Supporting female managerial skills to optimize the added value women are likely to bring to the economy as a whole is a necessity," said Amina Figuigui, President of CFA Maroc.
With numerous studies confirming that a significant presence of women on boards contributes to better corporate profitability, CFA advocates for gender parity in governance bodies as a strong argument for economic performance. In addition, it believes women have a major role to play in promoting responsible business. Mobilizing itself against the still too strong stereotypes which hamper the promotion of women to positions of responsibility, CFA provides its members with a space for discussion and training. Promoting gender diversity is one of the core components of IFC's program in Morocco and is a means to enhance inclusiveness and boost economic growth.
"IFC is working with companies and international development partners to respond to the COVID-19 crisis and provide solutions to prevent the gender gap from widening," said Sérgio Pimenta, IFC Vice President for Africa and the Middle East. "Our partnership with CFA is timely, as Morocco is embarking on an inclusive and green recovery plan, and in which women will have a key role to play."
The project is part of IFC's Governance for Sustainability program in Morocco and is delivered as part of the MENA Private Sector Development initiative, a partnership with the Government of the Netherlands. IFC has been present in Morocco since 1963, leading innovative projects for private sector development. In fiscal year 2020, IFC committed over $250 million in investments in the country.