G20 GPFI Workshop

SME Finance Compact

Globally, about half of the world's population - 2.5 billion people - lacks access to formal financial services. Over 35 percent of small firms in emerging markets report that access to finance is a major obstacle to their operations. The G20 recognizes that increased access to finance for the excluded part of the population is crucial in reducing extreme poverty, boosting prosperity, supporting inclusive and sustainable development and social cohesion. The G20 Global Partnership for Financial Inclusion announced the SME Finance Compact in 2012 to promote innovative SME finance models that spur economic growth and create jobs. The G20 Turkish Presidency is hosting this event to provide an opportunity for G20 and interested non-G20 countries to share knowledge and discuss their national SME finance strategies. The workshop will highlight progress made by countries in line with the SME Finance Compact, invite governments to make new commitments in this regard and provide recommendations to the G20 for scaling up country-level efforts. The event is taking place in Antalya, Turkey on September 10th, ahead of the G-20 GPFI Forum and Plenary. For more details about the event, please visit the Global Partnership for Financial Inclusion website.