Why women’s empowerment is key to a sustainable future

The story of gender equality is not a straight line – it is a long and winding journey across centuries, cultures and continents. Throughout history, women have faced barriers to participation in politics, the economy, science and the arts. “I am a free human being with an independent will,” wrote the novelist Charlotte Brontë in 1847. Yet it took several more decades before women in England were allowed to vote. 

Ancient Greece, celebrated as the cradle of democracy, denied women a voice in the very democratic process it spearheaded. The philosopher Aristotle argued that women can never benefit from the study of politics and should not be allowed to participate. Even in modern societies, patriarchal structures persist, reinforcing the notion that women’s roles are secondary. Dismantling these belief systems takes courage, time and tenacity among those who believe in the need for inclusiveness – including multilateral and development institutions such as the OPEC Fund for International Development. 

The OPEC Fund, throughout its 50 years of operations, has supported a broad range of gender equality policy interventions, as well as equal access to employment, financing, education and health. 

From exclusion to equality: The struggle for voice 

One indicator of societal progress is suffrage – the right to vote. Yet it took 120 years to extend this basic right to all women worldwide. New Zealand became the first country to grant women’s suffrage in 1893. In Europe, Finland led the way in 1906. The first country with a Muslim-majority to enfranchise women was Azerbaijan in 1918 – decades before France, the land of Liberté, Égalité, Fraternité. 

This timeline reflects a simple reality: men who controlled political decision-making had to vote for women’s inclusion. Progress has always depended on dismantling entrenched beliefs, if not power structures, including the need to convince those in power that equality strengthens society. 

Even today, despite countless studies, reports and statistics, gender equality remains an unfinished project. The data points in the same direction: progress is uneven, fragile and – as seen in recent years – not irreversible. This, despite the fact that it is logical and empirically clear that limiting half of humanity’s potential curtails economic and social development. 

Equality as an economic imperative 

Empowering women is not only a moral and social prerogative – it is an economic necessity. When women are denied equal access to education, jobs, credit and property, societies lose out. The role of institutions such as the OPEC Fund is therefore critical. They can help shape new realities by supporting initiatives and projects that guarantee equal rights and opportunities, ensuring that all individuals have a seat at the table, thus enshrining the lofty notion of inclusiveness. 

Economists have reached a near-universal conclusion: women’s empowerment accelerates development. Nobel Laureate Esther Duflo, who won the prize in 2019, demonstrated that gender equality promotes growth and that economic development in turn reinforces equality – a virtuous circle. Naila Kabeer, professor at the London School of Economics, showed that sustainable development requires women to be part of the decision-making process, while the Indian economist Bina Agarwal’s work showed the importance of ownership of assets for women. 

Like fellow multilateral development banks and institutions, the OPEC Fund was set up in the decades after the Second World War. Its mandate is to support the development aspirations of its partner countries and promote equitable economic progress. As progress is neither linear nor irreversible, the OPEC Fund’s activities over the last five decades have been consistently and continuously reinforcing the parity of the individual and equal access to opportunities – particularly in terms of education, health and income. 

Credit, not charity: The power of microfinance 

If economic independence is key to liberation, then access to credit becomes essential. In 1976, the economist Muhammad Yunus revolutionized the credit industry by lending tiny sums of money to poor women in a village near Chittagong, Bangladesh. His microcredit model, based on trust and group solidarity rather than collateral, challenged the deeply entrenched paradigm of the banking world. Banks were averse to lending to the poor, to rural populations, to women or to those without credit histories. Yunus proved them all wrong. His borrowers – poor rural women with no collateral – repaid at rates exceeding 95 percent. More importantly, they used their loans productively: starting or expanding businesses, sending their children to school or investing in health and nutrition. 

This was more than a financial innovation; it was a social revolution. Microcredit transformed women from passive to active economic agents. Microfinance has shown that development is less about charity and more about opportunity. Yunus went on to win the Nobel Peace Prize in 2006 and the OPEC Fund Annual Award for Development in 2008. At the OPEC Fund we have since embraced and expanded upon this model, recognizing that financial inclusion is one of the most effective levers for social transformation and economic growth. Through our Private Sector window, we have provided billions of dollars to microfinance institutions and banks across our partner countries, in particular supporting financial inclusion and women entrepreneurship. 

