Small and Medium-Sized enterprises (SMEs) make up a large majority of businesses globally and play a crucial role in global economic development through job creation, economic growth, and innovation. For the health of the global economy, it is imperative that they have access to the needed credit to grow and expand. Credit infrastructure (CI) remains an important element in ensuring that SMEs (and others) have access to credit when needed and at the lowest possible cost. The G20 countries have committed to implementing reform in the three CI areas based on this baseline report and to monitor progress every two years. Aimed at capturing the strengths and areas of improvement for the G20 countries in each of the areas of credit infrastructure (CI), this report is expected to be used as the initial benchmark to compare against progress of G20 in the areas of credit reporting systems, secured transactions and collateral registries, and insolvency regimes in 2019. Interested non-G20 countries, which have been increasing access to finance for SMEs, as a national priority are welcomed to join the effort to carry out the self-assessment and embark on reforms as well. While progress has been made over the years, there is room for improvement where results showed some inconsistency between and within thegroups as described in the respective sections.
Implementing Partners of the GPFI with operational expertise in credit reporting systems, secured transactions and collateral registries and insolvency regimes could potentially offer support to G20 and willing non-G20 countries in conducting more in depth assessments and the implementation of such reform.
GPFI – G20 AP SME Financing Self Assessment Consolidated Report (1)
G20 Leaders Welcome the 2017 G20 Financial Inclusion Action Plan
At the G20 Leaders Summit held in July 7-8, 2017, in Hamburg, Germany, the G20 Leaders welcomed the updated G20 Financial Inclusion Action Plan (FIAP) and expressed overall support of the ongoing work of the Global Partnership for Financial Inclusion (GPFI) in their Communiqué. The 2017 G20 FIAP serves as framework and substantive basis for the activities of the GPFI. New key features of the 2017 G20 FIAP include the alignment with the 2030 Agenda for Sustainable Development, mainstreaming the digital dimension of financial inclusion and the reflection of forcibly displaced persons as a new vulnerable group while maintaining the focus on women, youth, rural areas and other vulnerable and underserved groups. In addition, the new comprehensive accountability framework includes measurable indicators to determine progress over the years.