The G20 SME (Small and Medium-Sized Enterprise) Finance Online Consultations are now ongoing through June 17 to help shape the policy recommendations of the SME Finance Sub-Group, which was launched as part of the G20 Global Partnership for Financial Inclusion to improve access to financial services for the poor. The Group of Twenty (G20) was established in 1999 to bring together finance ministers and central bank governors of “systematically important” industrialized and developing economies to discuss key issues in the global economy.
G20 members, least developed countries (LDCs), SME finance experts, development finance institutions, regulatory bodies, commercial banks, non-governmental organizations (NGOs), trade associations and others are being engaged to assist in the preparation of a draft SME Finance Policy Framework and Compact, which will be presented to address financial inclusion at the G20 Cannes Summit in November 2011.
International Finance Corporation (IFC), a member of the World Bank Group that was created to support private-sector development, is lead technical advisor to the SME Finance Sub-Group.
By Carol Kim, Research Associate
About G20: Established in 1999, the Group of Twenty (G20) brings together finance ministers and central bank governors of “systematically important” industrialized and developing economies to discuss key issues in the global economy. The G20 is made up of representatives from 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, the UK and the US. The European Union is the twentieth member of the G20.
About International Finance Corporation (IFC): A member of the World Bank Group, the IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. As of June 30, 2010, IFC reports net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent and total investment mobilization of USD 18.4 billion to 528 projects.
Sources and Additional Resources:
IFC: “G20 SME Finance Consultation: Consultation Schedule and Documents”, http://www.ifc.org/ifcext/g20ifcsmeconslultation.nsf
MicroCapital.org: “G20?s Financial Inclusion Experts Group (FIEG) Releases Nine “Principles for Innovative Financial Inclusion” at Leadership Summit in Toronto, Canada”, July 2, 2010, https://www.microcapital.org/microcapital-brief-g20s-financial-inclusion-experts-group-fieg-releases-nine-principles-for-innovative-financial-inclusion-at-leadership-summit-in-toronto-canada/
MicroCapital’s Universe Profile: G20, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=G20
MicroCapital’s Universe Profile: IFC, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
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