Global governance
ICC and World Bank Group join forces to empower SMEs in emerging markets
The International Chamber of Commerce (ICC) and entities of the World Bank Group have announced a strategic collaboration aiming to bolster job creation and economic resilience in emerging markets through enhanced support for small- and medium-sized enterprises (SMEs).
Formalised today at ICC Global Headquarters in Paris, the non-binding partnership sets out key areas to enable SMEs by harnessing ICC’s global network of over 45 million companies and chambers and the development expertise and reach of the World Bank Group institutions – including the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the International Centre for Settlement of Investment Disputes (ICSID).
World Bank Group President Ajay Banga said:
“Over the past year, we’ve put jobs at the centre of our global mission to end poverty. Small and medium enterprises account for nearly three quarters of employment in emerging markets. This partnership will help drive the creation of jobs by combining the power of ICC’s 45 million SMEs in 170 countries with the World Bank Group’s global knowledge, financial capacity, and public and private sector networks.”
ICC Secretary General John W.H. Denton AO said:
“ICC is uniquely positioned not only to identify the systemic barriers facing SMEs around the world, but also to deliver ways to remove them. Today we are marking a bold step forward in equipping SMEs to meet today’s economic challenges by converting the combined expertise and networks of ICC and World Bank Group into impact at scale.”
An estimated 1.2 billion young people are expected to enter the workforce in emerging markets and developing economies in coming years, yet projections suggest that only just over 400 million jobs will be created. Strengthening SMEs is vital given that they represent 95% of all firms and account for 70% of employment in these economies.
The ICC-World Bank Group agreement underscores a mutual commitment to promoting inclusive economic opportunity, enhancing the resilience of small businesses and accelerating progress toward the Sustainable Development Goals (SDGs). Initial activities will focus on trade facilitation, upskilling, digitalisation and improved access to finance with a group of pilot countries – Argentina, Bangladesh, Colombia, Indonesia, Kenya and Nigeria.
