ABU DHABI: In a significant move aimed at fostering gender equality and economic empowerment, the World Trade Organization (WTO) announced the launch of a $50 million fund dedicated to supporting female entrepreneurs in developing countries. The initiative seeks to harness the potential of the digital economy to facilitate increased participation of women-owned businesses in global trade.
The announcement, made by WTO Director-General Ngozi Okonjo-Iweala, precedes the 13th ministerial conference of the WTO scheduled to commence on February 29 in the United Arab Emirates. Okonjo-Iweala emphasized the transformative impact of the initiative, describing it as a “ground-breaking” endeavor that reflects the collective commitment to empower women worldwide.
Fund to Address Challenges Faced By Female Entrepreneurs
The fund aims to address the financing challenges faced by women entrepreneurs in developing nations, enabling them to leverage digital technologies and expand their presence in the global marketplace. By providing crucial financial support, the initiative seeks to unlock the full potential of women-led businesses and drive economic growth in underserved communities.
The launch of the fund received strong backing from the Emirati Minister of State for Foreign Trade, Thani al-Zeyoudi, who announced his country’s contribution of $5 million. Al-Zeyoudi underscored the invaluable contribution of women entrepreneurs to economic development and highlighted the critical role they play in driving global economic growth.
Despite comprising half of the world’s population, women currently contribute only 37 percent to the global Gross Domestic Product (GDP), according to Okonjo-Iweala. The initiative aims to address this disparity by empowering women entrepreneurs with access to the resources and opportunities needed to scale their businesses and thrive in the digital era.
Okonjo-Iweala emphasized the pressing need for adequate financing to support the growth and expansion of women-owned businesses.
