Iva Hamel
Iva Hamel is a Senior Private Sector Specialist at the Global Business Regulation Unit in the Finance, Competitiveness and Innovation (FCI) Global Practice of the World Bank. Her global lead is the Women, Business, and the Law Reform Advisory. Iva has successfully led business environment reform programs in SAR, ECA, and MENA. Prior to joining the World Bank, she worked as a management consultant in Cambridge, MA, USA. She has an MA in International Finance and Economics from Johns Hopkins University and a BA in Economics and International Relations from Colby College, USA.
We're very interested in how we look at impact investment, how the area we want to reduce the gap between any intention to do something positive for humanity and the environment, versus the actual impact, the actual output and outcome. So how can we reduce this gap between the intention from an organisation and individual and business government and government or like the World Bank, to actually reach something that you believe is a more positive situation than the one we have today?
— Iva Hamel
Interview transcript
Simona
So as Iskra mentioned to you, I mean, we are like the Copenhagen Institute of interaction design, actually the school where Iskra studied some years ago. And we are very privileged to work on a project, in collaboration with Luis Javier Castro and Brian Gallagher, the founder of the abundance circle, in partnership with ripple foundation in other organisations in the context of the future of impact investments. We are designers who understand digital technologies, and our task is to spot interesting areas where some creative thinking and problem solving could be applied to create a more performing and more like, effective impact investment in the future. So we do it by interviewing people around the world who we who we believe have knowledge to share, whether on the donor side, receiving side, also intermediating kinds of side, you know, third parties. And so you are one of those people. And then we have our goal to specifically look at three areas. One is like how a collective impact effort could be reflected in the financing of activities. So how could actually move the stakeholder approach really happen in the context of impact investment? How could governance and decision makings in general be more inclusive of the receiving side? So how could community individuals who are actually receiving funds be more engaged, more like owning the decision making and the governance of the overall activity being financed, but also the role of technology in the third parties? They are all technology? So I leave the word to Diana? And as you can imagine, there are no right or wrong answers. Of course, you know, it's more about learning from your experience.
Ho Ting Diana Pang
Great, thank you. Thank you so much, Simona. So first of all, thank you so much for your time today. Can you just tell us a little bit about yourself? And how did you get into your field in kind of like impact creation?
Iva
Well, so I am currently the head of the World Bank office for the United Arab Emirates. I've been at the World Bank for 18 years now, quite a long time, I've had different roles along the way, I used to lead a lot of projects on business regulation, business environments are working with the private sector on regulatory reform, then they worked for a few years in the space of gender, so women empowerment reforms in the Middle East and North Africa. And now, like I said, the World Bank programme for UAE. So this is kind of in a nutshell, what I'm doing, I'm happy to elaborate on any of these that are of interest to you. Now impact investment. It's not 100% clear to me how you define impact investment. I have been involved mostly on the policy side. So working with governments on reform, designing reform programmes, reforms, these and then supporting them with implementation and tracking of, of these reforms. So if you're referring to investment projects, per se, that has not been what I have focused on. So I hope my experience can be relevant to what you're looking for.
Simona
Yeah, if I can, just, as you say, like, you know, impact investment is a bit of an abused, misused and word like it's very generic. We're very interested in how we look at impact investment, how the area we want to reduce the gap between any intention to do something positive for humanity and the environment, versus the actual impact, the actual output and outcome. So how can we reduce this gap between the intention from an organisation and individual and business government and government or like the World Bank, to actually reach something that you believe is a more positive situation than the one we have today? And we look at how to finance those actions, but we're not experts in finance, we're not recurrently researching the action finance mechanisms. We're more into bottom up approach multistakeholder How can we activate new dynamics in that so I'm sure your your your experience in what you just said that you're doing great. So yeah,
Iva
yeah, it's interesting. And, I mean, I've been in this line of work for many years, and I hear you, it's a very legitimate concern about, you know, the road between intention, advocacy, and actually doing an implementing and having impact. It's very difficult. And I feel like most efforts now are focused on the intention and advocacy, because it's easy. And it's much more difficult to identify actionable. initiatives and financing, partly financing, but also broadly more initiatives that have impact and that can be designed, justified and implemented and tracked, in a way that makes sense to everybody. I think some organisations overdo it, and some organisations sort of under do it. And now explain what I mean by this. So I'm in the space of reform. So I've worked a lot on policy, right? Both in the business regulation space, and in the women empowerment space. And you can imagine, especially in women empowerment, there's so much talk. There's so much advocacy, which is great. We want, we want there