The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, and the French Agency for Development hosted policymakers and representatives from several development finance institutions (DFIs) on Wednesday to discuss sustainable economic growth and finance solutions for small and medium-sized enterprises (SMEs). The SME Finance DFI meeting was held in support of an initiative of the G-20, a group of international finance ministers and central bank governors that was established in 1999, to improve access to financial services for SMEs in developing countries by bringing together microfinance professionals to share knowledge, present progress made during the year, such as reportedly improving global financial inclusion, and discuss the implementation of recommendations.
IFC’s Director for Global Finance Markets, James Scriven, supports the meetings, saying, “Increasing access to financial services for small and medium-sized businesses is a strategic priority for IFC. However it requires significant effort from public, private and social sector actors. The meeting is essential in advancing this agenda.”
By Julie Moksim, Research Associate
About International Finance Corporation (IFC): A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, debt securities, equity investments, advisory services and technical assistance intended to alleviate poverty and promote open and competitive markets in developing countries. IFC has 182 member countries that determine its policies and approve investments. In fiscal year 2009, IFC’s new investments totaled USD 14.5 billion.
About Agence Francaise de Developpement (AFD): Established in 1941, AFD is a bilateral development finance institution working on the behalf of the French government. Its public mandate is to finance development according to France’s overseas development assistance policies. In 2007, AFD committed EUR 3.5 billion (USD 4.42 billion) to 60 developing countries.
Sources and Additional Resources:
International Finance Corporation (IFC) Press Release: “IFC, Development Finance Institutions Increase Access to Finance for Smaller Businesses”, http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDoc…
MicroCapital’s Microfinance Universe Profile: International Finance Corporation (IFC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Int…
MicroCapital’s Microfinance Universe Profile: Agence Francaise de Developpement (AFD)
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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