IFC partners Colombo Stock Exchange to ring the bell for gender equality in Sri Lanka

Celebrating International Women’s Day, IFC, a member of the World Bank Group, joined the Colombo Stock Exchange (CSE) for the sixth consecutive year to ‘Ring the Bell for Gender Equality.’ The annual global event highlights how women’s participation in the economy can spur sustainable private sector development.

This year’s event come at a critical moment, as the economic and social consequences of COVID-19 continue to disproportionally impact women – who make up 39 percent of global employment but account for 54 percent of the overall job losses due to the pandemic. According to McKinsey Global Institute, the job loss rate for women is 1.8 times higher than for males. Studies show that making even small inroads in closing the global gender gap could quickly yield strong results, with the potential to increase gross domestic product (GDP) by $12 trillion by 2025.

“We are pleased to once again join IFC and our other partners to ring the bell for gender equality in 2021,” said Dumith Fernando, chairman of CSE. “The event this year takes largely a virtual form compared to events in previous years, given the restrictions posed by COVID-19 on public gatherings. However, CSE was keen to continue the momentum and use the Bell Ringing ceremony as a call to action in 2021 as well, because we strongly believe that the greater participation of women in our workforce, economy and capital market can make a positive impact to society and our country at-large. As we recover from a global pandemic, we encourage corporates to capitalise on the skills of women in the workforce today to spur on our recovery.”

Accelerating the pace of gender parity could lead to important economic, environmental, social, and governance gains in emerging and frontier markets. Despite some progress, women remain underrepresented in business leadership with only 17 percent holding board seats globally.