We recognize that micro, small and medium-sized enterprises, particularly those that are women-owned, often have difficulty in obtaining financing. To encourage increased lending to micro, small and medium-sized enterprises, financial regulations can permit the use of collateral substitutes, create appropriate exceptions to capital requirements, reduce entry and exit costs to encourage competition and allow microfinance institutions to mobilize savings by receiving deposits. We will work to strengthen the capacity of financial institutions to undertake cost-effective credit evaluation, including through public training programmes, and through establishing credit bureaux where appropriate. National development banks, credit unions and other domestic financial institutions can play a vital role in providing access to financial services. We encourage both international and domestic development banks to promote finance for micro, small and medium-sized enterprises, including in industrial transformation, through the creation of credit lines targeting those enterprises, as well as technical assistance. We welcome the work of the International Finance Corporation and other initiatives in this area, and encourage increased capacity-building and knowledge-sharing at the regional and global levels. We also recognize the potential of new investment vehicles, such as development-oriented venture capital funds, potentially with public partners, blended finance, risk mitigation instruments and innovative debt funding structures with appropriate risk management and regulatory frameworks. We will also enhance capacity-building in these areas.

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