The World Trade Organization (WTO) has announced the first group of beneficiaries under the Women Exporters in the Digital Economy (WEIDE) Fund, selecting 146 women entrepreneurs from Nigeria out of more than 67,000 applicants. The announcement was made at an event in Abuja. Beneficiaries from the Dominican Republic and Mongolia will be named soon, while Jordan is preparing to open its application process.
WTO Director-General Ngozi Okonjo-Iweala said at the announcement event: "The goal of the fund is simple, but ambitious: to give women the tools, the knowledge, the networks, and the resources they need to access global value chains, so their businesses are not just surviving, but thriving, on the world stage."
She added: "At the WTO, we found that women who trade internationally earn, on average, 2.8 times more than women who only sell locally. That’s a game-changer. And if you add the power of digital trade, the opportunities multiply even further."
Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), commented in a video message: "We know that running a business is never easy, and that women face even greater barriers than men in everything from access to finance to access to skills training. We know that when it comes to exporting, the road for women-led businesses is even harder — and the digital economy can help as much as it can hurt. We hear you, and we will continue walking alongside you, fighting for a trading system and business environment that finally reflects and empowers all of society."
In each country participating in this initiative, selected women-led micro-, small- and medium-sized enterprises (MSMEs) will take part in a two-day program featuring both a launch ceremony and technical training sessions. This marks the start of their year-long involvement with WEIDE.
The WEIDE Fund totals US$50 million and aims to help women-led MSMEs address obstacles such as limited access to finance, digital skills gaps, difficulties entering international markets and building support networks. The fund is supported by contributions from United Arab Emirates, FIFA World Cup Qatar 2022 Legacy Fund and Bahrain.
Business support organizations involved include ProDominicana in Dominican Republic; Jordan Enterprise Development Corporation (JEDCO); Mongolian National Chamber of Commerce and Industry (MNCCI); and Nigerian Export Promotion Council (NEPC).
More information about WEIDE can be found at https://www.wto.org/english/news_e/news24_e/women_14aug24_e.htm.