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Thursday, June 7, 2012

Finance Agenda for Small Businesses: which progress ?

The annual forum of development finance institutions is held today by IFC (a member of the World Bank Group), and European Investment Bank (EIB). This forum aims at sharing knowledge on increasing access to financial services for SMEs and making an assessment  of the G-20’s SME finance agenda.

The SME Finance DFI Meeting 2012 held by the SME Finance Working Group, a network of development finance institutions, is an annual meeting of policymakers, development practitioners, and private sector players to discuss successful SME finance models and agree on implementable actions to scale up sustainable SME finance and promote more business-friendly regulation and macro-level policy.

Access to financial services for small businesses and individuals remains a top priority for much of the developing world as 2.5 billion people still do not have formal financial services and 400 million small businesses lack the credit they need to grow—these enterprises account for nearly half the jobs created in developing countries.

The SME Finance DFI Meeting 2012 builds on last year’s meeting co-hosted by IFC and the French Agency for Development in Paris and, as such, reports on progress made on a number of key recommendations, including the creation of the new SME Finance Initiative and the SME Finance Forum. XXBackground information:

About EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its member states. It makes long-term finance available for sound investment to contribute towards EU’s policy goals. EIB, the largest international non-sovereign lender and borrower, raises the resources it needs to finance its lending activities by borrowing on the capital markets, mainly through public bond issues. 

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion.

Source  Press room - European Commission

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