DUBAI, February 16, 2020 — The World Bank Group announced two new initiatives to improve access to start-up financing and e-commerce markets for women entrepreneurs, at the Women Entrepreneurs Finance Initiative (We-Fi) Middle East and North Africa (MENA) Summit held on the sidelines of Global Women’s Forum Dubai 2020.
“Starting and growing a business is one of the most powerful tools for women to overcome poverty and build better lives for themselves, their families, and their communities,” said David Malpass, World Bank Group President. “Removing regulatory barriers along with obstacles to access to finance and markets can give women-led businesses the opportunity to succeed.”
We-Fi, housed at the World Bank, has so far allocated close to US$250 million to tackle challenges women entrepreneurs face in developing countries. The allocations aim to reach 114,000 women entrepreneurs. We-Fi is a powerful catalyst for additional investment, helping mobilize more than US$2.6 billion in additional public and private sector funds.
At the We-Fi MENA Regional Summit, held during the Global Women’s Forum Dubai 2020, the International Finance Corporation (IFC) and We-Fi launched the ScaleX program to incentivize accelerators to support start-up businesses led by women. IFC research shows that women entrepreneurs in emerging markets face a daunting gender finance gap with only 11% of enterprises that actually attain seed funding being female-led. New research shows that despite women leading half the start-ups that participate in accelerators—entities designed to train and support the development of start-ups to become investment ready—they continue to face greatly unequal access to capital.
The program will incentivize emerging markets accelerators to work with women-led businesses by providing performance-based payments of US$25,000 for every woman entrepreneur that raises US$1 million from investors in start-up funding.
We are launching the ScaleX program to help women entrepreneurs in emerging markets to access funding at a crucial stage to grow their businesses,” said Sérgio Pimenta, IFC Regional Vice President for the Middle East and Africa. “This is a win-win for accelerators, investors, and women entrepreneurs.”
The World Bank and UPS also announced today a new partnership to help women entrepreneurs in the Middle East and North Africa region to grow their businesses by assisting them in successfully leveraging e-commerce platforms.
“By making e-commerce platforms more accessible, this partnership addresses a key constraint faced by women business leaders in reaching new markets,” said Ferid Belhaj, World Bank MENA Vice President. “E-commerce platforms create opportunities, and we must ensure these opportunities are open to women-owned businesses across the region.”
UPS will provide e-learning modules on different e-commerce topics to help women-owned and women-led small and medium enterprises seeking to expand their businesses across borders. The project will support an estimated 750 women entrepreneurs and will train a cadre of e-commerce advisors in each country who can provide tailored assistance and coaching to businesses. The partnership will work with entrepreneurs in Algeria, Djibouti, Egypt, Jordan, Lebanon, Morocco, and Tunisia.
We-Fi has made allocations to programs being implemented by the African Development Bank, the Asian Development Bank, the European Bank of Reconstruction and Development, the Inter-American Development Bank. the Islamic Development Bank, and the World Bank Group. The World Bank and IFC We-Fi programs (US$75 million in allocations) are working with private and public partners in 24 countries via 27 investment and advisory projects to enable women entrepreneurs to access finance and markets and amplify those efforts with global research, partnerships, and policy advocacy.
Global Women’s Forum Dubai (GWFD) 2020 offers a global platform to discuss improved policies and foster partnerships that further women’s positive impact across four key areas: government, economy, society, and future. Organised by Dubai Women Establishment (DWE) from February 16-17, 2020 under the theme ‘The Power of Influence’, GWFD 2020 brings together over 3,000 attendees – including global leaders, public and private sector experts, as well as entrepreneurs, academics and students – through workshops and keynote sessions.
Dubai Electricity and Water Authority (DEWA) was formed on 1 January, 1992, by a decree issued by the late Sheikh Maktoum bin Rashid Al Maktoum to merge Dubai Electricity Company and Dubai Water Department, which had been operating independently before then. Both organisations were established by the late Sheikh Rashid bin Saeed Al Maktoum in 1959. Dubai Government fully supported the Electricity Company and the Water Department to provide Dubai’s citizens and residents with a continuous and reliable supply of electricity and water. Since then, DEWA has made considerable achievements, to be ranked as one of the best utilities in the world. DEWA provides services today to more than 900,000 customers with a happiness rate that reached 95% in 2018.
The UAE, represented by Dubai Electricity and Water Authority (DEWA), has maintained its first global ranking, for the third consecutive year, with scores of 100% in all Getting Electricity indicators in the World Bank’s Doing Business 2020 report. The report measures the ease of doing business in 190 economies around the world. DEWA achieved competitive results in global benchmarking, surpassing the private sector and major European and American utilities in efficiency and reliability. DEWA raised the efficiency of its energy production by using the latest technologies and adopting technological innovations, surpassing European and American utilities, by reducing losses from electricity transmission and distribution networks to 3.3% compared to 6–7% in the US and Europe. DEWA also achieved the lowest customer minutes lost per year (CML) in the world of 2.39 CML compared to 15 minutes in Europe and was also able to reduce water network losses to 6.5% in 2018 compared to 15% in North America, which is one of the best results in the world.