to be advocacy, in this space, especially in a region like the Middle East where you know, only 20% of women work. However, what I have found that works, I'll just jump the gun. Okay, I'll just talk about what I have found that works and what doesn't work. What I have found works is a few things one is, is data, it is very hard to convince governments or anybody else to do anything. If you don't have the data. We have found that in areas where the World Bank or other entities produce actionable data, it helps a lot with the convincing with the bringing it to the table, and also how you present this data. Like I said, there's a lot of conversation about advocacy about the need for equity, for example, for women, and so on. The way we presented data was actually from an economic standpoint, we basically came in and said, This is not about equity. This is about smart economics, if you don't have 50% of your population in the workforce, you're losing X amount of dollars, depending on the country that you could be generating for your population. Also, other studies show, okay, if women are not working, then you have an impact on other countries, you have impact on the health of children, you have impact on Child school enrollment, and so on and so forth. So it trickles down. So you don't present it as women should be equal to men, because we think that's a Western value. And it's a great idea. We present it as, look, it's good for your economy if you have your women working. Okay. And how do we then move from there? The next step is okay, what can you do? So? Oh, is it a good idea to have women and men being employed in the same way or to have women and men getting the same wage for the same value of work? Yes, that's a good idea. But how do you do that? Right? So then you look at the things that determine that the first step is regulation, it's the laws. How are your laws? Do you have, for example, a legal mandate in your regulation that mandates equal pay for work of equal value? No, you don't. I mean, that's probably not a bad place to start. And if you look at the data globally, you see, oh, my gosh, there's 80 economies around the world that don't mandate equal pay for work of equal value. So that's not a bad place to start. Because if you have it in the law to start with, then you can start to talk about implementation, and actually push it on both to the government and private sector. So bottom line, start with the data, then look at regulations and see what's in there. That's the starting point. Then what do you need? Do you need the government to collaborate? I mean, you need entities to collaborate. Honestly, in this part of the world, Leadership from the top is critical. I know you're talking about, you know, working with bottom up approaches we tried there, you know, in the Middle East, there are plenty of entities, non governmental, there's entities dedicated to women equity, like gender councils and even Ministries for gender and so on. I'm zooming in on gender, because this is fresh in my mind. But this is true for other things as well. What I am seeing is that, unfortunately, it is very difficult to get things done from bottom up. That's the reality that we have, I have experienced, we have experienced, it takes political champions, it takes people in leadership positions who are convinced that this is the right thing to do, then it happens. Okay, maybe that's not what you want to hear. This is the reality that we have experienced the same in the space of business regulation, it's very, very difficult to get things done bottom up. What we find is that once you have a certain level of buy in, at the top, then they open up the doors. And they say, Okay, we are on board with revising our regulations. Okay, let's open up the Labour Law. Then, at that stage, they're open, they say, Okay, fine. Let's bring in the private sector, let's bring in NGOs, whatever, whatever. But it's not from the beginning. I don't see it, I don't see it as Oh, NGO x comes and says, We have to reform the labour law. And suddenly the government says, Okay. I haven't seen that level of effectiveness, I have not seen that, I don't find that NGOs have this kind of sway, they carry this kind of sway. I think for better or worse, multilateral development organisations still have this credibility of the right access, I think, to get to top leadership, and have them listen. And, and I think the way things are approached, makes a big difference is they said, you know, in the past, things were approached from an equity perspective on women on business regulation, it was all you know, it was about or your neighbour is doing better, or something like this, they couldn't care less. Once you bring in the data and say, This is good for your economy. This is good for the health of your population, this is good for the education of your population, then they have a real interest in saying, Ah, okay, this makes sense to me. And this is good for us. We were not so concerned, you know about the social norms and things. Okay, we'll deal with that.. How do I put it, it's quite straightforward in a way. It's quite self centred. At the end of the day, you know, the government wants their population to do well, they want their economy to do well. That's their driving interest. Right? So this is what works. I'm just summarising some of the things that I have experienced. This may not be true across the board. This may be just true. In my experience, I don't know. But this is what has worked. And I have to say, like here in the Middle East. Using this approach, we really were able to introduce some pretty historic changes in UAE, Saudi Arabia and Kuwait in Jordan, Tunisia, Morocco. We've been working quite extensively on I would say very impactful programmes on women's empowerment. So massive changes in regulations in labour law provisions in the personal status law in banking regulations, mandating non discrimination in access to credit I mean, these are things that matter you know, these are things that women experience every day.
