Countries need solutions to address the financial problems facing women - who are the main drivers of economic growth and development.
Ahead of the 13th World Trade Organization (WTO) Ministerial Conference, taking place from February 26 to 29 in the United Arab Emirates (UAE), WTO Director-General Ngozi Okonjo-Iweala announced a $50 million fund to support women entrepreneurs in developing countries to seize the enormous opportunities offered by the digital economy.
Over the past three years, Okonjo-Iweala has met with women entrepreneurs from different countries and continents, each with unique and innovative business ideas, a desire to export their products or try to reach global markets. However, what these entrepreneurs have in common is a lack of capital to expand their operations and exploit the vast potential that global trade offers.
According to Ms. Okonjo-Iweala, countries need to have solutions to address the financial problems facing women - who are the main drivers of economic growth and development of the country.
Saudi Arabia’s Minister of Commerce Majid al-Kasabi called the initiative a “milestone.” Thani al-Zeyoudi, Minister of State for International Trade at the UAE Ministry of Foreign Trade, said the initiative not only celebrates the invaluable contributions of women entrepreneurs and women-led businesses around the world, but also recognizes their vital role in economic development.
According to Mr. al-Zeyoudi, the reality shows that women make up about 50% of the world's population, but contribute only 37% of global GDP. UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan announced that the UAE will contribute 10 million USD to the WTO to support a number of mechanisms for female entrepreneurs...
The $50 million fund aims to unleash the power of the digital economy, helping women entrepreneurs overcome financial barriers and seize untapped opportunities. Furthermore, the fund is expected to have many positive economic and social impacts that can directly contribute to the achievement of the United Nations Sustainable Development Goals.
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