G20 Adopts Women Entrepreneurs Finance Initiative


G20 leaders on July 9, 2017 adopted a World Bank funding plan of up to $1 billion for women entrepreneurs in developing nations, an initiative championed by US President Donald Trump's daughter Ivanka.
The initiative called ‘Women Entrepreneurs Finance Initiative’ was launched at the 12th G20 Summit held in Hamburg (Germany) by World Bank President Jim Yong Kim. The G20 said women entrepreneurs play a critical role in economic development by creating jobs and boosting growth, but women face numerous challenges. These include access to capital, lack of networks and knowledge resources, as well as legal and policy obstacles to business ownership and development, it added.
The G20 leaders, building upon our long-standing engagement in women’s empowerment welcomed the launch the Women Entrepreneurs Finance Initiative. For the facility, the World Bank serves as trustee to improve women’s access to capital, provide technical assistance and invest in other projects and programs that support women entrepreneurs and women-owned SMEs (Small and Medium Enterprises) in World Bank client countries.
The facility is expected to raise up to $1 billion of financing to support women entrepreneurs. An initial grant financing of around $200 million from G20 and non-G20 donors aims to leverage an additional $800 million in commercial as well as international financial institution funding.
It would comprise a private sector and a public sector window. The private sector window is designed to improve access to capital and related critical services, provide technical assistance and invest in other projects and programmes to support women entrepreneurs. To be established at the World Bank Group, the facility would become operational this year itself.

Sunday, 09th Jul 2017, 05:45:28 AM

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