We-Fi supported programs will build the capacity of financial institutions to better serve women entrepreneurs, by providing them with access to debt, equity, venture capital, and insurance products.
All over the developing world women have successfully made it in business. But they are a small group of women —only 30 percent of formal small and medium enterprises (SMEs) around the world are owned and run by women. Women entrepreneurs face numerous challenges to financing, owning, and growing a business, including legal and policy obstacles to business ownership and development.
Women-owned SMEs in developing countries can’t get the capital they need; they face an estimated credit deficit of nearly $1.5 trillion per current estimates. It is nearly impossible to start or sustain a business without access to capital.
Lack of networks, knowledge, and links to high value markets further limit female entrepreneurship. Studies show that men have more social connections that enable them to access business opportunities, information, and contacts than do women. In this way, women are disadvantaged from the start, having fewer professional connections, role models, and mentorship opportunities, which can adversely affect their businesses in the long run.
We-Fi is changing this. Its holistic approach helps women in developing countries gain increased access to the finance, markets, and networks necessary to start and grow a business.
The Women Entrepreneurs Finance Initiative (We-Fi) – announced at the G20 Leaders’ Summit in July 2017 and launched at the World Bank – IMF Annual Meetings in October 2017 – is an unprecedented opportunity to harness the public and private sectors to open new doors for women entrepreneurs across the developing world. With funding of $354 million from 14 governments, this collaborative partnership among governments, multilateral development banks, and other stakeholders has been designed to unlock financing for women-led/owned businesses in developing countries, including in the most challenging environments. We-Fi supports women entrepreneurs by scaling up access to financial products and services, building capacity, expanding networks, offering mentors, and providing opportunities to link with domestic and global markets. It is also assisting governments in creating enabling environments for women in business.
We-Fi opened for business on October 12, 2017 and the first round of funding allocations were announced on April 19, 2018, with $120 million allocated to programs and projects implemented by the Asian Development Bank to improve the business environment for women entrepreneurs in Sri Lanka; Islamic Development Bank to complement and expand successful initiatives in Yemen, Mali and Nigeria; and the World Bank Group for global, regional and country specific activities to increase public and private sector support for women in business, with a focus on the poorest and most fragile environments. This first round of funding allocated is expected to mobilize $1.6 billion in additional resources from commercial and other sources. The first round of programs and projects are on track to create 57,400 new jobs, support 45,816 women owned/led businesses, improve sales and profits, and address a wide variety of legal and regulatory reforms.
Applications for We-Fi’s second round of funding closed on February 4, 2019, and funding decisions will be announced shortly.
Access to finance
Access to finance
Access to Markets
Access to Markets
We-Fi supported programs will work closely with the private sector to create better linkages to domestic and global supply chains for women entrepreneurs.
Access to Training, Mentoring, and Networks
Access to Training, Mentoring, and Networks
We-Fi supported programs will help build the capacity of women entrepreneurs around the world, as well as connect them to mentors and additional networks, so that they can take their businesses to the next level.
Improve the enabling environment
Improve the enabling environment
We-Fi supported programs will work with public sector actors to improve the legal and regulatory constraints that women entrepreneurs face in running their businesses.
Justin Trudeau
Prime Minister of Canada
“Canada is proud to support the Women Entrepreneurs Finance Initiative, which helps provide women in developing countries with the tools and resources they need to succeed as business leaders and make a real difference in their communities. Women entrepreneurs are vital to our ongoing prosperity. They create jobs, advance gender equality, and help build economies that work for everyone. When women entrepreneurs succeed, everyone benefits.”
H.E. Mohammed Aljadaan
Minister of Finance - The Kingdom of Saudi Arabia
“The Kingdom of Saudi Arabia’s support for this initiative is based on our recognition that harnessing the potential of women provides a transformative boost to job creation, poverty reduction, and productive economic growth. We are confident that this initiative will help other efforts to provide women with permanent economic, social and lifestyle benefits.”
