Saudi Arabia and the United Arab Emirates have pledged a combined $100 million to Ivanka Trump’s Female Entrepreneur Fund.
The Fund is a part of the World Bank, an international financial institution of the United Nations that provides loans to countries for infrastructure programs. The $100 million pledge is set to be announced officially this Sunday at a women’s economic roundtable discussion hosted by Trump in Saudi Arabia. Trump is accompanying President Donald Trump on his current Middle Eastern trip.
The money donated to the fund will be for the purpose of helping to support female entrepreneurs in the Middle East. The fund’s goal is to help women run successful businesses by helping them secure access to finance, markets, and networks.
Trump proposed the fund, but the White House has informed reporters that she will not be in charge of running the fund or soliciting donations. World Bank President Jim Young Kim lauded Trump’s efforts and showed his excitement.
“We thought it was a fantastic idea,” said Kim. “But we had no idea how quickly this would build.
The donation is the first in a $1 billion women’s empowerment fund the World Bank hopes to kick off this July.
“This is really a stunning achievement,” said Kim. “I’ve never seen anything come together so quickly, and I really have to say that Ivanka’s leadership has been tremendous.”
The UAE’s U.S. ambassador, Yousef Al Otaiba (https://twitter.com/yousefalotaiba1?lang=en), also showed his pleasure with Trump’s fund, issuing a recent statement.
“[The donation shows] our commitment to empowering women in our region,” wrote Al Otaiba, “and builds on the progress we have made in our country, where women play a role in every segment of society.”
Some have criticized the donation for women’s empowerment, with the announcement being made in a country that does not allow women to drive and still implements extreme penalties for women’s offenses such as stoning.
Ivanka Trump’s roundtable will look to address women’s issues in the region, with Trump hoping “to hear their experiences and discuss opportunities for women’s economic empowerment,” said the White House in a statement (http://news.wgcu.org/post/saudis-and-uae-will-donate-100-million-fund-inspired-ivanka-trump).