ABU DHABI, United Arab Emirates — On Sunday, Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization, unveiled a $50 million fund. Its aim is to assist female entrepreneurs in developing nations to capitalize on the digital economy’s opportunities for exporting.
The initiative was announced by the WTO Director-General, Ngozi Okonjo-Iweala, alongside Thani al-Zeyoudi, the UAE’s Minister of State for Foreign Trade, ahead of the 13th Ministerial Conference in the United Arab Emirates.
“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.
Okonjo-Iweala stressed the fund’s significance in addressing the financing challenges faced by women-led businesses, particularly those from developing and impoverished regions. The fund aims to equip these entrepreneurs with the necessary resources to adopt digital technologies and enhance their online presence, thereby facilitating their participation in global commerce.
Highlighting the vital role of female entrepreneurs in driving economic growth, the UAE pledged a contribution of $5 million to the fund. Both Okonjo-Iweala and al-Zeyoudi emphasized the importance of supporting women in global commerce and underscored the need to bolster their endeavors.
Reflecting on her interactions with female entrepreneurs worldwide, Okonjo-Iweala emphasized their shared aspiration to expand their businesses and access global markets. However, she noted the persistent challenge of securing adequate funding for their ventures, a barrier that the fund aims to address.
The launch of the $50 million fund marks a pivotal step towards fostering gender equality and economic empowerment on a global scale, demonstrating the WTO’s unwavering commitment to supporting women entrepreneurs in realizing their full potential in the digital era.