Creating space for parity 

True equality requires a change in mindset and for institutions to adapt to new realities. At the OPEC Fund, the goal is not only to fund projects but to ensure space is created – space in schools, workplaces and societies where girls and women are present and have a voice. In so doing, we ensure women are fully engaged and heard by our teams as projects are designed, implemented and becoming operational. 

From beneficiaries to agents of change 

The journey toward equality is about including and uplifting. It is about recognizing that inclusion benefits all – that when women rise, societies prosper. The OPEC Fund firmly believes that women are not merely beneficiaries of development; rather they are its co-architects. From the borrowers of Bangladesh to economists like Duflo and Kabeer, the message is clear: equality is not a given. It is built and rebuilt – through deliberate policies, social innovations and the courage to rethink social and workplace structures. 

Shaping new realities 

The OPEC Fund’s commitment to gender equality has been steadfast over the past five decades, underscoring that progress is neither linear nor irreversible. Through its development activities, the OPEC Fund has consistently reinforced the principle of equality – recognizing that true development is only possible when everyone gains opportunity. 

Real change requires more than universal access to education, health, credit and employment – it calls for a transformation of mindsets, cultures and systems. While multilateral organizations may have limited influence over social norms, they can still drive meaningful progress through the priorities they set. 

By embedding equity and inclusion into every investment, we can become catalysts for lasting and transformative change. 

Olukemi Afun-Ogidan, Country Manager, Public Sector Operations, OPEC Fund 

Coming from a Nigerian-Indian background, early exposure to cultural diversity sowed the seeds of openness, curiosity and adaptability that helped me navigate the world. Since then I’ve studied, lived and worked in five countries – the Netherlands, Tunisia, Côte d’Ivoire, South Africa and now Austria. I spent more than a decade working on creating access to finance for smallholder farmers and agri- SMEs, as well as financing mechanisms to increase private investment in agriculture across Africa. 

At the OPEC Fund, I’m a Country Manager in the Public Sector department, responsible for operations in East and Southern Africa, specifically, Kenya, Uganda, Rwanda, Ethiopia, Botswana and Mauritius. This role has been a seamless transition from my previous life at the African Development Bank. My firsthand knowledge of Africa’s socio-economic, political and developmental dynamics, experience implementing complex national and regional projects, as well as the broad professional network which I have built across various multilateral institutions, has helped me form relationships with the respective governments, resolve portfolio challenges and identify new investment opportunities. 

Maria Carolina España Orlandi, Chief Administrative Officer, Corporate Services Department, OPEC Fund 

I was born and raised in Caracas, Venezuela, but my family is of mixed heritage. On my mother’s side, my grandfather was Italian and my grandmother Bolivian; while on my father’s side, my grandfather was Venezuelan and my grandmother Colombian. So in my blood I have a mix of the Andean region and the “Old World.” 

I was at CAF – Development Bank of Latin America for over 30 years and my last post was Executive Vice President. I really enjoyed my time there because it was a great opportunity to grow with the institution. Today CAF’s balance sheet has jumped from US$1.5 billion to US$52 billion, and from around 100 loans to well over 800. Meteoric in a way! 

Here at the OPEC Fund I’m working with the HR team, the IT team and also the General Services team, which is in charge of procurement, maintenance and infrastructure. My goal is to make life easier for employees with very user-friendly tools, so working on agility, efficiency and the broader working environment. 

Florensia Bhara, Young Professional, Legal Services, OPEC Fund 

I was born and raised in the village of Nanga Serawai in the middle of the West Borneo jungle, which is part of Indonesia. Borneo is the English name for what we call the island of Kalimantan, from the Sanskrit “Kalimanthana” – which means “burning sun” or “fire” in reference to the tropical climate of the region. 

Professionally, I feel like I’m starting to complete a puzzle. I’ve worked for the European Parliament, the United Nations, including executing agencies like UNIDO and UNDP. I’ve also worked for an implementation partner, the Renewable Energy and Energy Efficiency Partnership. 

