World Bank has launched a loan programme (public-private funded) aimed at providing financial support to young women entrepreneurs in developing countries with $1 billion of funds according to Reuters.
The project is first initiated by Ivanka Trump daughter of President Donald Trump. Ivanka Trump was has worked in “Trump Organization” and have strong relations with business and government personalities around the world including Canadian Prime Minister Justin Trudeau and German Chancellor Angela Merkel.
She also secured donation from Saudi Arabia and UAE on an official visit to Saudi Arabia lately.
According to World Bank initial funds up to $325 million would be coming from donors in USA, Germany, Saudi Arabia and UAE, will be accumulated with additional funding from private capital.
“This will be a multi-billion dollar fund allocated ever to support women entrepreneurs” said, World Bank President Yong Kim during the G20 summit in Hamburg. The project is going to change the role of women in developing countries, it will promote gender equality and would serve a major driver in the economic growth of these countries, he added.
The programme will start distributing loans by the end of the year, governments would be involved to improve laws and regulations that are suffocating women rights and entrepreneurship. Banks would also be stressed to allocated funds for Women-owned businesses.
The part of initiative is to create an online mentorship tool which would connect business women from developing countries to advisors such as Ivanka Trump. Women attended the event exposed their concerns regarding legal issues as the major obstacles in women development which restricts women from owning property and access to funds.
UN secretary general Antonio Guterres said, “Women empowerment is absolutely essential” there is a regression in women rights even in industrialized countries, he added.
Merkel admired World Bank and said, “I am impressed that World Bank has responded to the project that quick, which was initiated first 5 months earlier, if everything goes like this project then we will become more efficient, she added.