IFC signs MoU with Daltex to increase job chances for Egyptian women

CAIRO – 6 May 2018: International Finance Corporation (IFC), a member of the World Bank Group, announced Sunday signing a memorandum of understanding with Daltex, an agribusiness producer in Egypt, to increase economic opportunities for Egyptian women employees and smallholder farmers.

This memorandum of understanding aims to provide job opportunities and improve these women’s income by integrating them in Daltex operations.

IFC said in a press release that the two corporations will work together to help identify commercially viable, sustainable solutions to increase the share and retention of women workers in select Daltex-owned farms and packaging facilities, and women farmers and smallholders in its value chain.

“Including women and men throughout our operations allows us to tap into a much wider and more diverse pool of resources, whether in terms of our employees, farmers or even business partners that we do business with. This is part of our broader business strategy to grow production, reach new markets and create opportunities for our communities,” Daltex CEO Hesham el Naggar said.

The statement revealed that women in Egypt represent over 13 percent of permanent full-time workers and around 18 percent of business owners with only 5 percent female executive leaders in firms.

It also stated that these women earn on average about 22 percent less than their male counterparts.

IFC Vice President for the Middle East and Africa Sérgio Pimenta said that creating economic opportunities for women in key sectors such as agribusiness is one of IFC’s strategic focus areas.

“Investing in women is not only essential for economic growth, but it’s also good for the economy. Companies that attract and retain female employees have a wider and better talent pool,” Pimenta added.

IFC revealed that its investee companies in the Middle East and North Africa have generated more than 120,000 jobs for women over the past decade, adding that it’s committed to advance gender equality, focusing on a strong business case and in client demand for gender-smart solutions.

IFC is also investing in banks for on-lending to women-owned SMEs through its Women Entrepreneurs Opportunity Facility, according to the statement.

On the other hand, Daltex operates farms in 12 different areas all over Egypt and markets its products to major supermarket chains and retail clients in more than 60 markets worldwide.