Financial institutions push for higher global participation of youth and women-led firms

Absa, one of South Africa’s five biggest banks, is among financial institutions driving the Business 20 (B20) push to expand the participation of women and youth-led micro, small and medium enterprises in the global economy.

- Brian Sokutu

Business 20 is the official G20 dialogue forum with the global business community, providing a platform for policy recommendations.

Working in partnership with the B20 trade & investment taskforce, the bank said this week it was happy with the release of a special report on inclusive trade in Africa, which identified a glaring gulf in regional and global participation of the micro, small and medium enterprises in the global economy.

The trade and investment taskforce’s recommendations included:

1. Expanding and diversifying trade finance access, by developing blended and risk-sharing instruments tailored for micro, small and medium enterprises — including invoice factoring, asset backed lending, credit insurance and regional guarantee schemes.

2. Developing an integrated micro, small and medium enterprises export pipeline connecting entrepreneurial support organisations, virtual support organisations and trade promotion agencies, to create a seamless pathway from incubation to export readiness.