Photo: Bundesregierung/Güngör

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.

Read also: G20 Review: Pope Francis As World Leader?

Read also: World Leaders Pose For Their G20 Family Photo In Hamburg

more from the pavlovic today

Biden To Announce $36 Billion For The Central States Pension Fund 

President Biden will announce $36 billion for the Central States Pension Fund today. The measure is designed to prevent drastic pension cuts for over 350,000 union workers and retirees. “These workers paid into the fund for years or even decades, and faced cuts through no fault of their own,” stated the White House. The Pension…

Keep reading

Biden’s schedule for December 8, 2022 is out

EST9:00 AM President Biden receives the Presidential Daily Briefing12:15 PM President Biden and VP Harris dine together2:10 PM President Biden delivers remarks on building a stronger economy for union workers and retirees Briefing Schedule12:30 PM   Press Briefing by Press Secretary Karine Jean-Pierre

Keep reading

Matt Hancock Exits Politics

On Wednesday, Matt Hancock announced that he would not stand for the Conservatives in the next election. Former Health Secretary and the West Suffolk MP who recently went to Australia to film ITV’s I’m a Celebrity … Get Me Out of Here! , sent a letter to PM Rishi Sunak saying that he discovered a…

Keep reading

Newsroom—ThePavlovicToday.com

Newsroom at The Pavlovic Today

Leave a comment

Your email address will not be published. Required fields are marked *