The UAE announced allocating $5 million to a $50 million fund set up by the World Trade Organization (WTO) to help female entrepreneurs.

The fund, launched on Sunday ahead of the 13th WTO Ministerial Conference 2024, is to help female entrepreneurs in developing countries to export more using the opportunities offered by the digital economy.

The UAE’s decision on contribution to the fund was announced by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chair of the conference for the 13th ministerial conference.

“The WTO’s Women Exporters In Digital Economy Fund allows us to celebrate the invaluable contribution of women entrepreneurs and women-led businesses around the world and to recognise the critical role they play in driving economic growth,” the minister said.

The new fund aims to unlock the power of the digital economy, helping women exporters overcome financing hurdles and capture untapped opportunities.

“This initiative embodies our collective commitment to empowering women,” Okonjo-Iweala, Director-General of WTO, said while launching the fund.

“It’s a crucial step towards addressing the financing gap faced by women entrepreneurs, who are key drivers of economic growth and development,” he said.

Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, on Sunday also announced that the UAE will provide a $10 million grant to support a number of key initiatives of the WTO.

Al Nahyan said that the grant to be provided by the UAE will be allocated to the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund that will be launched during MC13.