Global fund championed by Ivanka Trump to help women entrepreneurs begins operations

A global fund that aims to empower women entrepreneurs in developing countries — and which was spearheaded in part by first daughter Ivanka Trump — is now open for business.

The Women Entrepreneur Finance Initiative (WeFi), announced at the G-20 Summit in July and operable as of this week, will leverage over a billion dollars in financing for women’s small- and medium-size enterprises in the developing world, where women are often cut out from accessing loans through traditional banks or struggle to gain access to adequate financial resources.

The concept of the fund grew out of a conversation between the first daughter and World Bank President Jim Yong Kim early in the Trump administration, according to senior officials from the White House and World Bank, with the two identifying that there is not a comparable initiative. While the first daughter has no role in the running of the facility, she will continue to play an outside advocacy role going forward.