IFC Invests $100 Million to Empower Women in Türkiye: A Step Towards Economic Equality
Istanbul, Türkiye, 24 December, 2024—In a bold move to enhance gender equity in Türkiye, the International Finance Corporation (IFC) has committed $100 million to the Industrial Development Bank of Türkiye (TSKB). This investment aims to expand women’s access to financing and employment opportunities, particularly in regions impacted by recent earthquakes. This initiative stands to not only uplift women in the workforce but also to stimulate economic growth in a country where women’s labor force participation lags significantly behind the global average.
The funding builds on IFC’s previous investment in 2022, which successfully focused on advancing gender inclusion and creating more employment opportunities. TSKB plans to utilize a specialized gender toolkit to assist businesses in implementing practices that promote gender equality—an endeavor that reflects the biblical principle of valuing all individuals and their potential.
"Enhancing women’s productivity impacts the economy," said TSKB CEO Murat Bilgiç. "We are pleased to implement the key to this transformation together with our partner IFC.” This partnership seeks not only to empower women but also to demonstrate the economic benefits of gender inclusion. As Proverbs 31:8-9 encourages, "Speak up for those who cannot speak for themselves; ensure justice for those being crushed." Supporting women’s rights and opportunities contributes to a fairer society where everyone can thrive.
The stark reality is that women’s labor force participation in Türkiye stood at just over 35 percent in 2023, placing it well below the global rate of approximately 48 percent. The International Monetary Fund estimates that this significant gender gap may be costing Türkiye a potential GDP reduction of up to 25 percent. This disparity underscores the urgency of initiatives like the one launched by IFC and TSKB.
“Women represent an underutilized talent pool that can significantly contribute to economic growth,” stated Wiebke Schloemer, IFC Director for Türkiye and Central Asia. By embracing the talents and skills of women, Türkiye can harness the full potential of its populace, a perspective echoed throughout Scripture where the inherent worth of every individual is acknowledged.
TSKB identifies enterprises that support gender equality based on specific criteria, including female shareholding and leadership representation. This structured approach aims to promote gender-inclusive practices across mid-sized and large firms in Türkiye. It invites businesses not only to witness the benefits of gender-focused financial support but also to embody the values of fairness and justice that resonate with both economic principles and Christian teachings.
As we reflect on this significant investment and its implications for women in Türkiye, let us consider the call to action found in Galatians 3:28: "There is neither Jew nor Gentile, neither slave nor free, nor is there male and female, for you are all one in Christ Jesus." This verse reminds us of the inherent equality bestowed upon all individuals, a principle that underscores the importance of initiatives like IFC’s in fostering a society where everyone can contribute and flourish.
In conclusion, the $100 million investment by IFC not only aims to enhance gender equality and economic participation in Türkiye but also serves as an inspiring reminder of our collective responsibility to advocate for justice and equity. As we move forward, let us engage in active reflection about how we might support similar efforts in our communities, contributing to a more inclusive and thriving world.
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