Amman, Nov. 18 (Petra) – Minister of Social Development Wafa Bani Mustafa Tuesday said women’s entrepreneurship is a "vital driver" of social and economic development, especially when grounded in principles of inclusion and sustainability, adding that this approach represents an "effective" pathway for progress.
The minister's remarks came during the opening ceremony of the MENA-OECD Women's Economic Empowerment Forum, organized by the Organisation for Economic Co-operation and Development (OECD) with the attendance of Minister of Planning and International Cooperation Zeina Toukan, Libya’s Minister of Social Affairs Wafa Al-Kilani, and several ambassadors.
Bani Mustafa noted more women entrepreneurs can lead innovation and contribute to building inclusive, sustainable economies.
Bani Mustafa stated the Jordanian government has worked to develop its policies in this field through effective strategies that support entrepreneurship and financial inclusion.
To date, she said amendments to the Companies Law introduced a quota for women on company boards, with corporate governance instructions setting the ratio at 20 percent, adding that the Central Bank of Jordan (CBJ) also directed banks to increase women’s representation on boards and in senior management and to expand women’s access to financial services. Recently, the CBJ obliged banks to ensure at least 20 percent female representation on their boards starting next year.
Additionally, she noted the government established a national team at the Ministry of Industry, Trade, and Supply to support women-owned enterprises in accessing economic opportunities, focusing on building strategic partnerships, enhancing competitiveness, and enabling access to global markets.
The government also endorsed policy papers related to the participation of micro, small, and medium-sized enterprises and the participation of women, youth, and persons with disabilities in government procurement for 2024, she added.
Bani Mustafa indicated that women today own nearly one-quarter of formal businesses worldwide. Despite inspirational success stories and a growing number of women entrepreneurs, many still operate in lower-growth, lower-profit sectors.
In turn, National Coordinator for the EU-OECD Project in Jordan, Reem Badran, expressed appreciation for the European Union’s support over three years in eight Arab countries, noting its continued commitment to women’s empowerment and financial inclusion.
She highlighted 20 years of partnership that has evolved into a solid institutional relationship contributing to improved public policy and a stronger role for women in the economy through programs that support entrepreneurs, build institutional capacity, and provide an enabling environment and innovative financing solutions.
Secretary General of the Jordanian National Commission for Women, Maha Ali, said the program aligns with the Economic Modernization Vision, the National Women’s Strategy, and the National Financial Inclusion Strategy, all of which underscore women’s economic empowerment as a national priority and a key enabler across sectors.
She noted that despite progress made through supportive strategies and legislation, challenges remain, particularly the gender gap in financial inclusion. Most women still rely on microfinance rather than bank lending, limiting their ability to expand scalable enterprises and transition from microbusinesses to small and medium-sized enterprises that generate jobs. She also pointed to the need for better data on women-owned businesses and improved access to finance to support evidence-based policymaking.
CBJ Governor Adel Sharkas said Jordan has played a leading role in adopting policies that support women’s economic empowerment through the National Women’s Strategy (2020–2025) and by placing women’s empowerment at the core of national priorities through the Economic Modernization Vision, which aims to double women’s economic participation from 14 percent to 28 percent by 2033. This will be achieved by strengthening the private sector, reducing barriers to women’s employment, and investing in childcare and public transport.
He added that the Central Bank considers women’s economic participation particularly in the financial and banking sector essential not only for fairness but also for advancing financial inclusion, encouraging innovation, and expanding digital financial services, all of which support sustainable economic growth.
OECD Deputy Secretary-General Fabrizia Lapecorella said women’s economic empowerment is a cornerstone of growth and competitiveness in the region, noting the enormous potential of women entrepreneurs and stressing that equitable access to finance remains the first key to unlocking that potential.
Lapecorella added that Jordan stands out as a "regional model" due to its commitment to financial inclusion and empowering women entrepreneurs, describing such empowerment as a long-term investment in economic resilience and shared prosperity, not merely a temporary initiative.
//Petra// AO
