The World Bank Group is launching a new facility to raise over $1 billion to fund women’s entrepreneurship and provide aspiring businesswomen in developing countries with more access to finance markets.
The announcement comes as part of the activities of the G20 leaders’ summit that is currently taking place in the German city of Hamburg, after an initial idea was put forward by the US.
Titled “We-Fi”, the facility will help in financing women-led SMEs, as well as provide them with technical assistance.
The US will also serve as a founding member of the facility in cooperation with other donor countries.
“This incredible facility will have a significant impact on women’s economic development around the world,” United States President Donald Trump said.
“It will help increase opportunities and economic growth while addressing unique barriers women entrepreneurs face. I am proud the United States is helping to lead support of this unprecedented initiative.”
Trump’s stance was echoed by World Bank Group President Jim Yong Kim, who said that women’s economic empowerment is critical to achieve the inclusive economic growth required to end extreme poverty.
“This new facility offers an unprecedented opportunity to harness both the public and private sectors to open new doors of opportunity for women entrepreneurs and women-owned firms in developing countries around the globe,” Kim added.