World Bank to create fund for women, backed by Ivanka

WASHINGTON (Bloomberg) — The

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World Bank said it will start a fund to finance women entrepreneurs, an idea it developed in tandem with Ivanka Trump, the daughter of the U.S. president.

The Women Entrepreneurs Finance Initiative will make more than $1 billion available to improve access to capital for women, the Washington-based development institution said Saturday. The fund will provide technical assistance and invest in projects and programs that support women and women-led small- and mid-size businesses, said the World Bank.

The fund cements the World Bank’s ties to the Trump family at a time when President Donald Trump’s administration has questioned the wisdom of financing poor countries and emerging markets with U.S. cash.