Gender Lens Investing Is Vital for Creating Inclusive Economic Opportunities for Women in Latin America

–  Pro Mujer CEO Carmen Correa Calls it an Essential Responsibility –

NEW YORK, March 16, 2023 /PRNewswire/ — Gender lens investing is an immediate and urgent priority for nations serious about advancing gender equality, closing the gender gap, and creating stronger economies.

This bold position was expressed this week during The 2023 Development Cooperation Forum (DCF) at the United Nations in New York City.  Carmen Correa, CEO of the organization Pro Mujer and a panelist at the forum, made clear that creating prosperous businesses and countries is impossible if only 50% of available talent is utilized.

Pro Mujer, a social enterprise with more than 32 years of experience working to advance gender equality in Latin America, has a unique appreciation of the barriers women in the region face daily in terms of access to financial resources, health services and career opportunities. 

“At Pro Mujer, we know that streamlining gender and intersectional approaches across operations presents an opportunity to bridge the gender gap and create equal opportunities for women,” Ms. Correa told the forum participants. “We must work collaboratively to address the needs of the most vulnerable in the region as a pathway to managing multiple crisis simultaneously,” she added.

On Tuesday, March 14, 2023 Pro Mujer’s CEO participated as a panelist in The 2023 Development Cooperation Forum (DCF) at the United Nations in New York City. Speaking during the Forum at the United Nations, Ms. Correa addressed how countries can balance the pressing priorities of development to manage multiple crises simultaneously.

To achieve international cooperation and address the barriers limiting women’s potential in Latin America, Pro Mujer is working with the Development Cooperation Forum to design effective products, services and policies through gender-lens investing. This approach incorporates micro-loans, fostering women entrepreneurship, and providing health and educational supports that can lift women’s opportunities throughout the region. 

Challenges impacting women’s participation in the labor market in Latin America include the COVID-19 pandemic’s disproportionate effects on women who were compelled to forsake opportunities as they assumed greater responsibilities for family care.  In 2020, for example, approximately 57% of women were employed in sectors where the pandemic had a higher negative impact on employment and income, including retail, domestic and care work, manufacturing, tourism, administrative services, real estate, and the health sector.

Additionally, lockdowns and pandemic restrictions exacerbated the care crisis and increased women’s workload, affecting their health and, in many cases, forcing them to leave their jobs.

Political, economic, social and environmental factors also disproportionately diminish women as compared with men. Further, explained Ms. Correa:

• Only 18.6% of women are enrolled in public social security systems in the region.
• The labor force participation rate for women is 23% lower for women than for men.
• Of the 25 countries with the highest femicide rates, 14 are in Latin America and the Caribbean.
• Although Latin America is the region with the highest number of women entrepreneurs, and half of small- and medium-sized enterprises are founded and managed by women, 73% of the companies led by women do not have access to any sort of startup capital.

To address these challenges, Ms. Correa told the Development Cooperation Forum that greater international collaboration across the members of the Economic and Social Council is vital for enhancing opportunities for women.

About Pro Mujer

Pro Mujer is a social enterprise that has worked for more than 32 years to provide women in Latin America with services and tools to help them reach their full potential, improve their living conditions, and become agents of change in their communities. The organization uses a holistic and comprehensive model to expand women’s access to health services, increase their financial inclusion, and provide them with training opportunities.

Pro Mujer is a pioneer in promoting and raising awareness about gender-lens investing as an effective mechanism to close gender gaps and boost productivity in Latin America. The organization’s work is closely aligned with the UN Sustainable Development Goals (SDGs) and contributes tangible results to eight SDGs: 1, 3, 4, 5, 8, 10, 11, and 16. More information is available at www.promujer.org.

SOURCE Pro Mujer