World Bank allocates 1 Billion dollars to advance women’s entrepreneurship in Liberia, other countries
Liberian women are moving forward in sole business. This has helped many to assist the family financially. In order to further encourage women in entrepreneurship, the World Bank Group recently announced the creation of an innovative new facility that aims to enable more than $1 billion to advance women’s entrepreneurship.
In addition, reports confirms that the facility also seeks to help women in developing countries gain increased access to the finance, markets, and networks necessary to start and grow a business. This will no doubt encourage the women to participate in transactions rather than stay idle.
World bank representative stated that the facility will be established as a Financial Intermediary Fund (FIF) at the Bank, drawing on the Bank’s extensive experience of housing such Funds.
Further more, in accordance to a World Bank release issued on Monday, the Bank and IFC will be Implementing Partners, as well as other Multilateral Development Banks that would propose private and public sector activities to be supported by the We-Fi facility. Also, the United States, which initiated the idea for the facility, will serve as a founding member along with other donor countries.
“This incredible facility will have a significant impact on women’s economic development around the world,” said U.S President Donald Trump, according to the release.
In further response, Trump described the facility as one that seeks to increase opportunities and economic growth while addressing unique barriers women entrepreneurs face, adding, “I am proud the United States is helping to lead support of this unprecedented initiative.”
Adding to Trump’s statement, World Bank President Jim Yong Kim said women’s economic empowerment is critical to achieve the inclusive economic growth required to improve the standard of living of the poor masses:
“This new facility offers an unprecedented opportunity to harness both the public and private sectors to open new doors of opportunity for women entrepreneurs and women-owned firms in developing countries around the globe.”
Canadian Prime Minister Justin Trudeau also reacted saying that everyone benefits when women have the resources they need to participate fully in our economies and societies. Women’s participation enhances economic growth and development:
“Our Government is determined to help women gain the tools they need to be successful entrepreneurs and leaders. This important investment will help women in developing countries to create jobs, build economies that work for everyone, and have a real and fair chance at success.”
Also, Chancellor Angela Merkel of Germany reiterated that the initiative is a great one and will no doubt end successfully:
“And I don’t have the slightest doubt that under the leadership of Jim Kim these will be truly valuable and productive investments.”
Similarly, Japanese Prime Minister Shinzo Abe added that women’s active participation in society is one of the pillars of Abenomics:
“Women’s empowerment and leadership will diversify and revitalize organizations and societies. This facility embodies such belief in developing countries, and is a promising initiative to achieve a society where women shine.”
Empowering women entrepreneurship has been confirmed to be a great idea from prominent personalities around the world. This is a stamp that this great act will no doubt enhance economic growth and development in Liberia and the world at large.