President Trump revealed on Saturday that the U.S. will pledge $50 million to a World Bank program dedicated to women's entrepreneurship in developing countries around the world.
"By investing in women around the world, we've investing in families, we're investing in prosperity, and we're investing in peace," Trump said at a World Bank symposium in Hamburg, Germany, where he is meeting with world leaders participating in the G-20 summit. "With a $50 million commitment, the United States will continue to lead the world stage in developing policies to empower women financially in our modern economy."
The money will go towards the new World Bank Group Facility for Women Entrepreneurship. A White House official said the $50 million donation is the highest donor level, according to a press pool report. Trump will make the official announcement during an event with World Bank Group President Jim Yong Kim and world leaders.
The facility is looking to obtain $1 billion in financing to "financing to improve access to capital, provide technical assistance, and invest in other projects and programs that support women and women-led" small and medium enterprises]."
Before the president arrived at the World Bank event, his daughter and adviser Ivanka spoke briefly to participants, which included International Monetary Fund director Christine Lagarde and Kim. Ivanka has made women's empowerment a signature project of hers, attending World Bank and IMF meetings earlier in the year and co-authoring an op-ed with Kim pressing for more women in the world labor force.
The president later made an entrance with German Chancellor Angela Merkel and Canadian Prime Minister Justin Trudeu, and he complimented his daughter on her efforts.
"I'm very proud of Ivanka who has been a forceful advocate for landmark women entrepreneurs. And she worked very hard for the women entrepreneurs finance initiative," Trump said of his daughter.
Trudeu said Canada will make a $20 million contribution to the World Bank fund for female entrepreneurs.