As an OPEC Fund Young Professional, I work across the Compliance Unit, Private Sector Operations, the Strategy Department and the Risk Department. With my background in operations, working across these departments has given me a multifaceted perspective on the institution, from regulatory considerations to private sector engagement, strategic planning and risk management. This broad view is essential because, to become a well-rounded development professional, you need to understand the sector from every angle. 

Marilyn Medrano, Acting Chief Auditor, Internal Audit, OPEC Fund 

I’m from the Philippines and my hometown is on the Pacific coast, set against the majestic backdrop of Mount Mayon. It’s also where around 10-20 typhoons touch down each year. Coming from a developing country, right from a young age I witnessed poverty, destruction and profound loss caused by frequent natural disasters. My village and family nurtured a deep sense of community and the need to care for others. 

After training at a Big 4 accounting firm, I became an internal auditor at the Asian Development Bank (ADB) in Manila in 2007, where I was lucky to have really good mentors. I audited a wide range of activities, including finance, IT, treasury, risk management and operations. There I helped ADB obtain its first External Quality Assessment (EQA) with a 100 percent conformance rating from the Institute of Internal Auditors in 2011. My more recent work was for the Asian Infrastructure Investment Bank, where I designed and implemented similar initiatives leading to its inaugural EQA. 

What I bring to the OPEC Fund is my experience with two triple-A rated MDBs. Right now, our team is preparing to align with the new global internal audit standards. I’ve been Acting Chief Auditor since November 2024 and I contribute through a combination of technical work, mentorship, leadership and relationship building. 

Meriem Boulifa, Senior Loan Management Officer, Finance, OPEC Fund 

I was born in El Kef, a small town in Tunisia not far from the Algerian border. At the age of five, I moved with my family to the capital city of Tunis. After finishing high school in Tunisia, I moved to Europe, where I studied for a degree in Economics at the University of Toulouse, a postgraduate degree in Auditing from Paris Descartes University and an MBA at Strathclyde Business School, Glasgow. 

My study and early work experiences gave me a solid foundation in loan administration, financial management, project implementation, policy design and development. I have had the opportunity to support various international organizations like the African Development Bank and the United Nations Office for Project Services, where I administered projects funded by the International Fund for Agricultural Development. 

What I particularly like about the OPEC Fund is that we work in a multinational and multicultural environment. I see this as an opportunity for growth and learning from our differences. Listening to others, you learn from them, you adjust yourself and learn. It is about gaining valuable experience and personal development. 

Yuting Huang, Portfolio Management Analyst, Public Sector Operations, OPEC Fund 

I’m from Liaoyang, a small yet historically rich city in northeast China with a population of “only” 1.6 million and “only” over 2,300 years of history. My parents lost their jobs in the 1990s and struggled to make ends meet. My mother’s words on my first day of school, “For everything you want, you must earn it by yourself,” I’ve taken with me ever since. 

During one summer holiday, I worked three jobs for 21 hours per day to earn my tuition fees for my Bachelor’s in Accounting. After graduation, I moved to Beijing and spent two years living in a 10 square meter basement with no windows, working a low-paying fulltime job while studying at night for my Certified Public Accountant exams. These experiences shaped my resilience and deepened my empathy for those in poverty. Most importantly, I carry a strong desire to help others rise above the struggles I once faced. 

One of my work experiences involved volunteering at a remote hospital in Gulu, Uganda – around seven hours by car from the capital, Kampala. There I met Mary Ann, a 70-year-old American doctor. She worked hard from morning to evening. Sometimes she cried and hid in a room when she lost a patient. She told me she would work until the day she died because there was so much that she wanted to give. That gave me a vision of who I want to become, tirelessly helping people who need it the most. 

My work at the OPEC Fund involves collecting and analyzing data at the department level, drafting the public sector portfolio report and supporting management in decision-making, among many other things. I also oversee development projects across five African countries in the agriculture, education and transportation sectors, ensuring they are effectively implemented and delivering the intended results. What I am doing is meaningful and makes a real difference for people in need.