(SME s) Access to Finance, Going Forward Strategy

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1 (SME s) Access to Finance, Going Forward Strategy Manal Farhan Ibrahim/Shkoukani Ministry of National Economy 23 rd March

2 The Importance of MSMEs for the Economy MSMEs are a vital means to develop markets and to create healthy employment opportunities. Creating healthy job opportunities Alleviating poverty Improving the competitiveness, innovation and efficiency of the private sector Promoting economic growth 2

3 MSMES IN PALESTINE MSMEs dominants the Palestinian economy with more than 99%, providing employment to 87% of the Palestinian people with an estimated value added of 24% excluding the agriculture sector. 45% of the SMEs are considered informal sector and employ around 28% of labour force in the private sector. 80% of the SMEs depend on the personal savings of their owners for operational and start-ups costs. Despite the high potential of MSMEs sector in Palestine, the sector has not been able to contribute significantly to the GDP and export sector. % distribution of operating establishments by Employment size groups (PCBS 2012) Enterprise classification %8 %2 %1 %0 Number of employees %89 Annual Turnover (USD) 1-4 Employees 5-9 Employees Employees Employees 50 Employees or over Definition of Small and Medium Enterprises (SMEs) Registered capital (USD) Micro 1-4 Up to 20,000 Up to 5,000 Small 5-9 From 20,001 to 200,000 From 5,001 to 50,000 Medium ,001 to 500,000 From 50,001 to 100,000 3

4 Key findings on the implementation of the Small Business Act for Europe In 2013 the European Commission, the European Training Foundation and the OECD undertook a comprehensive assessment of SME policy in MED countries, including Palestine This extensive evaluation assessed 10 dimensions of SME policy in MED countries and produced country profiles based on the assessment results. 4

5 Measured dimensions of SME policy 1. Support entrepreneurship 2. Give a 2 nd chance (bankruptcy procedures) 3. Think Small First (reduce burdens) 4. Public administration responsive to SME needs (e-government) 5. Improve access to public procurement & use of state aid 6. Facilitate access to finance 7. Benefit from Single Market opportunities 8. Access to skills and innovation 9. Eco-innovation/environment opportunities 10. Access to external markets 5

6 Palestine Vs Regional Average 10: Internationalisation of SMEs 1: Education and training for entrepreneurship 5 4 2: Efficient bankruptcy procedures and second chance for entrepreneurs 9: SMEs in a green economy 3 2 3: Institutional and regulatory framework for SME policy making 1 8.b: Innovation 0 4: Operational environment for business creation 8.a: Enterprise skills 5.a: Support services for SMEs and public procurement 7: Supporting SMEs to benefit from Euro-MED networks and partnerships 6: Access to finance for SMEs 5.b: Public procurement 6 PA Regional average

7 Access to finance Facilitate SME access to finance Algeria Egypt Israel Jordan Lebanon Morocco PA Tunisia comparable weighted averages between 2008 and

8 SMEs is experiencing series of problems affecting its competitiveness; such as: inadequate infrastructure lack of accurate information and data High cost of production lack of entrepreneurial and managerial skills among owners/managers of MSMEs High cost of starting a business Lack of adequate vocational and managerial skills Regulatory and business environments Most of MSMEs are in traditional industries and use old technology that hinders their competitiveness. limited access to markets, Limited access to external sources of finance Poor BDS for MSMEs. Lack of export credit schemes; 8

9 Facilitating SME access to finance and developing the legal and business environment The economy made progress in most of the indicators related to access to finance assessed in In particular: three credit guarantee schemes expanded their operation, the number risk capital institutions increased, and the legal framework for credit information was strengthened, with the introduction of a private credit bureau. Land registration as well as creditor rights remain major issues in the PA to improve access to finance for SMEs. 9

10 Why Access to Finance is important for Enterprise Development Finance has been identified in many business surveys as the most important factor determining the survival and growth of small and medium sized enterprises Access to finance allows SMEs to undertake productive investments to expand their businesses and to acquire the latest technologies, thus ensuring their competitiveness and that of the nation as a whole. 10

11 The way forward In General: 1. Adoption of a unified definition for SMEs 2. Strengthening the institutional framework, by moving forward with the elaboration of a multi-year SME development strategy. 3. Dialogue and partnerships between the stakeholders - The establishment of a common platform for all actors, including NGOs, donors, private sector 4. Ease doing Business in Palestine; business legislation. 5. Continue the work in strengthen SME capacities to improve their competitiveness in domestic, regional and global markets. ( Clusters, Incubators, BDS, etc..) 6. Investments in physical infrastructure and business services 7. Enhancing women s ability to participate in SME development. 8. Creation of a database for facilities extended to SMEs 9. Taking initiative to bring as many informal enterprises as possible into the formal sector. 11

12 In Access to Finance: The way forward 1. Increase banking awareness of many individuals and SMEs 2. Encourage SMEs to shift to Formal sector. 3. Provide BDS, to Strengthen the capacity of MSMEs to access financial mechanisms 4. Enacting the Moveable Assets Registry Law. 5. Find schemes to Guarantee the funds for SMEs. 6. Creation of a database for facilities extended to SMEs. 7. Create an enabling environment for the development of trade finance 8. Land registration 9. Publish toolkits in the market. 12

13 Thank You 13

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