Trump pledges $50 million for female entrepreneurs

The United States President, Donald Trump, promised 50 million dollars to a World Bank Fund for female entrepreneurs in the developing world during the Group of 20 summits in Hamburg on Saturday.

The fund would “transform millions of lives, millions and millions,” Trump said, praising women with entrepreneurial spirit and joking his business career would have been more challenging if there had been more female competitors.

“When more women participate in the work force, there will be a lot more competition for people like me,’’ he said, while noting the power of entrepreneurship to lift people out of poverty.

The programme would help women in developing nations gain access to finance, markets and networks to start new businesses. “The U.S. will serve as founding member,’’ the White House said.

German Chancellor Angela Merkel had enlisted Trump’s daughter, Ivanka Trump, to advance the effort. The president said he was proud of his daughter’s work, adding that the fact he is her father “might be the only bad thing she has going.”

“Empowering women is a core value that bonds us together,’’ Trump said, who came under fire during his presidential campaign for his past treatment of women, including misogynist remarks. He often retorted that he had helped women advance their careers within his company.