For the seventh year running, financial inclusion and the potential it holds for inclusive growth feature prominently in the annual G20 Leaders’ Communiqué. At the recent Antalya Summit, the Leaders welcomed the continued work of the Global Partnership for Financial Inclusion (GPFI).
Recognizing the strong role that private sector development plays in poverty eradication, the Communiqué stresses the need of all stakeholders to work together in order to promote opportunities for low-income people and communities to participate in markets as buyers, suppliers and consumers. This calls for opening up access to payments, savings, credit, and other financial services.
The G20 National Remittance Plans developed by G20 members this year include concrete actions toward reducing to five percent the global average cost of transferring remittances, with a view to align with the Sustainable Development Goals (SDGs) and Addis Ababa Action Agenda.
The Communiqué places a special focus on promoting long-term financing for small- and medium-sized enterprises (SMEs), welcoming the Joint Action Plan on SME Financing, the G20/OECD High-Level Principles on SME Financing as guidance, and the establishment of the private sector-led World SME Forum. The Forum is a new initiative that will serve as a global body to facilitate the contributions of SMEs to growth and employment.
Looking ahead to the upcoming Chinese G20 Presidency, the GPFI 2015 Progress Report, appended to the Communiqué, includes specific recommendations for the ongoing work of the GPFI.