World Bank president Jim Yong Kim announced the donation from both oil-rich Gulf states on Sunday, during a meeting between Ivanka Trump and a group of Saudi women, a member of the US delegation said.
The idea of a fund providing microfinance to women in underdeveloped countries was floated by President Donald Trump's daughter and German Chancellor Angela Merkel during a conference in Berlin last month.
Kim said the donation along with other pledges from the United States and other countries will allow the World Bank to announce the creation of a $1-billion fund for women empowerment during the G-20 summit in July.
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"This is really a stunning achievement. I’ve never seen anything come together so quickly," he commented, according to the source.
The US president flew to Israel on Monday after a two-day stay in Saudi Arabia, which he chose for his first foreign trip since taking office in January.