The ‘Ivanka Fund’ drops Ivanka
Friday, August 4, 2017
Ivanka Trump, daughter of the United States president, will have no official role in the so-called “Ivanka Fund” for women entrepreneurs, World Bank officials told Devex, despite earlier suggestions that she could.
Ms. Trump’s role in the creation of the World Bank-administered facility — officially known as the Women Entrepreneurs Finance Initiative, or We-Fi — has been controversial. The bank has previously suggested she would be a figurehead for the fund, and delegates at the recent Chatham House 2017 International Policy Forum, which was attended by World Bank officials, told Devex there had been talk of a possible board position for Ms. Trump. However, it would be unprecedented for a World Bank financial intermediary fund such as We-Fi — which has so far raised $325 million from 13 government donors — to include a White House official in a governance or fundraising role.
Ms. Trump currently works in the White House as adviser to the U.S. president in an unpaid federal capacity. She developed the idea for the fund alongside the World Bank, and is reported to have been instrumental in securing commitments to it from Saudi Arabia and the United Arab Emirates — both controversial for their track record on women’s rights — during an official trip to the Gulf in May. She also recently posted on her Facebook page about high-level talks on the fund. But officials now say she will play no formal role.