In a move aimed at boosting women's economic participation and leveraging the digital trade landscape, the World Trade Organization (WTO) announced a $50 million fund dedicated to supporting female entrepreneurs in developing countries. The initiative, launched on Sunday by Director-General Ngozi Okonjo-Iweala, aims to equip women with the tools and resources needed to navigate the complexities of international trade and capitalize on the opportunities presented by the digital economy.
"This fund is a significant step towards bridging the gender gap in trade and empowering women to become active players in the global marketplace," stated Okonjo-Iweala. "By providing access to training, mentorship, and financial support, we can unlock the immense potential of women entrepreneurs and contribute to inclusive and sustainable economic growth in developing nations."
The fund will be administered through the WTO's SheTrades Global platform, a multi-stakeholder initiative focused on connecting women-owned businesses to international markets. Specific details regarding the allocation and utilization of the funds are yet to be announced. However, the initiative is expected to encompass areas such as digital skills development, e-commerce training, market access facilitation, and access to finance.
The launch of the fund comes amidst growing recognition of the critical role women play in driving economic development. Studies have shown that increased female participation in the workforce can significantly boost GDP growth, poverty reduction, and overall social well-being. However, women entrepreneurs in developing countries often face numerous challenges, including limited access to finance, training, and market networks.
The WTO's initiative is seen as a positive step towards addressing these challenges and fostering an environment where women can thrive in the global trade arena. By providing targeted support and leveraging the power of digital technologies, the fund has the potential to empower countless women entrepreneurs and contribute to a more inclusive and prosperous future for developing nations.