Didi Chuxing (“DiDi”), the world’s leading mobile transportation platform, and IFC, a sister organization of the World Bank and member of the World Bank Group (“WBG”) signed a Memorandum of Understanding (MOU) to drive gender equality, digital financial inclusion, green finance and cross-border cooperation in emerging markets.
Under the agreement, DiDi and IFC will explore opportunities to leverage disruptive technologies to:
Empower women passengers, drivers, employees, and women-owned micro, small and medium enterprises (MSMEs);
- Provide quality financial services to DiDi’s over 21 million drivers and car owners, and over 450 million passengers;
- Promote green finance initiatives to support sustainable and green economic development, including the promotion of electric vehicles and smart city management; and
- Support cross-border cooperation leveraging IFC’s tailored products, advisory services and global network of contacts.
Jean Liu, President of Didi Chuxing, said, “DiDi believes the technology sector has a special responsibility to advance gender inclusion, job creation, and fair and sustainable growth in today’s fast-changing global economy. IFC is a global leader for inclusive development through its deep-rooted financial initiatives. We look forward to developing financial and technology innovations for social empowerment through our long-term collaboration in China and around the world.”
Women currently make up 40% of DiDi’s employee base. In 2017, DiDi launched DiDi Women’s Network (DDWN), a career development initiative to drive awareness and opportunities for its female employees. In addition, nearly 2.3 million female drivers work with DiDi to provide reliable mobility services, making up 10% of drivers on the DiDi platform. Among them, 80% are mothers with young children who are able to find flexible work and income opportunities through DiDi’s platform.
Stephanie von Friedeburg, the Chief Operating Officer of IFC, said, “IFC is delighted to partner with Didi Chuxing on financial inclusion, women’s empowerment and the green agenda. Disruptive technologies like those DiDi has embraced are a key part of IFC’s strategy to create new markets and opportunities for millions around the world.”
IFC is the largest global development institution focused on the private sector in emerging markets. IFC works with more than 2,000 businesses worldwide, using its capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In Financial Year 2017, IFC delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity.
Last week, Jean Liu, President of Didi Chuxing, discussed how DiDi empowers women and the advantages of female leadership during the 2018 World Bank and IMF Spring Meetings in Washington, D.C..