BUSINESSMED was pleased to take part today in an online conference to explore ways to support micro, small and medium enterprises (MSMEs) in a sustainable economic recovery after the COVID-19 pandemic. The event was organized online by the Union for the Mediterranean (UfM) and GIZ.

MSMEs constitute an important part of economies and have been particularly affected by the crisis. Even before the pandemic, less than 15% of MSMEs in emerging economies had access to the resources they needed to grow and create wealth. The unmet financing needs of SMEs in developing countries are estimated at $5.2 trillion annually, and the challenges have only increased with the current situation.

The conference presented ways to help MSMEs survive the pandemic and enter a phase of sustainable economic recovery in the Mediterranean region with the aim of encouraging countries to expand the range of options available in the region and better meet the needs of MSMEs.

Speaking during the first panel, Mr TarakTawfik Vice President of BUSINESSMED said:
The acceleration of digitization has changed the way SMEs in the region conduct business and has created the need for a more robust infrastructure, as more and more business interactions are done online... as an example, the Business Country Desk platform developed by BUSINESSMED which aims to help SMEs, entrepreneurs and investors access market information and potential partners in the Euromed region.

Rich exchanges took place between policy makers from the ministries, as well as relevant academics, and various market players, including banks and microfinance institutions.