World BankN creates $1bn fund innovative facility for women SMEs

world bankWomen play a pivotal role in a society, they are the nation builder.

The Japanese Prime Minister, Shinzo Abe, avers that, “Women’s active participation in society is one of the pillars of Abenomics. Women’s empowerment and leadership will diversify and revitalise organisation and societies. This facility embodies such belief in developing countries, and is promising initiative to achieve a society where women shine.”

The World Bank Group has declared the creation of a new innovative facility of $1bn for women entrepreneurs development in Nigeria and other developing countries in the world.

It was disclosed that the $1bn fund, which was launched at the G20 leaders’ summit recently, will help women in developing countries gain increased access to the finance, markets and networks necessary to start and grow a business in their community.

Donald Trump, United States President, asserted that, “This incredible facility will have a significant impact on women’s economic development around the world.

“It will help increase opportunities and economic growth, while addressing unique barriers women entrepreneurs face. I am proud the United States is helping to lead support of this unprecedented initiative.”

The World Bank Group President, Jim Yong Kim, asserted as follows, “Women’s economic empowerment is critical to achieve the inclusive economic growth required to end extreme poverty, which is why it has been such a longstanding priority for us.

“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.”

Furthermore in the bank statement, Women Entrepreneurs Finance Initiative, would enable more than $1bn of financing to provide technical assistance and invest in other projects and programmes that support women and women-led Small and Medium Enterprises, SMEs in the World Bank Group client countries.

The statement disclosed that the objective of the $1bn fund innovative facility for women was to leverage donor grant funding, which is currently over $325m, to unlock more than $1bn in international financial institutions and commercial financing by working with financial intermediaries, funds and other market actors.

The World Bank asserted as follows, “We-Fi will work to break down barriers to financial access and provide complementary services such as capacity building, access to networks and mentors, and opportunities to link with domestic and global markets, as well as improve the business environment for women-owned or women-led SMEs in supply chains across the developing world.

“One of the major constraints limiting female-led enterprises is access to financial services. Nearly 70 per cent of women-owned SMEs in developing countries are either shut out by financial institutions or are unable to receive financial services on adequate terms to meet their needs.”

The Bank also disclosed that the U.States initiated the concept for the innovative facility of $1bn fund innovative facility for women development and will serve as a funding member along with other donor countries like Australia, Canada, China, Denmark, Germany, Japan, Netherlands and Norway, etc

Others donor countries are United Kingdom, Saudi Arabia, United Arab Emirates and South Korea.

Women must be empower, engage and trained to be self sufficient so that they can influence their smaller unit which is the family and the society.

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