IFC And the World Bank Sponsor Small Business Development Forum in Washington.

Business Editors

WASHINGTON--(BUSINESS WIRE)--Dec. 12, 2001

Bringing together some of the world's leading operational players in small business development to work in a new common agenda for more effective action is the objective of a global small business development forum taking place in the headquarters of the World Bank on December 12 and 13, 2001.

The two-day forum, "Partnerships for SME Development: A roundtable for discussion" hosts donor agencies from 13 countries including Australia, Austria, Belgium, Canada, France, Germany, Japan, Norway, Sweden, Switzerland, the Netherlands, the United Kingdom, and the United States, as well as representatives from nine partner organizations involved in SME financing, microfinance, and business development services including leading microfinance organizations ACCION International and FINCA International, the Latin American SME support group FUNDES International, US-based investment group Small Enterprise Assistance Funds (SEAF), and the Self-Employed Women's Association of India.

The forum is sponsored by the World Bank Group Small and Medium Enterprise Department, a joint initiative of the World Bank and the International Finance Corporation (IFC).

It will also explore ways to build new partnerships that will expand the reach of these organizations and their benefits to the people in Africa, Latin America, Asia, Eastern Europe, and other regions, focusing on the key role they can play with people traditionally left out by globalization.

The roles of SMEs and microfinance are becoming part of the core debate in economic development, and this forum will address some of the key challenges such as the need to encourage better standards of transparency and financial best practices, commercialization of microfinance entities and the development of regulatory and supervisory frameworks and governance structures.

Peter Woicke, IFC Chief, said, "It is clear from our experience that the strengthening of small business is a critical tool for sustainable job creation and growth. This forum shows our commitment to fostering partnerships and discussions that will lead to the most effective private sector practices in the field of small and medium enterprise development".

Harold Rosen, Director of the SME Department, added that "We are anxious to work with a wide range of partner institutions in this effort to increase the effectiveness of the development community's SME support efforts."

The final discussion at the end of the conference Thursday December 13 at 4:15 PM. will be open to the press.(The World Bank, 1818 H St., NW, Washington, DC, Room MC11-570). For more information, please contact Adriana Gomez at IFC, 202/458-5204 or send an E-mail to [e-mail].