IFC Supports G-20 SME Finance Challenge to Provide Financial Solutions for Businesses
In Washington, D.C.:
Leila F Search
Phone: (202) 473 7511
E-mail: LSearch@ifc.org
Washington, DC, July 28, 2010€”IFC, a member of the World Bank Group, is
supporting a unique competition launched by the Group of 20 to find the best
models worldwide that catalyze finance for small and medium enterprises, aimed
at giving small entrepreneurs a chance to grow their businesses.
Only an estimated 20 percent of small firms in low-income countries have access
to credit. Small and medium enterprises are often too small to attract
commercial bank or investor interest, but too large to benefit from
microfinance products. To date, few scalable solutions to support this missing
middle tier of businesses have been found
The G-20 SME Finance Challenge is an online competition to identify
groundbreaking models that make public programs more effective in leveraging
private finance for these smaller businesses. Initiated in partnership with
Ashoka€™s Changemakers, the program also receives support from the Rockefeller
Foundation. .
€œThis is a unique opportunity for private companies and firms to find real
solutions to the financing issues that small and medium businesses face,€
said Peer Stein, IFC Access to Finance Advisory Services Leader.
Private financial institutions, investors, companies, foundations and civil
society organizations are all invited to submit proposals. Successful entries
will demonstrate innovation, leverage, scalability, social and economic impact,
and sustainability. Up to 15 winners will be invited to the November G-20
Summit in Korea to be recognized for their innovative ideas and to be connected
with donors and investors.
Rockefeller president Judith Rodin said, €œBy identifying the best financial
solutions to support SMEs, the G-20 is playing a critical role in the global
fight to create jobs and reduce poverty.€
The G-20 also is mobilizing the public share of the funding for implementing
winning proposals. In addition to IFC, the World Bank, the Asian Development
Bank, the Inter-American Development Bank Group, the African Development Bank
and the European Bank for Reconstruction and Development have indicated their
support for implementing scalable and sustainable SME financing proposals.
Entries are invited now until September 5, 2010 at
http://www.changemakers.com/SME-Finance.
About IFC
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do so by
providing financing to help businesses employ more people and supply essential
services, by mobilizing capital from others, and by delivering advisory
services to ensure sustainable development. In a time of global economic
uncertainty, our new investments climbed to a record $18 billion in fiscal
2010. For more information, visit www.ifc.org.
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