The 2024 MSME Day offers an opportunity to discuss and exchange ideas on how Key stakeholders, including policy makers, large companies, financial institutions, and the international community can support micro-, small and medium-sized businesses to advance the 2030 Agenda and contribute to achieving the SDGs, including poverty eradication and decent work for all.
The session organized jointly by various UN agencies on 27 June 2024, 10:00 – 12:00 PM EDT (UNHQ, Conference Room 5) will explore ways that MSMEs, a sector that represents over 90 per cent of all businesses globally, can meaningfully contribute innovative solutions to the challenges of our time and drive forward inclusive growth and shared prosperity. However, as revealed by the Global Sustainable Development Report (GSDR) 2024, not all MSMEs, especially those in developing countries, have fully recovered from economic shocks of the Covid-19 crisis.
The fact that many MSMEs are in the informal sector is an impediment to long-term sustainable and inclusive economic growth prospects.
To realize the full potential of MSMEs, governments must take action to ensure an enabling policy environment for MSME innovation, MSME formalization and growth, including by improving their access to finance, technology and know-how. As the sector closest to local communities, MSMEs are essential for creating local jobs, empowering women, youth, persons with disabilities and other groups in vulnerable situations. Commemorating MSME Day is a recognition that this vital sector at the heart of our societies has tremendous potential to unlock critical pathways to accelerate SDG progress across the globe.
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The SME Finance Forum and our contribution to UN SDGs
The SME Finance Forum, backed by G20 and IFC/World Bank, is the leading global network of 300+ members/affiliates operating in 190 countries. Our network comprises of SME focused institutions providing and enabling finance and services- banks, non-banks financial institutions, fintech, payment platforms, development institutions, credit guarantee companies, insurers, investment funds, supply chain linked players, banking and SME associations, policy advocates, regulators, academia, consulting houses, knowledge aggregators.
Through our network, we contribute to SDG 8: Decent work and economic growth and SDG 9: Industry, Innovation and Infrastructure.
Our members serve 33 million MSMEs clients, providing more than US$140 billion in financing, managing a total assets of more than US$7.9 trillion.
In addition, through our innovation hubs we faciliate product Innovation, and best practice transfer for SME focused institutions to help them with:
Women’s Entrepreneurship Finance // Gender Equality - SDG 5
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In its resolution A/RES/71/279, the United Nations General Assembly designated 27 June as “Micro-, Small, and Medium-sized Enterprises Day” to raise public awareness of the tremendous contributions of micro-, small and medium-sized enterprises (MSMEs) to sustainable development. Further, the General Assembly, invited Member States to facilitate the observance of the Day by fostering policy discussions, practitioner workshops, sharing of experiences and business owner testimonials from around the world.
