World Bank recently announced the Women Entrepreneurs Finance Initiative (WE-Fi) set us to unlock the potential of women entrepreneurs by enabling more than $1 billion in financing to improve access to capital, provide technical assistance, and invest in projects and programs that support women and women-led SMEs in World Bank Group client countries.
According to World Bank, “the goal of the facility is to leverage donor grant funding of over $325 million and mobilize more than $1 billion in international financial institution and commercial financing, by working with financial intermediaries, funds, and other market actors, potentially through similar models as the International Finance Corporation’s (IFC) Women Entrepreneurs Opportunity Facility/Banking on Women program.
“The We-Fi facility will work to break down barriers to financial access and provide complementary services such as capacity building, access to networks and mentors, and opportunities to link with domestic and global markets as well as improving the business environment for women-owned or women-led SMEs across the developing world.”
No doubt, women entrepreneurs play a critical role in economic development by boosting growth and creating jobs, particularly for the poorest forty percent of the population.
However, women entrepreneurs face numerous challenges to financing, owning, and growing a business, including limited access to capital and technology, a lack of networks and knowledge resources, and legal and policy obstacles to business ownership and development.
You can find more details about the finance initiative here .