The way they get divorced, the way they can be head of households can they be the ones signing up their children for school? Can they be the ones making decisions on behalf of their children? Can they be employed in the same way as men? Can their maternity leave count towards their pension contributions? And I can go on? I mean, the list is very long, like mobility provisions, can they leave the house? Can they leave the country without their husband's permission, and so on? I mean, the reality here is very different from what I have experienced from what you're experiencing, right? So these are things that, first you have to understand the context very, very well, you have to understand what drives the interest of those who make the decisions and work with that. Otherwise, you're gonna hit a wall? And I guess the other thing I must say is that around the private sector mobilisation the private sector has a huge role to play. And I will give you a couple of examples. So for instance, here in UAE, UAE, there is no there was no mandate for women on boards, for instance, here, all the company boards are male dominated, okay. Then the World Bank, and the gender balance council said, Okay, let's talk to the private sector because this horrible means to send such a negative signal, right. So the private sector, we started this consortium with them, the private sector themselves said, Yes, this is horrible. Let's fix it. So they were the first country here, who, pushed by the private sector, together with us passed the first law in the Middle East, mandating at least one female on every company board. And when you say in this country, what do you mean? UAE? Okay, then they said, Okay, look at our middle management, we have between two and 5% of middle management females, I said, Okay, so what do you want to do about it? Okay, let's come up with an ambitious target. So now, they said 30% of middle management is going to be female by 2020 2025. This is not a lot. This is a commitment by private sector. In writing, using this consortium that we founded, saying, Okay, we Company X Aldar, whatever, committing to this target. It's not as good as regulation. And you cannot put this in regulation. But they are playing a big role, because they're pushing each other. There is now this competition between the private sector employers to hit this target, many of them have signed on to this pledge to 30%. The thing is, it's very difficult, I think, to come up with these ideas, and push the right people to get them there, right. But in some contexts, like here, it's working very well. So they have a big role to play. And especially the big companies, you know, they set the tone, they're the leaders, they're the big companies, they're the ones that everybody looks up to, in this context, you know. So, I'm sorry, I'm talking way too much. But I just want to share my experience, part of the world.
Ho Ting Diana Pang
Can I just ask a really quick question on your last point, which is, you know, it drives competition, like you mentioned that with the pledge, you know, it really drives people to make sure that they adhere to what they pledge for, what is the repercussion of not doing it?
Iva
There's no repercussions. It's really more like the do gooders in the private sector that want to achieve this. They know it's a good idea. I mean, there's also again, going back to the point around data, I mean, there's so many studies out there now that really demonstrate that female leadership is more effective for many reasons. So they see it again, whether it comes down to believe it or not, it comes down to economics. It comes down. Oh, if we have female, more female leaders, we're gonna do better as a company. Our values are gonna go up, aren't you? shareholders are going to be happy. It almost always comes down to economics. And yes, and it looks good. And believe me, these people here, they want to look good. They are so about the PR, they are so about the public image. It's very shallow, but it drives them. And it's for the better. And so I don't care. Fine. You know, get going for it. Let's do it, sign the pledge. And then, you know, the role that we play and the council plate says, okay, every six months, we're going to meet and we're going to see who gets the target, right? In the report your numbers. We have to trust them. We can't have no, we're Who are we to inspect their HR files? We have to trust them. You know? Yeah. So it's not a lot. But it's, it's something and it's pushing the boundaries. And when you have some of the big local companies, even the oil companies coming in making these pledges, and talking about women in energy, and women in the field, and women, you know, scientists like coming in and working in renewables and all this. It's good. It's good. So I think, yeah, the private sector, they, especially the big guys, you know, they have a big role to play because everybody looks up to them.
Simona
Should we share a magic question? Sorry, the magic one question that Diana?
Iva
Um, I think a lot is about being heard. I think. I think people tend not to listen these days, this day and age. Their attention span is so short. So if I could have one ask of everyone is just to listen, because everything is out there. I mean, you have data, you have evidence, you have the rationale for why etcetera, etcetera. Yeah, most of us are so focused around our little worlds. So we don't listen, or we don't listen well. And I think that ability to do that goes a very long way.
Simona
This is a beautiful insight. As you say, you might not even be intentionally not listening, you know, people are busy with their own agendas and so on. But enhancing an awareness programme based on listening and making the communication a bit more fluid could be interesting. But I think we need to be aware of your time as the NSA. So we're very grateful. And we might even be there to reach out to you if we have more specific questions. And we will collect all the input from all the interviews and share them in an open source document, probably the format of a website that is scrubbed will be very much part of building and, and also drawing like interesting opportunities. So we will definitely be back in touch with you at least for sharing our work. And we have a very open platform actually filled with women. And we would love to continue being in touch because there might be a follow- up phase whether with us or other organisations in the design stage. So we're actually building new ideas and so on. So happy when for now we're very grateful
Ho Ting Diana Pang
Yeah, sure. We're really mindful of your time. So we have one last question for you, which is, if you had a magic wand, like, what would you use it? Or how would you use it to, I guess, encourage collaboration with all these, like people in the ecosystem?