Report on Support to SMEs in Developing Countries Through ...

1 Report on Support to SMEs in Developing Countries Through Financial Intermediaries November 2011 C O P E N H A G E N D A K A R G E N E V A J O H A N N E S B U R G M U M B A I N A I R O B I N E W YO R K S A N F R A N C I S C O S A N T I A G O W A S H I N G T O N D C 2 TABLE OF CONTENTS FOREWORD 3 EXECUTIVE SUMMARY 4 METHDOLOGY 5 INTRODUCTION TO SMES 6 THE SME SECTOR IN THE GLOBAL ECONOMY 7 THE IMPACT OF ACCESS TO FINANCE ON SMES 9 IMPLICATIONS OF SME GROWTH FOR DOMESTIC ECONOMIC DEVELOPMENT 13 BARRIERS TO FINANCE FOR SMES 17 THE ROLE FOR IFIS IN SME FINANCING 25 RECOMMENDATIONS AND ADDITIONAL RESEARCH 30 ANNEX I COMPARISON OF INVESTMENT STANDARDS ACROSS IFIS 32 ANNEX II STEERING GROUP 37 ANNEX III LITERATURE OVERVIEW OF SME INVESTMENT 39 3 FOREWORD The development community has long upheld that a thriving private sector is essential for economic development. SMEs play an instrumental, but often under-recognized, role in private sector growth.

5 European Commission, 2003, Extract of Article 2 of the Annex of Recommendation 2003/361/EC 6 The lack of a common definition has an effect on the eligibility of SME intervention schemes. For example, the Ghanaian definition allows support to all but 127 firms in the country (DEG Atrium dialogue on promoting SME)

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