Canada investment of $ 20 million for women in business

News 8 July, 2017
    The prime minister of Canada, Justin Trudeau, participates in the G20 Summit in Hamburg, Germany.

    QMI agency

    Saturday, July 8, 2017 08:32

    Saturday, July 8, 2017 08:32

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    HAMBURG | At the G20 Summit, the prime minister Justin Trudeau has announced, Saturday, that Canada will contribute $ 20 million to support a world Bank initiative for women entrepreneurs.

    The initiative Women Entrepreneurs Finance (We-Fi) aims to assist businesses owned by women and run by women in developing countries, in order that they access to the resources they need, particularly in terms of financial and technical assistance.

    “Our government is determined to help women obtain the tools that will enable them to succeed as entrepreneurs and leaders. This significant investment will help the women in developing countries to create jobs, build economies, from which everyone can benefit, and to enjoy equal opportunity and real success”, said Justin Trudeau in a press release.

    The initiative We-Fi will have a budget of 200 million us dollars in donor funding and wishes to obtain an additional amount of us $ 800 million in private capital.

    It is the world Bank that have the task of ensuring that these funds are used to meet the needs of women entrepreneurs. The initiative will target small and medium-sized enterprises (SMES) and will invest in other projects and programs that support women in business.

    It is estimated that approximately 30% of the companies formally registered in the world are held by women. Yet, 70 % of SMES, women in developing countries face a refusal on the part of financial institutions or are unable to obtain financing terms that meet their needs.