MONGOLIA IS SELECTED TO IMPLEMENT WEIDE FUND PROGRAMMES FOR WOMEN ENTREPRENEURS

The Women Exporters in the Digital Economy (WEIDE) Fund, launched by the WTO Secretariat and the International Trade Centre (ITC) in February 2024, announced the selection of four pilot beneficiary countries on 7 March ahead of International Women’s Day. 

Business support organizations in the Dominican Republic, Jordan, Mongolia and Nigeria have been selected from a competitive call for proposals to implement programmes that can empower women entrepreneurs to grow their business through international trade and digitalization.

The first four partner countries, the WEIDE Fund will kick off with business plan competitions, giving women entrepreneurs a chance to access tailored financial and technical support. The first phase aims to empower 400 women entrepreneurs from these four countries, reshaping the entrepreneurial landscape of these countries and setting a new standard for inclusive economic growth. 

At the launch ceremony, WTO Director-General Dr.Ngozi Okonjo-Iweala and ITC Executive Director Ms.Pamela Coke-Hamilton emphasized that the digital trade is the fastest-growing segment of global commerce, and the WEIDE fund represents a unique opportunity for women entrepreneurs to develop their businesses, create jobs, and expand into international markets. 

The Directors extended appreciation to the United Arab Emirates and the FIFA World Cup Qatar 2022 Legacy Fund by Qatar Government and FIFA for their generous pledges and grants to the WEIDE Fund and conveyed their strong belief in successful implementation in the countries.

Ambassador and Permanent Representative of Mongolia Mrs. Davaasuren Gerelmaa extended her sincere gratitude to WTO, ITC, WEIDE Fund and donors in her remarks at the ceremony. Ambassador D.Gerelmaa proudly shared that the SheTrades Mongolia Hub, established under the Mongolian National Chamber of Commerce and Industry (MNCCI) in collaboration with the ITC SheTrades initiative, has applied among the 600 applicants to the Fund and has been successfully selected. 

According to the MNCCI, around 68% of all small and medium-sized enterprises (SMEs) are women-led in Mongolia. Established in June 2023 in Ulaanbaatar, the SheTrades Mongolia Hub, the umbrella hub for Mongolian women entrepreneurs has grown into a vibrant network of over 900 women entrepreneurs from across the country. The Hub has impressed its fruitful achievements through active engagements, including specialized training sessions, networking events, regional forum targeted at Mongolian women-led businesses in advancing digital capacity, equipping them with essential tools to thrive in the digital economy.