WTO Director-General Ngozi Okonjo-Iweala said: “As you all know, digital trade is the fastest-growing segment of global commerce, with trade in digitally delivered services reaching an astounding 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. This fund represents a unique opportunity for women entrepreneurs to develop their businesses, create jobs, and expand into international markets.”
“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. Applications will open in these countries, inviting women entrepreneurs to submit their business plans and proposals. Our goal is ambitious but clear: in this first phase we want to empower 400 women entrepreneurs, reshaping the entrepreneurial landscape of these countries and setting a new standard for inclusive economic growth,” DG Okonjo-Iweala said.
ITC Executive Director Pamela Coke-Hamilton said: “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.”
The following four business support organizations will be supporting implementation in the beneficiary countries: ProDominicana, the Jordan Enterprise Development Corporation (JEDCO), the Mongolian National Chamber of Commerce and Industry (MNCCI), and the Nigerian Export Promotion Council (NEPC).
Two tracks of assistance will be available for women entrepreneurs. Track One, the Discovery Track, will help women-led micro and small businesses increase their competitiveness, with a focus on improving digital skills, expanding professional networks and enhancing market access. The programme of support is expected to last approximately 9-12 months.
Under Track One, the WEIDE Fund will provide an initial grant of between US$ 2,000 and US$ 5,000 to each selected business to provide working capital or for the purchase of equipment. This grant will be disbursed in two instalments, with each business required to set clear business objectives, demonstrate commitment to the aims of the Fund and undergo performance checks. In addition, technical assistance will include business coaching and a resulting business plan that will guide the entrepreneur on how to use the resources provided through the discovery grant.
Track Two, the Booster Track for more established enterprises, will help exporting/export-ready women-led small and medium sized businesses scale up their export activities and expand their markets, with a focus on using digital platforms to do so. The programme for each business is expected to last approximately 18 months.
Under Track Two, the WEIDE Fund will provide a booster grant of up to US$ 30,000. Moreover, the technical assistance associated with the Booster Grant includes bespoke coaching to help the enterprise develop a business acceleration plan. More information on the two tracks of assistance is available here.
Unveiled by the WTO Secretariat and the ITC in February 2024 at the 13th Ministerial Conference (MC13) in Abu Dhabi, the WEIDE Fund aims to increase the participation of women entrepreneurs in global value chains, resulting in expanded economic opportunities and improved livelihoods. It also aims to increase the adoption of digital technologies by women entrepreneurs, including expanding their presence on digital platforms. Since its launch, the WEIDE Fund has already raised US$ 22 million, with a goal of reaching US$ 50 million.
More information on the WEIDE Fund can be accessed here.
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