The heads of the leading banks found all over the globe have issued a joint statement, affirming the importance of promoting gender equality and empowering women for achieving the Millennium Development Goals in the new year.

The statement, issued by the heads of World Bank (President James D. Wolfensohn), African Development Bank (Omar Kabbaj), Asian Development Bank (Tadao Chino), European Bank for Reconstruction and Development (Jean Lemierre), the Inter-American Development Bank (Enrique Iglesias), and the International Monetary Fund (Horst Koehler), a day before the International Women's Day on Saturday, March 8, 2003, claimed that gender equality is not only a goal in its own right, but is important for reducing poverty and hunger.

"Gender equality will also go a long way in ensuring education for all, reducing child mortality, promoting maternal health, combating HIV/AIDS, malaria and other diseases, and ensuring environmental sustainability. Research and on-the-ground experience show that providing females and males with equal access to capacity, resources, opportunities and voice increases productivity, accelerates economic growth, makes poverty reduction more achievable, and improves the well-being of children, women and men", they jointly stated.

"It also supports international conventions and treaties, including the Convention on the Elimination of all Forms of Discrimination Against Women (CEDAW). Gender equality in our organisations is not only an issue of fairness; it strengthens our work. Organizational research and experience show that a more balanced workplace contributes to a diversity of approaches to the complex problems of development", it further stated.

In light of the above-mentioned facts, the group went ahead to affirm their continued commitment to promoting gender equality in their organisations, and in the work to assist member countries.