Ivanka Trump touts launch of WB businesswomen’s fund
16 Oct 2017 - 0:21
Washington: Ivanka Trump, President Donald Trump’s daughter and a White House advisor, on Saturday touted the creation of a new World Bank initiative to foster entrepreneurship among women. The initiative launched this week, the Women Entrepreneurs Finance Initiative or We-Fi, aims to boost access to capital for businesswomen in the developing world.
Women-owned businesses in the developing world suffer an annual credit deficit of $300bn, either by being unable to borrow or receiving only high-cost, short-term credit, she noted. “They say that women invest 90 cents on the dollar back in their family, their family’s education, their family’s health and their community at large,” she said. Her appearance at an event comes amid strains between the Trump administration and international financial institutions. The United States this week opposed World Bank calls for a capital increase, calling instead for greater efficiency.
The White House this week also rejected IMF conclusions that tax cuts do not pay for themselves and that heavily indebted nations such as United States should pay down sovereign debts. World Bank President Jim Yong Kim on Saturday described Ivanka Trump as the “driving force” behind the new initiative, which had received $350m in donor commitments.