Dubai, UAE – February 25, 2024: The United Arab Emirates (UAE) announced a $5 million contribution to a newly launched $50 million fund aimed at empowering female entrepreneurs in developing countries.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chair of the ongoing World Trade Organization (WTO) Ministerial Conference, unveiled the UAE’s contribution. The fund, titled “Women Exporters in the Digital Economy (WEIDE),” aims to bridge the financing gap faced by female exporters and equip them to harness the opportunities of the digital economy.
“The WEIDE Fund allows us to acknowledge the vital role female entrepreneurs play in driving economic growth,” Dr. Al Zeyoudi stated. “This initiative underscores our commitment to empowering women and unlocking their full potential.”
The announcement coincides with the inauguration of the WTO’s 13th Ministerial Conference in the UAE. Director-General Ngozi Okonjo-Iweala welcomed the initiative, calling it a “crucial step” towards supporting women entrepreneurs, who are “key drivers of economic growth and development.”
This commitment to women’s empowerment is part of a larger $10 million grant pledged by the UAE to support various WTO initiatives, including the Fisheries Funding Mechanism and the Enhanced Integrated Framework.
The UAE, hosting and chairing the WTO Ministerial Conference for the first time, aims to facilitate crucial negotiations on key trade issues and discussions on modernizing the global trading system. The conference, which runs from February 26th to 29th, brings together leaders, ministers, and representatives from 166 member states.