UAE Contributes $5mn to WTO Fund for Female Entrepreneurs

The UAE has contributed $5 million to a World Trade Organization (WTO)-established $50 million fund intended to support female entrepreneurs.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chair of the 13th Ministerial Conference of the WTO, disclosed this contribution prior to the 2024 convening of the conference. The primary goal of the fund is to provide assistance to female entrepreneurs in developing countries as they exploit the potential of the digital economy to augment their export activities.

Minister Al Zeyoudi emphasized the significance of the WTO's Women Exporters in the Digital Economy Fund in acknowledging and honoring the indispensable role played by women entrepreneurs and businesses globally. He highlighted their crucial contribution to driving economic progress and growth. The establishment of this fund is aimed at harnessing the potential of the digital economy to assist women exporters in overcoming financial obstacles and seizing unexplored prospects.

The launch of the fund was endorsed by Okonjo-Iweala, Director-General of the WTO, who underscored its importance in empowering women and addressing the financial challenges faced by women entrepreneurs. Recognizing their pivotal role in economic development, she deemed this initiative a significant stride towards bridging the financing gap encountered by women entrepreneurs.

On Sunday, UAE Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan announced that the country will be donating $10 million to the World Trade Organization to support a number of important programs, including the Women Exporters in the Digital Economy Fund. At the 13th Ministerial Conference, the Women Exporters in the Digital Economy (WEIDE) Fund will be formally established, and this funding will go toward supporting programs like the Fisheries Funding Mechanism and the Enhanced Integrated Framework (EIF).

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