WAEMU adopts a charter to support SMEs
It provides for the establishment of mechanisms to facilitate SMEs' access to credit.The ministers responsible for small and medium-sized enterprises (SMEs) in the West African Economic and Monetary Union (WAEMU) approved on December 18th in Lomé a community charter of SMEs.
This charter is part of the Action Programme for the promotion and financing of SMEs in the WAEMU (PAPF-PME), which aims to create a favorable environment for small enterprises and increase their competitiveness.
"The charter (Charte communautaire des PME) aims to provide SMEs with a legal and regulatory framework and to promote SMEs that make up 80 per cent of the economic fabric of the Union," said the WAEMU Commission in a statement.
It added that this initiative will boost the development of economic activities in the sub-region and, consequently, improve job creation and reduce poverty.
The charter consists of 45 items such as setting up an institutional framework for SME promotion and various measures relating to access to public procurement, taxation, innovation and research.
According to Xinhua, it provides for the establishment of specialised agencies and specific mechanisms to facilitate access to credit for SMEs.