At the G20, the U.S. made a firm commitment to contributing $50 million to the new World Bank Group Facility for Women Entrepreneurship.
At another busy day at G20 Summit in Hamburg, a much-anticipated symposium on women entrepreneurship took place. At the Messe’s “Retreat” meeting room, in front of a large audience Ivanka Trump wearing a pink tailored dress, was sitting on stage between Christine Lagarde IMF director, and Jim Yong Kim, the president of the World Bank.
According to the White House Official, at the G20, President Trump will announce the United States’ intent to contribute $50 million to the new World Bank Group Facility for Women Entrepreneurship which aims to help women in developing countries gain increased access to the finance, markets and networks necessary to start and grow a business.
World Bank President Jim Yong Kim said the project had drawn rapid support from a number of countries, including Germany, the United States, Saudi Arabia and UAE after it was first initiated about five months ago.
He told the audience how Ivanka Trump was the catalyst for long-overdue action, bringing her own business experience and clout to what he said would be an important initiative to drive economic growth and help reduce chronic inequities still facing women, especially in developing countries.
“This is going to be a what we hope will be a multi billion dollar fund to support women entrepreneurs,” said Jim Yong Kim of the World Bank.
“It all started in a conversation with President Kim about what’s being done around the world to fuel female entrepreneurship. And we all know, and study after study shows, showed that investing in women is not only the right thing to do, but it’s also a very strategically prudent thing to do as you think about developing those economies, ” said Ivanka revealing how she was surprised at how little was being done to promote female business-owners.
Jim Yong Kim was the only man on the panel
Jim Yong Kim noted that he was the only man on the panel and said it gave him insight into what Lagarde, who had been the first female G7 finance minister, faced at events she attended as the only woman. “I’m quite overwhelmed to be the only man on this panel,” he said. He said the initiative was needed given ongoing issues that women faced in getting credit for their ventures. Ivanka’s backing was important, he said. “We haven’t done this before and at Kim stressed how the initiative was needed given ongoing issues that women faced in getting credit for their ventures.
“We haven’t done this before and at this speed, because we haven’t had a global champion who was willing to put it all on the line. When you have a champion it always works better if the champion knows the field and knows what they’re talking about.” He said the bank had received $325 million in initial donations, and more could still come in.
“The moral imperative is so clear,” Kim said, adding that it also made sense to invest in women because they were more credit-worthy, invested in their families and communities. ”This is not a cute little project. This is going to drive economic growth and it’s going to drive gender equality at the same time,” the President of the World Bank concluded his remarks.
”This is not a cute little project. This is going to drive economic growth and it’s going to drive gender equality at the same time,” the President of the World Bank concluded his remarks.
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