Saudi Arabia, U.A.E. offer $100 million to World Bank’s Women Entrepreneurs Fund proposed by Ivanka Trump

Carol E. Lee

Although Ivanka Trump was behind the idea of the World Bank fund, she reportedly doesn’t control it or raise money for it
 

The World Bank plans to announce Sunday at an event with Ivanka Trump, the U.S. president’s daughter and senior White House adviser, that Saudi Arabia and United Arab Emirates have pledged $100 million collectively toward a fund for women who own or want to start businesses, according to people familiar with the announcement. The money for the bank’s proposed Women Entrepreneurs Fund would be aimed at women in the Middle East, these people said. They described the fund’s goal as helping women run successful businesses by easing their access to finance, markets and networks.

“This facility has clear alignment with our broader work to advance women’s economic empowerment,” World Bank President Jim Yong Kim said in a statement thanking Saudi Arabia, the U.A.E. and Trump. “We look forward to launching the facility later this year.”

Ms. Trump is scheduled to hold a discussion on Sunday with Saudi women, including civil society leaders, businesswomen and elected government officials, “to hear their experiences and discuss opportunities for women’s economic empowerment,” according to the White House.