First round of funding
In April 2018, the Governing Committee made its first funding allocation to the Asian Development Bank, the Islamic Development Bank and the World Bank Group for the initial set of programs and projects approved. The $120 million allocation mobilized additional resources of $1.6 billion, surpassing We-Fi’s five-year target. 58% of funds allocated under the first round funded women-owned small and medium enterprises (WSMEs) in low-income (IDA) countries and fragile and conflicted-affected situations.
The approved programs and projects spanned across all regions. 43% of the funding was allocated to countries in Sub-Saharan Africa including: Cameroon, Cote d’Ivoire, Ghana, Kenya, Mali, Mozambique, Nigeria, Senegal, Tanzania, and Zambia. Around 26% of the funding was invested in South Asia, including Bangladesh, India, Pakistan, and Sri Lanka. Some 20% of funds were distributed in the Middle East and North Africa region, and the remaining amount supported engagements in East Asia and Pacific, Europe and Central Asia, and Latin America and the Caribbean.
The initial programs and projects are helped close to 46,000 women entrepreneurs in developing countries take their businesses to the next level.
Key elements of these programs and projects include:
- Providing comprehensive, ecosystem solutions to improve women’s entrepreneurship;
- Activities in several fragile and conflict-affected situations, including in Cote d’Ivoire, Kosovo, Mali, Mozambique, and Yemen;
- Leveraging global knowledge, data and evidence; and
- Leveraging partnerships
- Current We-Fi programs and projects