For some time now, women have formed non-profits, and along with governments and non-governmental agencies, have sought to provide micro-loans to other women in emerging nations, in order for them to start their own businesses.  Usually the loans were to automate a skill the women already possessed, such as enabling them to purchase an industrial sewing machine.  Or to capitalize on an asset they already possessed, such as enabling women of a Latin American mountain village, which raised geese, to start exporting pate to France and goose down pillows to the United States.  But the array of business skills they needed….in marketing, book keeping, product management…. was sorely lacking.

World Women Trade Fair

Ms. Okoli-Owube, 31, faced this dilemma first hand.  Even with a university degree, she found herself struggling to start a business and learn business skills at the same time. When she “saw a local newspaper advertisement last spring for 10,000 Women, a global entrepreneurship program run by Goldman Sachs, she and about 100 other women jumped at the chance to apply.”

As reported by the New York Times in Business Skills for Women in Emerging Markets, the welfare of girls and women has long been on the agenda of international agencies. The World Bank, for example, announced steps earlier this year to increase support for women entrepreneurs by channeling some $100 million in commercial credit lines to them by 2012.

But corporations have also begun to take their economic power more seriously, especially in emerging markets.

Many corporate programs employ microloans, grants or gifts to promote business education. Goldman decided to take a different approach after its research showed that per-capita income in Brazil, China, India, Russia and other emerging markets could rise by as much as 14 percent if women had better management and entrepreneurial skills.

“It’s not only philanthropy they’re after,” said Geeta Rao Gupta, president of the International Center for Research on Women. Goldman “had the idea that investment in women means a return on the gross national product of the country, and on household income.”

The company set aside $100 million over five years to bring business education to 10,000 qualified women business owners in developing countries, a commitment that remains unchanged despite banking industry turmoil.

Ms. Rao Gupta said the long-term view that Goldman and others were taking in emerging markets might help form a new economic stratum in societies where women’s participation in business traditionally had been restricted. Laws and customs in some countries, for example, bar women from opening bank accounts or require a husband’s permission to set up a company.

“This is the next step for women because it’s investing long term in business skills,” said Ms. Rao Gupta, whose institute researches and provides technical assistance for women in developing countries.

It has been said: “If you want to help a country, help the women in it.”  We applaud this commitment to women in developing countries.  We hope it continues and expands.  There is no question, in my mind, it will be a success in enpowering these women and consequently helping their families and their entire communities.

Photo Credit: World Women Trade Fair – The Goal of the International Handcrafted Gift and Home Textile Expo . is to assist women entrepreneurs living in third-world countries to ACCESS  GLOBAL MARKETS , and to also create awareness of the potential of TRADE as a mechanism for development and poverty reduction in developing countries. They use fair trade practices and eco-friendly products that do not destroy the environment. They are helping to reduce the level of poverty through community projects-building schools, health clinics, and providing training programs to other artisans leading to job creation.

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