International Women’s Day: Tunis Stock Exchange Hosts Global “Ring the Bell for Gender Equality” Initiative
La Presse – The Tunis Stock Exchange (Bourse de Tunis) recently hosted the Tunisian edition of the worldwide “Ring the Bell for Gender Equality” initiative, marking International Women’s Day. Co‑organized by the Tunis Stock Exchange and UN Women Tunisia, the event provided a platform to discuss gender equality—particularly within the financial sector—and to examine women’s access to capital and stock‑market investment.
What Is “Ring the Bell for Gender Equality”?
“Ring the Bell for Gender Equality” is a global campaign driven by stock exchanges worldwide in partnership with UN Women and other international organisations. Its goal is to raise awareness of the pivotal role that the financial sector and private industry play in promoting gender equality, while encouraging concrete commitments to women’s economic empowerment.
The Tunisian edition brought together market participants, listed companies, and international partners to strengthen collective mobilisation for inclusive, sustainable growth.
The Under‑Investment of Women in Finance
Topics such as women’s access to financing and their participation in the stock market were debated. Referring to this theme, Bilel Sahnoun, General Director of the Tunis Stock Exchange, told La Presse that women’s under‑investment is not a Tunisian‑specific issue but a worldwide phenomenon.
“Women tend to avoid risk more than men and prefer security, whereas investing in the stock market inherently involves risk. Men take more risks than women—that’s natural and an international trend.
But that does not mean we should stop encouraging women to invest in the market,” Sahnoun said.
He added that next year’s edition will present gender‑disaggregated statistics on stock‑market investment.
“We will also work on women’s financing. We’ll benchmark with other financial hubs to identify ways to improve women’s access to funding—whether through banks or private equity—to foster better economic empowerment. Experience shows that when a woman is financed, the money often yields strong returns. Women appear to be better payers than men,” he noted.
A Law to Impose Better Female Representation on Boards?
Sahnoun announced that the Tunis Stock Exchange will introduce new gender‑equality performance indicators (KPIs) for listed companies starting next year. Using ESG reports from about ten listed firms, the exchange will assess how aware companies are of gender‑equality issues.
He also advocated for legislation that would gradually impose gender parity on corporate boards, drawing on models from other countries.
“I’m pushing for a progressive law. We could set three or four thresholds so that, after five to seven years, boards reach a 40 % female representation,” he explained.
Sahnoun highlighted that countries with higher gender balance on boards have enacted quota laws.
“Other countries without regulatory constraints are moving forward, but only in small steps. In Tunisia, board‑female representation rose from 13 % in 2022 to 17 % in 2024, and to 19 % this year. It’s progress, but still far from 40 % because there is no legal requirement enforcing a quota,” he stressed.
47,000 Jobs for Women by 2030
Issam Khorchani, consultant for UN Women Tunisia, emphasised the need to improve both the proportion of women on boards and the share of women investing in the stock market.
“Today, women hold 19 % of board seats, while 25 % of investors are women. There is a significant gap between men and women in access to capital and economic opportunities,” he said.
Khorchani noted that 35 Tunisian companies have signed on with UN Women to strengthen women’s economic empowerment, especially in high‑growth sectors such as the green economy, technology, and support services. The organisation is also collaborating with institutional partners to promote the Women’s Empowerment Principles (WEPs) among Tunisian firms.
“We want financial institutions, companies, and all public and private economic actors to become signatories and commit alongside us to create more opportunities for Tunisian women, particularly in accessing capital and economic prospects,” he added.
The Regional “Surging Women Employment Program” (SWEI)
Referring to the regional Surging Women Employment Program (SWEI), managed by UN Women in Tunisia and Egypt, Khorchani explained that the initiative aims to increase women’s labour‑market participation in Tunisia by more than 5 % by 2030. This contributes to Sustainable Development Goal 5 (Gender Equality) and translates into the creation of at least 47,000 jobs for women, a target to be achieved through collaboration with all stakeholders, including the private sector.
Key Takeaways
| Issue | Current Situation | Target / Recommendation |
|---|---|---|
| Women’s stock‑market investment | 25 % of investors are women | Raise participation through education, risk‑management tools, and gender‑focused KPIs |
| Female board representation | 19 % (2024) | Reach 40 % within 5‑7 years via progressive quota legislation |
| Women’s access to financing | Under‑invested globally | Benchmark with other exchanges, develop financing pathways via banks & private equity |
| Job creation for women | Goal of 47,000 new jobs by 2030 | Implement SWEI program, align private‑sector commitments, promote green & tech sectors |
The Tunis Stock Exchange’s partnership with UN Women Tunisia demonstrates a growing commitment to gender‑balanced finance and corporate governance, setting the stage for more inclusive economic growth in Tunisia and the broader MENA region.
