Earlier this year, the World Bank revealed that in order to fully support women in Egypt, asset ownership, in the form of housing, and creating an environment for female entrepreneurs and real estate investors were tantamount to achieving empowerment among women in the country.
EMPOWERING WOMEN TO BECOME ENTREPRENEURS AND REAL ESTATE INVESTORS
With around 15% of women in the Egyptian workforce, the country has – over the last six-years – been ramping up initiatives to empower potential entrepreneurs. In 2017, Egypt launched the National Strategy for the Empowerment of Egyptian Women 2030, an initiative which looks at accelerating the pace of women’s empowerment through the creation of sustainable jobs and careers for women in the country.
One of the aims is to create economic empowerment, a move which the World Bank believes will drive financial independence to many women in the country and enable them to become homeowners and investors.
The National Strategy for the Empowerment of Egyptian Women 2030 has already launched many initiatives under its banner including its initiative for job creation and entrepreneurship in 2021, which resulted in over 76,000 women starting their own businesses in the last two years.
EGYPT’S INCLUSIVE HOUSING FINANCE PROGRAM
“The World Bank is also helping to bridge the asset ownership gap between men and women as housing is the basis for stability and helping women achieve their potential and livelihoods,” said the body on their website.
“Empowering women doesn’t just include generating employment and income; asset ownership is a huge obstacle and challenge to their stability and achieving their potential. One of the biggest assets that can be owned and leveraged is a house,” reported the World Bank. The body revealed that a 2018 study had found that only 5% of Egyptian women owned assets compared to 95% of Egyptian men.
One way Egypt and the World Bank are helping to bridge the housing disparity between men and women is through their Inclusive Housing Finance Program, prioritising gender inclusion and female-headed households. Since its launch, the World Bank revealed that the program has enabled 23% of the projects 480,000 low-income beneficiaries are women.
FEMALE REAL ESTATE INVESTORS IN EGYPT
While there is much work needed to ameliorate the gaps between property ownership between men and women, the Arab Women Investors Union (AWIU) has been working for the last two decades to drive female investment. Headed by Dr Hoda Galal Yassa and based in Egypt, the AWIU is all about activating and empowering the female business community and investors’ role in both the Arab world and Africa.
According to AWIU, it’s aims are to enhance the role of Arab women and activate their role in encouraging investment, while developing economic relations and trade and enrich the economic and social role for the advancement of women and society.
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