ITC and G-NEXID team up to boost South-South trade
The International Trade Centre (ITC) and the Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID) have signed a Letter of Intent (LOI) to step up collaboration between the organizations. The agreement was signed during the 11th Annual General Assembly of G-NEXID held at the Palais des Nations, Geneva, on 17 May 2016.
The agreement was signed by Ashish Shah, ITC’s Director for Country Programmes, and Bashir M. Wali of G-NEXID and will be followed by a Memorandum of Understanding that will set out the development of joint solutions to support the private sector in developing countries. The two organizations first started together in 2005, immediately after G-NEXID was established.
Commenting on the agreement with G-NEXID, Mr. Shah stressed the importance of small and medium-sized enterprises (SMEs) and their role in ensuring inclusive growth in developing countries. He also emphasized the need to overcome the challenges faced by SMEs in expanding their operations, including access to finance, and said that this renewed partnership would aim to overcome such barriers.
‘G-NEXID is a natural conduit for ITC to help develop and foster partnerships with its partners. Creating synergies among our two institutions will enable us to jointly contribute to increasing South-South trade and investment, and help bring about inclusive and sustainable economic growth in developing countries,’ Mr. Shah said, adding that more initiatives will be developed in the future.
Mr. Shah highlighted how ITC’s Access to Finance for SMEs Programme has helped bridge the financing gap between demand and supply or SMEs and financial institutions by ensuring that businesses have become more creditworthy, and how financial institutions have received support to better respond to the needs of SMEs and design credit-mitigation solutions for businesses.