ICC's Advisory Group on Trade Finance calls on G20 leaders to help SMEs

Tuesday 10 November 2020 14:02 CET | News

ICC’s Advisory Group on Trade Finance has called on G20 leaders to leverage trade finance to safeguard SMEs and power global recovery from the COVID-19 pandemic.

The International Chamber of Commerce has urged G20 leaders to make coordinated interventions to increase the availability of trade-related finance – given that this is a proven low-risk means of providing fresh stimulus to increasingly stretched SMEs.

ICC has further outlined additional measures that could be implemented by G20 governments to prime the supply of trade financing globally, including a scaling of publicly backed credit guarantee schemes, regulatory interventions, and export credit insurance to incentivize the provision of trade credit by commercial banks.

As the ICC’s Secretary General advises, interventions to prime the supply of trade finance should be considered by G20 governments as means of mitigating downside risks to the economy, and as low- or no-cost means to fuel a rapid and resilient recovery from the crisis. As the ICC sees it, it is vital that the leaders of the world’s leading economies seize the narrow window of opportunity to save SMEs.

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Keywords: International Chamber of Commerce, Advisory Group on Trade Finance, G20, SMEs, COVID-19, trade finance, supply chain finance, SCF
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech