Cherie Blair Supports The Global Banking Alliance for Women Tackling Poverty through the Economic Empowerment of Women
Cherie Blair has highlighted the feminisation of poverty, a point which has been echoed by many from the Economist to Bob Geldof; and a point which is hard to dispute when you consider the following facts:
- 70% of the Worlds poor are female
- Women are twice as likely to live in poverty as women
- 2 out of 3 of the Worlds non educated are women
- Only 1% of the Worlds land title is owned by women
- 500,000 women a year die needlessly in childbirth
- 60% of new HIV cases are girls aged 15-24
In her keynote speech at the Global Banking Alliance (GBA) World Summit in Scotland, her message could not have been clearer:
The future of the World economy lies in the economic empowerment of women.
Despite her notable role as a human rights QC, it was clear that Cherie recognises that the key to change, particularly in the developing World lies in the economic argument.
Take Uganda for instance where widow inheritance does not mean that a widow inherits her late husbands assets, it means that his brother inherits her. She has in fact no rights to inherit any assets. With HIV prevalent, more often than not, this results in the widow and her children being abandoned with no income on which to live.
Through a macro economic assessment and an analysis of legal and socio economic barriers, The IFC (secretariat to the GBA) has demonstrated that Uganda is losing 2% GDP growth per annum through its failure to economically empower women. This has worked. Legislation is now being changed and a pilot project is now underway with GBA member dfcu bank Limited to give access to finance for women to establish their own enterprises. Without this support, these women have no chance of accessing finance without collateral. But what is best about this model is that it allows the dignity of self help, the satisfaction of achievement and becomes sustainable as the business grows.
Given this it is hardly surprising that Muhammad Yunus has won the Nobel Peace Prize with his use of such microfranchising as a means to end poverty!
As the UKs Advisory Board Member to the GBA, Jackie Waring had the great privilege of meeting some remarkable and inspirational people from around the Globe at the Scotland based week long World Summit in November 2006. The Summit hosted representatives from banks, financial institutions and government from 15 nations including, Tanzania, Uganda, Nigeria, Egypt, South Africa and Bosnia as well as the developed World banks, notably Bank of Scotland who hosted the conference and founder GBA members Westpac from Australia / NZ and Canadian Bank RBC.
Picture (left to right): The Rt Hon Cherie Booth QC (Cherie Blair), Margaret Magera, dfcu, Uganda and Jackie Waring, Managing Director, Blue Horizons (Scotland) Ltd