Ivanka Trump and World Bank to start fund for women entrepreneurs

The Women Entrepreneurs Finance Initiative will make more than $1bn available to improve access to capital for women

Andrew Mayeda
Monday 10 July 2017 08:48
Comments
The fund will provide technical assistance and invest in projects and programmes that support women and women-led small- and mid-size businesses
The fund will provide technical assistance and invest in projects and programmes that support women and women-led small- and mid-size businesses

The World Bank said it will start a fund to finance women entrepreneurs, an idea it developed in tandem with Ivanka Trump, the daughter of the US president.

The Women Entrepreneurs Finance Initiative will make more than $1bn available to improve access to capital for women, the Washington-based development institution said Saturday. The fund will provide technical assistance and invest in projects and programmes that support women and women-led small- and mid-size businesses, said the World Bank, which bankrolls development in poor countries.

The fund cements the World Bank’s ties to the Trump family at a time when President Donald Trump’s administration has questioned the wisdom of financing poor countries and emerging markets with US cash. In its budget proposal, the Trump administration called for cutting funding for the World Bank and other multilateral development lenders by $650m over three years.

“Empowering women economically is a moral issue, but it’s also a critical economic issue,” World Bank President Jim Yong Kim said in prepared remarks. “No country, organisation, or economy can reach its full potential and meet the challenges of the 21st century without the full and equal participation of women and men.”

Trump’s daughter, who works in the White House as an adviser to her father, told reporters on a conference call that she won’t play a fundraising role but will be a “very strong advocate” for the fund.

The World Bank will be the trustee of the fund, which will be overseen by a governing committee representing the donors. The governing panel will have its first meeting in October, the bank said.

The bank targeted $200m in grants from donor countries and $800m from financial institutions and commercial contributors. However, the contributions will significantly exceed that amount, according to the development lender.

Bloomberg

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in