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WB credit program for women entrepreneurs

10-7-2017

The World Bank (WB) launched on Saturday a public-private loan program to provide over USD 1 billion in support of women entrepreneurs in developing countries. The initiative was first initiated by US President’s daughter, Ivanka Trump. According to the World Bank, the initial funding (USD 325 million) came from donors, namely, Germany, the United States, Saudi Arabia and the UAE, and would be complemented by hundreds of millions of dollars in additional private capital. The launch saw the presence of the six world leaders attending the G-20 summit in Hamburg in addition to the International Monetary Fund (IMF) managing director, Christine Lagarde. The WB head Jim Yong Kim said on the occasion that the project will be a key catalyst for economic growth in the future on the one hand, and a driver for gender equality on the other. To be noted, the above program is expected to start dispensing loans before end of this year and will work with concerned governments to improve laws that hamper women entrepreneurs and to inspire banks to release funds for female-owned businesses. (Al Mustaqbal, July 9, 2017)

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