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UN Women - Empower Women, Strengthen Economies: Bridge the Gender Funding Gap

15 March 2024

A group of women sitting in chairs closely together around a room — Caption: Women in business and leadership attended in their numbers at the CIBC “An Evening of Empowerment”, held at the Warrens Great House, in Barbados.

Photo: © UN Women Photos/Lisle Warner

UN Women: Close gender funding gap of $360 billion annually to boost economies & achieve equality

15 March 2024, Bridgetown, Barbados: In celebration of International Women's Day (IWD), UN Women Caribbean joined forces with CIBC Caribbean (formerly CIBC FirstCaribbean International Bank) to host a well-attended event, "An Evening of Empowerment," at the historic Warrens Great House. The focus of the evening was on the critical role of access to finance for women-owned businesses in achieving gender equality and economic growth.

Nadia Manning-Thomas, UN Women MCO Caribbean Planning and Coordination Specialist. UN Women Photos/Lisle Warner

Financing: The Lifeblood of Business Growth

Nadia Manning-Thomas, Planning and Coordination Specialist for UN Women MCO Caribbean, highlighted the fundamental importance of access to finance for all businesses. However, she emphasized the particular challenges faced by smaller firms and those owned and operated by women. "Access to adequate finance is critical for any business," stated Manning-Thomas.

"For these most vulnerable businesses, financing allows them to improve their services, expand to different markets, provide jobs in their communities, and contribute to the growth of the economy."

Read the full remarks here >>

The Gender Funding Gap: A Major Hurdle

Manning-Thomas pointed to a sobering reality: a significant funding gap stands in the way of achieving gender equality by 2030. She revealed a staggering USD 360 billion annual deficit in spending on gender-equality measures. This lack of investment creates a ripple effect, hindering the progress of women-owned businesses and ultimately stifling economic development.

Investing in Women: Investing in Our Future

The UN Women representative emphasized that investing in women goes beyond achieving equality; it's a strategic economic imperative. Studies show that bridging the gender gap can unlock a world of boundless opportunity, leading to a more prosperous future for all. Investing in women empowers them to participate fully in the economy, creating jobs and driving growth.

A Night of Dialogue and Action

Joining Manning-Thomas were prominent figures including Senator the Honourable Lisa R. Cummins, Minister of Energy and Business Development, Marilyn Sealy, Senior Director and Head of Communications at C&W Communications, Trisha Tannis, Managing Director of the Unicomer (Barbados) Group, and Tamara Gibson, the creator/owner of Native Caribbean candles.

The discussion likely explored various aspects of financial inclusion for women entrepreneurs, with potential insights from panelists on the challenges they face and opportunities for growth.

A Call to Action: Bridge the Gap, Empower Women

The event concluded with a powerful call to action. Building on the messages from Manning-Thomas and the panel, the audience was encouraged to reflect on the importance of financial inclusion for women. They were urged to become advocates for increased investment in women-owned businesses, recognizing this as a key driver of progress towards gender equality and a more prosperous future for all.

This partnership between UN Women Caribbean and CIBC Caribbean underscores their joint commitment to bridging the gender funding gap and empowering women entrepreneurs in the Caribbean.