ABU DHABI: Ngozi Okonjo-Iweala, the director general of the World Trade Organisation, introduced a $50 million fund on Sunday aimed at assisting female entrepreneurs in developing countries to expand their exports using digital economy opportunities.

The initiative, unveiled ahead of the 13th WTO ministerial conference set to open on Feb 29 in the UAE, seeks to address the financing challenges faced by women entrepreneurs in accessing global trade opportunities, Okonjo-Iweala emphasized.

This fund is designed to enable women-owned businesses in developing nations to embrace digital technologies, enhance their online presence, and scale their operations. Emirati Minister of State for Foreign Trade Thani al-Zeyoudi pledged $5 million from the UAE to support this initiative, underscoring the crucial role of women in driving economic growth globally.

Saudi Arabian Minister of Commerce Majid al-Kasabi also lauded the initiative as a “milestone” and reiterated his country’s commitment to empowering women. Okonjo-Iweala emphasized the necessity of adequate financing for women entrepreneurs to seize the vast opportunities in global trade.

During the 13th Ministerial Conference in Abu Dhabi, UAE Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan announced a total donation of $10 million to three WTO trust funds. This donation underscores the UAE’s dedication to promoting sustainable and inclusive trade, enhancing fisheries sustainability, facilitating trade for least-developed countries, and empowering women entrepreneurs.