Female-led startups raise $5.6m with Worldbank’s We-Fi program

December 08, 2023 (MLN): Female-led startups part of the World Bank Women Entrepreneurs Finance Initiative (We-Fi) program has raised over $5.6 million, Finance Minister Dr. Umar Saif stated while addressing the closing ceremony of the We-Fi.

The World Bank’s We-Fi program in Pakistan targets working with Women-led small and midsize enterprises (WSMEs), business support organizations, and investors, with the goal of better-integrating WSMEs into the entrepreneurship ecosystem and addressing the gender gap in Pakistan’s economy.

The key objectives of the program are to increase the number of women entrepreneurs receiving early-stage finance and using platforms to access markets, increase WSME awareness of available entrepreneurship support, and enhance the capacity of entrepreneurship service providers to reach and support WSMEs.

The expected impact of the program is to improve the investment readiness of WSMEs in Pakistan, remove gender bias among investors, and increase their willingness to extend capital to WSMEs.

With access to capital, high-potential businesses are expected to experience growth and provide employment opportunities for Pakistan’s growing female labor force.

The project will demonstrate entrepreneurship as a viable income-generating opportunity.

Umar Saif further added, "Investing in female decision-makers and female entrepreneurs is an obvious thing to do, and you can't go wrong with this, especially in a country like Pakistan."

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