Wednesday, May 24, 2017

Saudis, UAE will donate US$ 100 mn to WB fund for women entrepreneurs

Saudi Arabia and the United Arab Emirates will donate a combined $100 million to a World Bank fund for women entrepreneurs that was the brainchild of Ivanka Trump.

The announcement by World Bank President Jim Young Kim came during a visit to Saudi Arabia by President Trump, who was accompanied by his wife, Melania, daughter Ivanka and son-in-law, Jared Kushner. "We thought it was a fantastic idea," Kim said.

"But we had no idea how quickly this would build. This is really a stunning achievement.

I've never seen anything come together so quickly, and I really have to say that Ivanka's leadership has been tremendous."

The money will help kick off a $1 billion women's empowerment fund that the World Bank will announce in July, he said.

The UAE's U.S. ambassador, Yousef Al Otaiba, said in a statement that the promised donation reflects "our commitment to empowering women in our region and builds on the progress we have made in our country, where women play a role in every segment of society." (The Independent) 

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