The Korean government has contributed an amount of $1 million to support a global finance agenda for small and medium enterprises (SMEs) led by the World Bank’s International Finance Corporation (IFC).

An agreement to this effect was on May 2, 2012 signed between the IFC and the Korean Ministry of Strategy and Finance (MOSF).

In a statement, the IFC said the funds will support operations of the Global SME Finance Forum, a collaborative knowledge sharing platform and a G-20 initiative housed at the IFC.

It will also be used to allocate grants to winners of the G-20 SME Finance Challenge, an initiative aimed at catalyzing SME financing models and best practices on a sustainable basis, the Corporation added.

“We greatly value the ongoing collaboration with the Korean government in support of SME-focused programmes in emerging markets,” said Peer Stein, IFC Senior Manager of Access to Finance Advisory Services.

By Ekow Quandzie

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