Press release | Date: 2017-07-11 | Office of the Prime Minister| No: 72
Norway is providing NOK 90 million to a new fund that aims to strengthen entrepreneurship among women. The fund, which will be administered by the World Bank, is being launched at the G20 Summit in Hamburg, where Norway is participating as a guest country.
‘Giving women better opportunities to take part in working life is important for their position in society and for the national economy. By supporting innovation and women business owners, we are also helping women to get their fair share of economic growth,’ Prime Minister Erna Solberg said.
The Women's Entrepreneurship Facility will provide technical and financial support to women entrepreneurs and businesses owned by women in developing countries. The objective of the fund is to improve women’s access to capital and to expand their economic opportunities. Prime Minister Solberg and Minister of Finance Siv Jensen participated in the launch of the fund at the G20 summit.
‘Entrepreneurship and innovation by women are essential for economic efficiency and welfare. We must provide conditions that make it easier for women in developing countries to participate in working life. In Norway, we have seen that social schemes such as child care are crucial in order for women to have gainful employment,’ said Minister of Finance Siv Jensen.
The fund aims to mobilise up to USD 1 billion, with Norway providing up to NOK 90 million over a three-year period. Other countries that have committed to supporting the fund include Australia, Canada, Denmark, the United Arab Emirates, Saudi Arabia and the US. The fund is also open to private investors.