WTO and ITC Launch $50 Million Fund to Empower Women Exporters in Digital Economy

In more news, from the 13th Ministerial Conference taking place in Abu Dhabi, the World Trade Organization and the International Trade Centre launched a $50 million global fund to help women tap into opportunities in international trade and the digital economy. Let's listen in for more. Today we still have a world where only one in five exporting firms are led by women. These firms have a harder time convincing finance providers to give them grants, loans or other support to grow their businesses and trade. They also have fewer connections with buyers, suppliers and other critical actors for their exporting needs. Why does this matter? It matters because the evidence shows that when women-led businesses grow and trade, as Dr. Ngozi said, they not only earn higher incomes and create more jobs, but they're able to provide goods and services that are better suited to societal needs and participating in a digital economy is critical for making this all possible. At ITC, we've been thinking a lot lately about what the digital transformation has looked like since we opened our doors 60 years ago. We're 60 this year. Yay! Often surpassing our widest expectations. For instance, in 1968, just four years after ITC was formed, Stanley Kubrick's film, 2001, A Space Odyssey, introduced us to Hal, the famous AI character who was a critical part of a major space mission, but who also showed us the potential downsides of digital technologies when not done right. Today we're in a new digital age, one that even the most visionary filmmakers are unlikely to have predicted. And while we know that caution is key, we're also seeing that when digital technologies are used properly, they can open exciting new avenues for small businesses in trade, including those led by women. These women-led businesses provide the food that's on our market shelves, the home decor that we put on our living room walls, the tourism services that help us make memories with our families, the communication technologies that are allowing us to forge new connections with people around the world, the scientific innovations that are powering every aspect of our lives, from healthcare to education, and the digital economies creating opportunities for these small businesses that we could not have dreamed of even a few years ago. But here's the thing, as with so many technological advances, the benefits have not extended equally. And that holds true when we consider what the digital economy has meant for women-led businesses, which often struggle to obtain the finance they need to make the most of its potential along with the capacity to use it. Women-led businesses, as we've just heard, well, it's now 1.7 trillion, right? So let's put it this way, there's a huge gap in the credit available to women and the ease with which they can get it. And that accounts just for those businesses that are in the formal sector. Let us not begin to talk about the number of women in the informal sector who are impacted every day by the decisions that we make. That number is staggering. But I want us to get behind the numbers for a little bit. It's easy to look at a figure like that and assume that we can't afford it, we can't fix it, there are too many problems, and we have to pay for other things elsewhere. But here's what happens when you actually start talking about people rather than just numbers. When you focus on what's important. Let me tell you a story. Nora Moreno is an entrepreneur in Cali, Colombia, helping other women who are using knowledge passed down through generations and indigenous materials to make products from accessories to wallets to handbags and to do so sustainably. She took part in our e-commerce program organized by ITC, SheTrades Latin America and EcomConnect. So she would have the digital skills and approaches to reach more entrepreneurs and further our field. And here's this thing with stories like Nora's. You can see that for each woman entrepreneur you support via the digital economy, you open the door to helping many more women as they achieve their business dreams and make their communities better. Every dollar that supports women entrepreneurs has an impact that multiplies and ripples across communities, regions, and the world at large. In fact, women are creators. You know that, right? We multiply. I mean, I don't want to be professional. So what's it called? Politically incorrect. But it's true. We multiply. It's what we do. And so once you give us something, we're going to multiply it and make it better. In fact, many of the new digital tools and technologies at our disposal are already helping us close the gender finance gap. For instance, SheTrades now uses an online platform where women can see what financing options exist locally, what these require, and then make the connections with the right capital providers for their needs. This new WTO ITC fund is the next stage in our commitment to close the gap that women-led businesses face for good to help ensure that women are not cut off from the digital economy but can instead shape it for the better.

The World Trade Organization and the International Trade Centre launched a $50 million global fund to help women tap into opportunities in international trade and the digital economy.  

WTO, ITC launch $50mn fund for women exporters

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WTO, ITC launch $50mn fund for women exporters

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