Tbilisi, Georgia, March 7, 2018—IFC,
a member of the World Bank Group, Georgian Stock Exchange and partners
hosted a “Ring the Bell for Gender Equality” event today in Tbilisi,
for the first time, to celebrate International Women’s Day 2018, emphasizing
the importance of gender equality for economic development and growth.
recent estimates, global GDP could
increase by up to $5.3 trillion by 2025, if the gender gap in economic
participation was closed by 25 percent over the same period. The
World Economic Forum’s Global Gender Gap Report 2017 ranks Georgia
75th for women's economic participation and opportunity out
of 144 countries measured in 2017—compared to 41st out of 115
countries more than a decade ago.
The event highlighted how empowering women can help achieve higher productivity
in private companies, ultimately supporting the economy and job creation,
raising income, and promoting development. It attracted around 70 private
sector, government, and international institution representatives.
“The potential benefits from women’s economic empowerment are significant.
Multiple studies show listed companies with women represented on boards
outperform those without,” said George Paresishvili, CEO, Georgian Stock
Exchange. “We are delighted to join stock exchanges around the world in
advocating for equal gender representation on boards and in senior management
as a smart business strategy.”
Part of a global campaign taking place in around 60 other cities, the event
in Tbilisi was a partnership between IFC, a member of the World Bank Group,
the Georgian Stock Exchange, UN Women, and the Civil Development Agency
(CiDA), the Secretariat of Global Compact Network Georgia. The Norwegian
Ministry of Foreign Affairs supported the event as part of the UN Women-led
“Narrowing the gender gap can help drive growth and improve the lives
of many families, which is why IFC and its partners have joined forces
to strengthen women’s participation in the private sector as employees,
entrepreneurs, consumers, and leaders,” said Jan van Bilsen, IFC Regional
Manager for the South Caucasus. “Georgia would benefit greatly from tapping
This is the fourth Ring the Bell event organized globally by IFC and the
Stock Exchanges Initiative, together
with the United
Nations Global Compact, UN
in ETFs and the World
Federation of Exchanges.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org.
For more information about the Georgian Stock Exchange, visit: www.gse.ge.
For more information about UN Women, visit: www.unwomen.org;
For more information about CiDA, visit: www.cida.ge.