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.

technically advanced, filling crucial product or service niches. Others can be dynamic but high-risk, high-tech “start-ups”.10 Researchers and practitioners agree that SMEs are crucial contributors to job creation and economic growth in both high and low-income countries.11 Figure 2 - Number of SMEs by segment and formality

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