Malcolm Turnbull
Prime Minister of Australia
“Getting more women engaged in work is an economic and social priority. The We-Fi will address many of the technological and financial barriers that hold back women entrepreneurs’ creative and innovative contributions to growth, resilience and stability. My government is proud to partner with the World Bank and others to help unlock this potential.”
Ulla Tørnæs
Danish Minister for Development Cooperation
“We-Fi is innovative. It’s ambitious. And it addresses a critical challenge that has to be addressed if we are to forge sustainable growth globally. By leveling the entrepreneurial playing field, we will not only experience much needed economic growth and job opportunities, we will empower women to the benefit of all. Economic empowerment of women is an aim in itself and a game-changer for development: Women hold an enormous potential that must be unleashed. When more women get equal rights, opportunities and free choice, everybody wins.”
Angela Merkel
Chancellor Merkel of Germany
“We know that countries can only succeed if women have equal opportunities and equal rights both in life and in the economy. Without equal participation of women and girls, we will not reach the Sustainable Development Goals. The We-Fi is a good step forward towards closing gaps for women in developing countries with respect to their access to finance, knowledge and networks. The decision to set up the Facility was taken at the G20 Summit in Hamburg. I would like to congratulate the World Bank on the swift launch of the We-Fi.”
Shinzō Abe
Japanese Prime Minister
“I often say that, if Lehman Brothers had been “Lehman Brothers and Sisters,” the collapse would not have happened. …I am convinced that women’s power is needed to advance economy. We also support women in starting business…Regardless of country or working area, we will support women willing to play an active part in society.”
Mark Rutte
Prime Minister of the Netherlands
“We are very pleased with the new Women Entrepreneurs Financing Initiative. The Netherlands has been at the forefront of the fight for equal rights for women for decades. Economic empowerment is the best way out of poverty, to equality and to inclusive economic growth.”
Erna Solberg
Norwegian Prime Minister
“Women’s full participation in the labour market is one of the keys to the successful implementation of the SDGs, and therefore our common responsibility. Norway is proud to support the Women’s Entrepreneurship Finance Initiative. We know very well how important women’s participation and gender equality are for economic growth. If we fail to empower women, we will pay the price and our countries’ economic performance will suffer. Successfully promoting women’s entrepreneurship will require overcoming constraints at many levels. The Women’s Entrepreneurship Finance Initiative has a vital role to play in facilitating women’s access to finance and ownership of assets.”
Moon, Jae-In
President of the Republic of Korea
“I would like to reiterate the commitment of the Government and the people of the Republic of Korea to people-centered development on the basis of gender equality around the world. In this regard, I sincerely wish this new and important initiative would bear fruit in our joint efforts to assist women entrepreneurs to achieve their dreams and thus give hope to those who are in need and under-privileged.”
His Highness Sheikh Zayed bin Sultan Al Nahyan
President of the United Arab Emirates
“Since the very foundation of the United Arab Emirates on December 2, 1971, women have been recognized as equal partners in national development.”
Theresa May
UK Prime Minister
“Gender equality cannot be achieved without women’s economic empowerment. The Women’s Entrepreneurship Facility Initiative will help marginalised women gain access to the formal financial systems, mentoring and networks needed to address the gender gap worldwide. I am proud that the UK is leading the way in addressing these gaps and is helping to build a business climate that works for women.”
Donald Trump
President of the United States
“This facility will help transform millions of lives and give new opportunities to women from around the world who are filled with entrepreneurial spirit and talent. The United States is proud to help lead such an inspiring effort, and we are excited that this facility is now up and running.”
Founding Contributors
Australia
Canada
China
Denmark
Germany
Japan
The Netherlands
Norway
Russian Federation
Kingdom of
Saudi Arabia
Republic of Korea
United Arab Emirates
United Kingdom
United States of America
Founding Contributors
Australia
Canada
China
Denmark
Germany
Japan
The Netherlands
Norway
Russian Federation
Kingdom of Saudi Arabia
Republic of Korea
United Arab Emirates
United Kingdom
United States of America
Eligible Implementing Partners
Observers
