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Capacity4dev Team created a new Article 27 October 2011
More aid contracts being won locally could boost development and job creation in partner countries, according to a new report by the European Network on Debt and Development, Eurodad.
With countries like Myanmar approaching critical points of no return in their economic and social development, financing and support mechanisms must promote sustainable and socially-responsible growth. “We are open for business – but not at all costs,” said Aung Tun Thet, the Economic Advisor to the President of the Republic of the Union of Myanmar, “We will dictate the kind of investment we want.”
SMEs in developing countries face significant financing challenges due to the lack of appropriately-sized loans available to them. Needs on either end of the spectrum are – relatively – better addressed; large firms have a variety of mechanisms to choose from and grassroots initiatives fill the gap on the microfinancing end. The funding gap for SMEs, however, is estimated by the International Finance Corporation to be at least $2 trillion, with more than 200 million SMEs in need of a loan or overdraft.