DG Okonjo-Iweala announced the launch of the pilot phase for the Women Exporters in the Digital Economy (WEIDE) Fund, marking a significant step towards gender equality in trade and economic opportunities. “It brings me great joy today to launch the pilot phase of applications for the Women Exporters in the Digital Economy Fund. The WEIDE Fund represents a pivotal step forward in our collective journey towards gender equality in trade and economic opportunities,” she stated.
The initiative received an initial contribution of US$ 5 million from the United Arab Emirates. DG Okonjo-Iweala expressed gratitude to Sheikh Abdullah Bin Zayed Al Nahyan, UAE Minister of Foreign Affairs; UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi; and UAE's Ambassador Abdelsalam Mohamed A. Al-Ali.
Ms Coke-Hamilton emphasized the fund's mission: “The WEIDE Fund was set up with a very clear and simple purpose to help these women-led businesses take full advantage of the digital revolution so they would grow trade and take the world by storm.”
Ambassador Al-Ali highlighted the UAE's commitment: “The UAE is honoured to contribute US$ 5 million to the WTO-ITC fund. This donation reflects our dedication to supporting the global advancement of women in trade and economic development.”
Launched by the WTO and ITC at the 13th Ministerial Conference (MC13) in Abu Dhabi, February 2024, the WEIDE Fund aims to empower women entrepreneurs through international trade and digitalization. It targets women-led micro and small enterprises already exporting or with export potential.
In its pilot phase, four business support organizations from developing countries will be selected through a competitive process. These organizations will facilitate competitions targeting hundreds of women who will benefit from grants up to US$ 30,000 along with technical assistance.
The WEIDE Fund seeks to raise US$ 50 million, with an initial target of US$ 25 million from public and private sector partners. It aims to enhance women's access to grants, financial support, technical training, export markets, networks, and support services.
Collaboration with various stakeholders including governments, international organizations, development banks, philanthropic foundations, and private sectors will be essential for sustainable solutions. The fund’s activities will be implemented through projects in specific countries in cooperation with selected business support organizations.
More information on the WEIDE Fund can be accessed here.