WUSME at the 39th session of UNCITRAL WORKING GROUP I (MSMEs)

A WUSME delegation attended virtually the 39th session of UNCITRAL (the United Nations Commission on International Trade Law) Working Group I on Improving MSMEs’ Access to Credit which took place in New York, February 13-17, 2023, at the UNHQ. The WUSME delegation composed by WUSME President Mrs. Barbara Terenzi, Directors Dr. J.S. Juneja and Mr. Kumar, and WUSME Ambassador in Chile Mr. Alessandro Bozzo, followed the proceedings and discussions held by the Delegates of the Member Countries on a draft Guide on access to credit for micro, small and medium-sized enterprises (MSMEs) to be submitted to the Commission in July. As stated in the document, access to finance (e.g. credit, savings, payment, insurance) is essential for MSMEs throughout their life cycle. It enables entrepreneurs to start, innovate, improve efficiency and productivity and eventually expand their businesses. As noted by the World Bank, lack of or limited access to finance is the second most cited obstacle small businesses face in emerging markets.In particular, access to credit enables MSMEs to make productive investments, which are instrumental in generating income and gaining access to additional resources. Various factors may affect access to credit and the type(s) of available credit, including age of the enterprise, gender of the entrepreneur, account history of personal and business bank accounts owned by the entrepreneur, and availability of business records. (photos by UNCITRAL media)