New m fund introduced to support female entrepreneurs in developing countries by WTO.

The Director General of the World Trade Organisation, Ngozi Okonjo-Iweala, recently unveiled a million fund aimed at assisting female entrepreneurs in developing countries in expanding their exports through the utilization of the digital economy. This initiative was introduced prior to the 13th ministerial conference of the WTO, set to commence on February 29 in the United Arab Emirates.

During the announcement, Okonjo-Iweala, alongside the Emirati Minister of State for Foreign Trade Thani al-Zeyoudi, emphasized the significance of this fund as a means to empower women globally. She highlighted the pressing need for solutions to address the financial challenges faced by women entrepreneurs. The fund will specifically support women-led businesses in developing countries in embracing digital technologies and enhancing their online presence.

In a show of solidarity, Zeyoudi pledged million from the UAE towards the fund, stating that the initiative aims to acknowledge the vital contributions of women entrepreneurs in driving economic growth. Despite accounting for half of the world’s population, women only contribute 37 percent to the global GDP, underscoring the importance of empowering female entrepreneurs.

Saudi Arabian Minister of Commerce Majid al-Kasabi also attended the announcement, describing the initiative as a “milestone” and expressing his country’s unwavering commitment to supporting female empowerment. Okonjo-Iweala reiterated the necessity for adequate financing to enable female entrepreneurs to scale their businesses and capitalize on the opportunities presented by international trade. This fund is a significant step towards bridging the gap and empowering women entrepreneurs worldwide.