ADFIMI-ODB Joint Regional Seminar on “SME Development”, Muscat, Oman
SMEs are a fundamental part of the economic fabric in developing countries, and they play a crucial role in furthering growth, innovation and prosperity. More than 95% of enterprises in the Organisation for Economic Co-operation and Development (OECD) area are SMEs. These enterprises account for almost 60% of private sector employment, make a large contribution to innovation, and support regional development and social cohesion.
Financial constraints are higher in developing countries in general, but SMEs are particularly constrained by gaps in the financial system such as high administrative costs, high collateral requirements and lack of experience within financial intermediaries. Increased access to finance for SMEs can improve economic conditions in developing countries by fostering innovation, macro-economic resilience, and GDP growth.
Increased SME growth has a direct effect on GDP growth due to increased output, value added and profits. SME growth also impacts GDP indirectly, through increased innovation and macro-economic resilience of the overall economy. Although nearly half of all start-ups will fail within 5 years, a few of them will grow to become large firms, and replace incumbents. This process yields positive structural changes to the economy, can lead to large productivity gains, and is shown to be linked to GDP growth.
Finally, a stronger SME sector can bolster a country’s resilience by broadening and diversifying the domestic economy, thereby reducing the vulnerability to sector-specific shocks and fluctuations in international private capital flows.
ADFIMI will organise a seminar in collaboration with Oman Development Bank in order to review the state of SME Development and Finance, exchange information among NDFIs of IDB member countries.
In order to be considered eligible to apply, you must fulfill all of the following criteria:
- Participants are responsible of making their own visa arrangements through Omani Diplomatic Missions in their country. However, Oman Development Bank will assist with the visa applications for those who need it.
- Good Command of English Language is necessary
- There is NO Registration Fee.
- Accommodation and Travel costs will be covered by the participants themselves.
Participants are requested to respond as early as possible, preferably before 26 January 2016 in order to secure a place in the seminar.
All details and general conditions are given in the Aide Memoire.
It is highly recommended to fill in the Application form electronically through ONLINE APPLICATION FORM
For additional information contact:: [email protected].