Introduction

The Commission on the Status of Women (CSW) at the United Nations is the principal global intergovernmental body exclusively dedicated to the promotion of gender equality and the empowerment of women. The priority theme of the upcoming 68^th session is: Accelerating the achievement of gender equality and the empowerment of all women and girls by addressing poverty and strengthening institutions and financing with a gender perspective.

In this context, the Permanent Mission of the People’s Republic of China to the UN, and the European Union’s Delegation to the UN, and UN Women will jointly host a side-event aiming to exchange views on the importance of financial inclusion of women and girls.

Background

The Beijing Declaration represented a watershed moment for the greater financial inclusion of women and girls. The upcoming thirtieth anniversary of its groundbreaking determination to “ensure women's equal access to economic resources…. as a means to further the advancement and empowerment of women and girls” further highlights this timely and important topic. The serious challenges posed by the pandemic and its aftermath, changing geopolitics intertwined with major changes, current or recent instability and conflict, as well as lagging of progress on the Sustainable Development Goals further pile up obstacles for eradicating poverty, sustainable development and the economic empowerment of women and girls.

Empowering women in the economy and closing gender gaps in the world of work are key to achieving the 2030 Agenda for Sustainable Development. It will largely depend on ensuring equal rights to economic resources, as well as participate equally in existing markets; their access to basic services and control over productive resources, access to decent work, control over their own time, lives and bodies;  appropriate new technology and financial services, including micro-finance; and increased voice, agency and meaningful participation in economic decision-making at all levels from the household to international institutions. Global progress towards the implementation of UN Sustainable Development Goal 5 requires the financial inclusion of women and girls.

Empowering women through financial inclusion plays a crucial role in promoting gender equality, realizing human rights, encouraging vibrant civil societies, and supporting women's economic participation, both in grass-root and leadership roles. Improvement of national policy, legislation, and innovation can drive positive change that simultaneously empowers women in poverty and vulnerability, promotes gender equality as a fundamental human right, and supports women leaders, entrepreneurs, and innovators as both drivers and beneficiaries of gender equality. Microfinancing and gender-responsive financial innovations such as gender bonds, women micro-credit and rural financial services system provide promising solutions to accelerate the further realization of gender equality and women’s rights, especially in developing countries. This event will highlight the importance of women’s financial inclusion, reflect on successful stories from national contexts, highlight the untapped potential of gender responsive financing as an approach to foster implementation of Beijing Declaration and Platform for Action, support economic recovery and increase resilience in the context of  instability and conflict, promote economic empowerment and close widening north-south gaps, and chart a path towards progressing financial inclusion based on country contexts.

Purpose of the side event

The event provides a critical opportunity to raise awareness and consider strategies for strengthening women’s economic empowerment, promoting human rights and gender equality through financial inclusion. National financial inclusion strategies can play an important role in identifying and overcoming financing gaps and lifting the structural barriers to women and girls’ equal access to economic resources. Digital financial technologies can further provide new ways to support women and girls in the informal sector. When women gain access to and control over capital, credit and other resources, technology and training, women can have more influence over their own lives, as well as increase production, marketing and income, so as to support gender equality for sustainable development.

The side-event will bring together representatives of states, UN agencies, women’s rights advocates, academics, female entrepreneurs, and civil society to discuss progress and innovative financial inclusion strategies going forward:

• How can we make existing and future financial systems and services that are more accessible and inclusive for women, and better geared to supporting their economic empowerment and the realisation of their human rights? How can men and boys be better engaged to promote women and girls’ empowerment in this sector and to reduce gender biases?
• What are the barriers for women micro-entrepreneurs to access financing and to opportunities for value chain for their development and economic empowerment, in order to reduce poverty and ensure better social inclusion and equal opportunities for them? How can we support women in vulnerable situations and informal sectors to enhance their opportunities in this regard?
• How can we uphold true multilateralism, leverage the multilateral rules-based governance order and rules-based international cooperation, gather synergy to enhance financial inclusion for gender equality on the basis of wide consultation, joint contribution and shared benefits? What are the ongoing global, regional or national initiatives in this sphere that can accelerate its progress? How can we support multi-stakeholder initiatives with civil society and business organisations to foster more inclusive, coordinated and balanced development for women?

Agenda

• Moderator:
  • Ms. Sarah Hendriks, Deputy Executive Director of the Policy, Programme, and Intergovernmental Support Division, UN Women

• Opening remarks:
  • H.E. Ms. Huang Xiaowei, Minister and Deputy Head of the National Working Committee on Children and Women of the State Council, China
  • H.E. Ms. Stella Ronner, Ambassador for Gender and Diversity, European Union
  • H.E. Sima Bahous, UN Under-Secretary-General and Executive Director, UN Women

• Panel discussion:
  • Ms. Hana Brixi, Global Gender Director at the World Bank
  • Ms. Sarah Cliffe, Executive Director of New York University’s Center on International Cooperation
  • Ms. Dong Kui, Secretary-General of the All-China Women's Development Federation
  • Representative of Brazil (tbc)
  • Representative of China (tbc)

• Closing remarks and Q&A