Globally Cool awarded new contract with World Bank
We’re super excited to announce a new project with the World Bank (WBG)! This project focuses on the implementation of a so-called ‘Access2Markets Booster hub’ for women-led small and medium-sized enterprises (WSMEs) in Lebanon. We won this new project by joining forces with Rene Moawad Foundation (RMF) and Fair Trade Lebanon (FTL), two local partners in Lebanon.
In early 2019, the World Bank and its member, the International Finance Corporation (IFC), launched the Mashreq Gender Facility (MGF), a five-year initiative with the governments of Lebanon, Iraq and Jordan to increase female economic participation in these countries. When Lebanon was hit by the economic crisis in 2019, the Port of Beirut blast in 2020, as well as the COVID-19 pandemic and ongoing country lockdowns, the MGF realized that enterprises co-owned by women were hit much harder during and post-crises.
Export readiness of WSMEs
Among other things, the WBG completed a Market Study and Positioning Strategy for Lebanese Women Entrepreneurs. The study found that exporting can be a powerful survival and growth strategy for WSMEs in particular. The study also found WSMEs lack the necessary skillsets to scale up locally and export.
Within the Access2Markets Booster hub, Globally Cool will ensure the implementation of the export readiness component of the project. This means our experts will train and coach WSMEs to position their products and services for export to regional and global markets and to improve their access to local markets via local expansion and scale-up.
About the World Bank
With 189 member countries, the World Bank Group is a global partnership fighting poverty worldwide through providing loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.
A partnership with the World Bank is something to be proud of, and we chomping at the bit to begin!