On the sidelines of the G20 summit in Hamburg, the World Bank announced the creation of a new fund of more than $ 1 billion to promote female entrepreneurship.
Called on the project by the United States and Germany, which are the initiators, the Bretton Woods institution will bring its extensive experience to building the fund called the “Women Entrepreneurs Finance Initiative (We-Fi)”.
Specifically in developing countries, this initiative will help accelerate women’s access to the finance, markets and networks needed to start and grow a business. This facility will build in part on donor grants, assessed currently at over $ 325 million, to which will be added more than $ 1 billion raised from international financial institutions, financial intermediaries, various funds and other market players.
According to US President Donald Trump, who is proud to see his country supporting this initiative, “this exceptional facility will have a significant impact on the economic development of women around the world. This will help increase opportunities and economic growth while addressing the major obstacles facing women entrepreneurs. “
It is estimated that nearly 70% of women-owned SMEs in developing countries still do not have access to adequate financial services from financial institutions.