Fund for Women Entrepreneurs to Start Global Roll-Out

In a major step towards empowering women entrepreneurs, the World Trade Organization (WTO) Secretariat and the International Trade Centre (ITC) launched the Women Exporters in the Digital Economy (WEIDE) Fund in February 2024. On 7 March, just ahead of International Women’s Day, the fund announced the selection of four pilot beneficiary countries: the Dominican Republic, Jordan, Mongolia, and Nigeria. This initiative is designed to help women entrepreneurs grow their businesses by harnessing the power of international trade and digitalization.

Digital Trade: A Game-Changer for Women Entrepreneurs

WTO Director-General Ngozi Okonjo-Iweala highlighted the transformative potential of digital trade, noting that it is the fastest-growing segment of global commerce, with trade in digitally delivered services reaching a staggering US$ 4.25 trillion in 2023. “With digital trade, women entrepreneurs have the opportunity to leapfrog market barriers in a way that was impossible before,” Okonjo-Iweala stated. “This fund represents a unique opportunity for women entrepreneurs to develop their businesses, create jobs, and expand into international markets.”

The WEIDE Fund’s mission is clear: to empower women entrepreneurs by offering tailored financial and technical support. Okonjo-Iweala emphasized that the fund’s first phase aims to empower 400 women entrepreneurs across the four selected countries. “Our goal is ambitious but clear: in this first phase, we want to reshape the entrepreneurial landscape of these countries and set a new standard for inclusive economic growth,” she added.

Partnering with Leading Support Organisations

The four beneficiary countries will be supported by local business development organizations: ProDominicana in the Dominican Republic, the Jordan Enterprise Development Corporation (JEDCO), the Mongolian National Chamber of Commerce and Industry (MNCCI), and the Nigerian Export Promotion Council (NEPC). These organizations have been selected based on their proven track record in empowering women entrepreneurs and their expertise in the new technologies that are driving the digital economy.

ITC Executive Director Pamela Coke-Hamilton emphasized the readiness of these institutions, saying, “Each of these institutions has an impressive track record of empowering the women entrepreneurs in their countries, and deep expertise in the new technologies and tools that are part and parcel of our increasingly digital world. They are ready and raring to go—and we are too.”

Two Tracks of Support: Discovery and Booster

The WEIDE Fund offers two tracks of assistance for women entrepreneurs, each designed to meet different needs depending on the stage of business development.

Track One: The Discovery Track is focused on helping women-led micro and small businesses increase their competitiveness. This track aims to improve digital skills, expand professional networks, and enhance market access. Each selected business will receive a grant of between US$ 2,000 and US$ 5,000 to support working capital or equipment purchases. Additionally, technical assistance will include business coaching and the development of a business plan to guide the entrepreneur in using the resources provided.

The Discovery Track is expected to last approximately 9-12 months, with performance checks ensuring that businesses are on track to achieve their objectives.

Track Two: The Booster Track is aimed at more established women-led small and medium-sized enterprises (SMEs) that are ready to scale up their export activities. This track will provide up to US$ 30,000 in funding to help these businesses expand their presence in international markets through digital platforms. The programme will last around 18 months and will include bespoke coaching to help businesses develop a business acceleration plan.

A Growing Fund for Women Entrepreneurs

Launched at the 13th Ministerial Conference (MC13) in Abu Dhabi, the WEIDE Fund has already raised US$ 22 million, with a target of reaching US$ 50 million. The fund’s overarching goal is to increase the participation of women entrepreneurs in global value chains and to help them adopt digital technologies. By expanding their presence on digital platforms, women entrepreneurs can tap into a broader range of economic opportunities, improving their livelihoods and contributing to inclusive economic growth.

Okonjo-Iweala summed up the importance of the WEIDE Fund’s mission: “In our first four partner countries, the WEIDE Fund will kick off with business plan competitions, giving women entrepreneurs a chance to access tailored financial and technical support.” With these efforts, the fund aims to open doors for women to thrive in the global economy, breaking down barriers that have traditionally hindered their access to international markets.

Through its targeted approach and strong local partnerships, the WEIDE Fund is poised to reshape the future of women entrepreneurship in the digital age.

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