The private sector engagement strategy developed by the G20’s Global Partnership for Financial Inclusion (GPFI) was submitted to G20 Leaders at their November Summit in Antalya. The strategy aims to create a strong public-private sector partnership for setting priorities and implementing reforms to advance financial inclusion in G20 and non-G20 countries.
The GPFI’s SME Finance Subgroup led the development of the strategy document, with GPFI Subgroups, Implementing Partners, and Affiliated Partners contributing.
The Private Sector Engagement Strategy provides a framework to (a) Improve coordination between the G20 and B20, (b) Use the Alliance for Financial Inclusion Public-Private Dialogue platform, (c) Ongoing and planned engagement strategies, and (d) Specific outputs/outcomes from public-private collaboration.
Key performance indicators will be determined to measure the success of the private sector engagement strategy.
During the GPFI Forum, all the GPFI stakeholders discussed the ways and means to create a strong public-private partnership to promote financial inclusion. The outcomes of the Forum fed into the GPFI’s private sector engagement strategy.
The Subgroup’s other initiative to promote private sector engagement is the conversion of the SME Finance Forum into a global membership body. The SME Finance Forum is a center for knowledge exchange, networking and good practice promotion managed by the IFC for the G20.
In order to ensure long term sustainability of its vital and beneficial services, the SME Finance Forum is transforming into a global membership organization, to be supported by dues from financial institutions, development finance institutions and fintech company members. The Forum plans to complete this transformation and achieve this model of long-term financial sustainability by December 2019. This will provide both a sustainable legacy for the Subgroup’s work and a permanent platform for public-private engagement in SME Finance knowledge sharing and good practice promotion.
The official launch of the Global SME Finance Forum took place on November 15, 2015 in Antalya during the Leaders’ Summit.