The World Trade Organisation (WTO), has established a $50 million fund to aid female entrepreneurs from developing countries in leveraging the opportunities offered by the digital economy.
The announcement comes ahead of the 13th Ministerial Conference of the WTO which is set to take place until 29th February in the United Arab Emirates (UAE).
“I am delighted to launch this groundbreaking initiative reflecting our shared commitment to women’s empowerment,” said Ms Ngozi Okonjo-Iweala, the Nigerian Director-General of WTO, along with Thani al-Zeyoudi, the UAE’s Minister of State for Foreign Trade.
“We need solutions to the financing problem women face,” she said.
The fund would help women-led businesses from both developing and impoverished countries to adopt digital technologies. This would in turn enhance the online presence of their businesses.
The UAE’s minister mentioned that his country would contribute $5 million to the fund, remarking that “this initiative allows us to celebrate the invaluable contribution of female entrepreneurs around the world and recognise their crucial role in economic growth.”
In the past three years, Ms Okonjo-Iweala shared, she met female entrepreneurs from various countries and continents, each with unique and fresh business ideas, desiring to export their products or trying to access global markets.
“However, a common thread among these entrepreneurs is the need for adequate funding to expand their operations and to tap into the immense potentials offered by global commerce,” she stressed.
