Ομιλία Ετήσιας Γενικής Συνέλευσης
Democracy is a fundamental value of the European Union. Its full realization requires that all citizens, women and men alike, participate and be represented equally in the economy, in decision-making, and in the social, cultural and civil life.
The full and equal participation of women in all sectors of economic, political and social life, at the national, regional and international levels, and the eradication of all forms of discrimination on grounds of sex, are also priority objectives of the international community.
Furthermore, at the Lisbon European Council (March 2000), the European Union set itself a new strategic goal: to become, by 2010, the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion.
No society can achieve either economic growth or social cohesion without taking into account the productive role of women. The empowerment of women, especially their economic empowerment, ensures the development of a sustainable and equitable society.
One can admit that some progress has been made regarding the situation of women. However, the persistent under-representation of women in all areas of economic life and decision making mark a fundamental democratic deficit on the one hand and hinder economic progress on the other.
A closer look at the statistics proves that, despite the concern of the EU and the international community about gender equality and despite the progress made so far, women and men still do not enjoy equal rights in practice:
• Women poses only 0,9% of the world’ s wealth, compared with a rate of 1,5%, which they possessed a few years ago
• 70% of women are living beyond the poverty line. The problem of poverty in Europe is constantly worsening, due to massive illegal immigration, and women constitute the group that suffer most of this.
• Only 25% of the enterprises in Europe are owned by women
• Female representation in decision-making bodies is minimal
The globalization of the economy and advanced technologies made the problem even more acute as international players are again mostly men.
A pan European research conducted by Eurochambers in all 25 member countries and in the framework of the EU programme ¨ Women in Businesses and in Decision making position¨ reveals the size of the problem. Not only women businesses are by 87% of micro size but female business ownership in Europe barely reaches 25% of the total number of enterprises.
This fact alone can divert completely the ambitious targets set in Lisbon in 2000 if you consider that in the USA 38% of all business belong to women out of which 40% are medium size and 38% large.
If we all agree that female entrepreneurship is a key factor for economic growth Europe’s competitiveness
is already at a disadvantaged position compared with USA.
It is most essential therefore to refocus our priorities regarding women in business and in decision making.
Today I will try to explain my Federations experience and efforts to empower women economically and promote their full inclusion in the business world thus enhancing Women’s Entrepreneurship mainly with the creation of the Cyprus Women’s Cooperative Bank.
This initiative was considered a best practice and was chosen to be transferred through the EU programme ¨ Women in Business and in Decision Making in all the Eu countries through the respective Chamber of Commerce because it was widely acknowledged that one of the most profound manifestations of gender
Inequality today is the low female business ownership which has created a huge gap in the financial strength between women and men. Economic Power is to our opinion the No1 element that can Lead Women to leadership Positions and make their talents visible to the whole world.
The Cyprus Women’s Cooperative Bank “Initiative” Ltd (WCB) in 2000 WCB is the first Co-op Bank created, financed and operated by women in the world. It offers full-banking services equally to men and women, and at the same time has special programs supporting women in business.
The 350 women Founding Members raised an initial capital of 240.000 Euro. The Banks deposits today are over 5.800.000 Euro and are being used for loans with better terms than those of other banks. A total of 3.500.000 Euro has been given to women as a start-up capital for the creation of new businesses, with up to
20 years repayment period and with an average 5% interest rate, basic rate being now 4.25%. Loans given to men constitute 32% of our business. Although we have pancyprian license to operate all over Cyprus at that moment WCB is operating in the town of Larnaca and only a month ago we established a representative office in the capital of Cyprus Nicosia. It occupies 8 fully paid employees and all the transactions are made by computer, which is connected with the Central Co-op Bank of Cyprus.
The seven board members, which are elected at the general assembly, represent all districts and are banking experts, business owners and academics, all offering their services on a voluntary basis.
The president and chief executive officer of WCB is my self. The other six members are also BPW members.
It is clear that WCB defers from any other so called “women banks” because it does not rely on donations but on deposits and other income created by selling of insurance, investment in government bonds, and most importantly income from all types of loans- cooperative, personal, housing, student etc.
It is a pioneering step in the world of Banking that empowers women economically without any discrimination towards the men customers.
It is a unique institution that combines full financial and banking services under the co-operative system where profit is not the first priority. Instead we work for our members and clients best interest that meaning that we provide them with free advice and
counseling on a lot of issues like their Business plan as well as offering them a loan to their measures.
Most importantly the Bank has made these business women visible and necessary to the economy and this created a strong partnership with our Government as well as other bodies like the European Commission the Euro Chambers, the United Nations.
Taking advantage of these new formed relationships and partnerships the Women’s Coop Bank together with the Ministry of Trade Industry and Tourism designed a special programme to encourage women develop entrepreneurial activity.
Through this scheme, women who wants to start up a new business get 50% of the capital up to 50,000 euro as a grand and the other 50% from the Women’s Coop Bank as a Long Term Low Interest Loan with a grace of period of 1 year to start the repayment.
Today I am proud to inform you that in only 3 years the Women’s Co-operative Bank has received deposits over 5.500.000 Euro and has given loans up to 5.100.00 Euro.
The target for 2004 to support 100 start-up female enterprises and finance with flexible terms another 200 female enterprises was also successful making the bank profitable for 2003 and 2004 . Above all we managed to win the trust and support of the Cypriot business community and our clientele increased to 1350 customers’ members. Our future goals…believe it or not are set even higher, and our vision is not constrained within the Cyprus boundaries, but visualizes adoption of similar practices by other European Countries.
In January 2007 we will receive our European passport which allows us to expand in Europe.
In 2007 my vision to empower women economically can become a European Reality and the new enlarged Europe can become the most Democratic and prosperous place if women participate equally in all spheres of life.
Only then we can see increased numbers of women emerge as leaders and only then we can have an impact to all decisions made and thus change the world to a better and more balanced one.
|
