6th International MENA Credit Guarantee Conference 2022 | International Finance Corporation | 22 May 2022 | Virtual
Venue
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| Event Date |
Mon May 23 +03 - Tue May 24 +03 (over 2 years ago)
In your timezone (EST): Sun May 22 5:00pm - Mon May 23 5:00pm |
| Location | Virtual |
| Region | EMEA |
Details
SMEs play a crucial role in improving any economic development cycle, particularly in developing countries. However, access to formal finance is one of the major challenges. To explain, the majority of SMEs in emerging and developing economies are either unbanked or underbanked, which results in a significant credit gap. This is particularly true for countries in the MENA region.
In emerging and developing economies, access to formal finance is already one of the major constraints faced by SMEs before the outbreak. In fact, the pandemic posed challenges of scope and scale that are unprecedented in modern times. According to World Bank’s Global Economic Prospects, “the global recovery is set to decelerate amid continued flare-ups, diminished policy supports, and lingering supply bottlenecks.”
However, credit guarantee schemes (CGS) can facilitate SMEs’ access to finance and help overcome deficiencies. Enabling sustainable recovery, CGSs play an important role in rebuilding and facilitating the growth of SMEs.