UAE Pledges $5 Million To WTO Fund For Global Female Entrepreneurship

In a significant move to bolster female entrepreneurship in developing nations, the United Arab Emirates has pledged $5 million to a newly established $50 million fund. This initiative, unveiled ahead of the 13th WTO Ministerial Conference 2024, aims to empower women entrepreneurs by leveraging the digital economy's vast opportunities. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chair of the upcoming conference, emphasized the fund's role in acknowledging and enhancing the economic impact of women-led businesses globally.

The announcement was made as the WTO gears up for its 13th ministerial conference, set to commence tomorrow in the UAE. Director-General Ngozi Okonjo-Iweala introduced this pioneering initiative, highlighting its potential to bridge the financing gap hindering women entrepreneurs from fully exploiting the digital marketplace. "This initiative embodies our collective commitment to empowering women," Okonjo-Iweala stated, underscoring the critical economic contributions of women entrepreneurs.

Furthermore, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, revealed that the UAE would extend a US$10 million grant to support various key WTO initiatives. This generous contribution will be allocated among several projects, including the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and notably, the Women Exporters in the Digital Economy (WEIDE) Fund, which will be officially launched during MC13.

Sheikh Abdullah expressed his pride in the UAE's role as host and chair of WTO’s MC13, welcoming leaders and representatives from the 166 Member States to Abu Dhabi. The conference promises to be a pivotal platform for negotiating vital trade issues and discussing ways to update and improve the global trading system's rules.

This financial commitment from the UAE underscores its dedication to fostering an inclusive digital economy where female entrepreneurs can thrive. By addressing financial barriers and unlocking new opportunities, the fund aims to catalyze sustainable economic growth and development across developing nations.

With inputs from WAM