Trump pledges $50 million for global women's business effort advocated by daughter Ivanka

HAMBURG — President Trump lent his support to a global women's entrepreneurship initiative championed by daughter Ivanka Trump on Saturday, pledging $50 million from the United States to jump-start the effort.

"By investing in women around the world, we're investing in families, we're investing in prosperity and we're investing in peace," Trump said at the G-20 summit in Hamburg, where leaders of the world's largest economies embraced the World Bank-led program.

The Women Entrepreneurs Finance Initiative, or We-Fi, will provide loans, mentorship and other services to small businesses run by women around the world, and especially in its poorest countries. The World Bank is seeking $1 billion in pledges.

German Chancellor Angela Merkel, who hosted world leaders for two days of meetings in this German port city, said the program will be one of the most lasting accomplishments of the summit.

“If everything went so quickly by the World Bank as the creation of such a fund, we'd have more success on the international stage,” she said.

Trump cast the effort in both moral and economic terms, saying that including more women in the workforce would also provide "a lot more competition for people like me, prior to becoming a politician." 

"That's a lot of competition," he said. "Talented competition."

But Trump also used the event to showcase his daughter's personal involvement in the project, calling her a "forceful advocate" for women in the workplace.  

"I'm very proud of my daughter Ivanka, always have been from day one, I have to tell you that," Trump said. "If she weren't my daughter it would be so much easier for her. It might be the only bad thing going for her, if you want to know the truth."