Amman: Minister of Social Development Wafa Bani Mustafa emphasized the crucial role of women’s entrepreneurship in driving social and economic development, highlighting its foundation on inclusion and sustainability principles during the MENA-OECD Women’s Economic Empowerment Forum. The forum, organized by the Organisation for Economic Co-operation and Development (OECD), was attended by several dignitaries, including Minister of Planning and International Cooperation Zeina Toukan and Libya’s Minister of Social Affairs Wafa Al-Kilani.
According to Jordan News Agency, Bani Mustafa noted that increasing the number of women entrepreneurs can spur innovation and foster the creation of inclusive and sustainable economies. The Jordanian government has been actively developing policies to support entrepreneurship and financial inclusion. Recent amendments to the Companies Law have introduced a quota for women on company boards, set at 20 percent, a directive reinforced by the Central Bank of Jordan (CBJ) to enhance women’s representation in senior management and financial services.
Furthermore, the government has established a national team within the Ministry of Industry, Trade, and Supply to support women-owned businesses in accessing economic opportunities. This initiative focuses on building strategic partnerships, enhancing competitiveness, and facilitating entry into global markets. Additionally, policy papers have been endorsed to improve the participation of micro, small, and medium enterprises, alongside women, youth, and persons with disabilities in government procurement for 2024.
Bani Mustafa highlighted that, globally, women own about one-quarter of formal businesses. Despite success stories and an increasing number of women entrepreneurs, many remain in lower-growth, lower-profit sectors. Reem Badran, National Coordinator for the EU-OECD Project in Jordan, acknowledged the European Union’s support over the years, which has bolstered women’s empowerment and financial inclusion across eight Arab countries.
Maha Ali, Secretary General of the Jordanian National Commission for Women, aligned the program with various national strategies emphasizing women’s economic empowerment. She pointed out ongoing challenges, including the gender gap in financial inclusion, as many women still depend on microfinance rather than bank loans, hindering their growth potential.
CBJ Governor Adel Sharkas reiterated Jordan’s leadership in adopting supportive policies for women’s economic empowerment, aiming to double women’s economic participation by 2033 through strengthened private sector involvement and reduced employment barriers. He stressed the importance of women’s participation in financial sectors for promoting innovation and sustainable growth.
OECD Deputy Secretary-General Fabrizia Lapecorella remarked on the significant potential of women entrepreneurs, with equitable financial access as a pivotal factor for unlocking this potential. She praised Jordan’s commitment to financial inclusion and empowerment, describing it as a valuable investment in long-term economic resilience and prosperity.