Expanding Access to Financing for Micro, Small, and Medium-Size Enterprises in Russia by Leveraging Innovative Financial Solutions : Policy Note
The development of micro, small, and medium-size enterprises (SME) in Russia is a priority of the Russian government, which emphasizes the need of improving SME access to finance, along with other critical factors for SME growth. The objective of t...
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| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/472041568299884978/Expanding-Access-to-Financing-for-Micro-Small-and-Medium-Size-Enterprises-in-Russia-by-Leveraging-Innovative-Financial-Solutions http://hdl.handle.net/10986/32405 |
| Summary: | The development of micro, small, and
medium-size enterprises (SME) in Russia is a priority of the
Russian government, which emphasizes the need of improving
SME access to finance, along with other critical factors for
SME growth. The objective of this policy note is to inform
the Russian policy-makers about options to enhance their
measures for improving SME access to finance, as a part of
the overall government objective to increase the
contribution of SMEs to the Russian economy. The policy
note’s audience is a broad group of Russian stakeholders,
specifically economic policy makers and financial sector
regulators, as well as SME support and development
institutions, the financial sector, and the private sector.
The policy note aims at informing the Russian stakeholders
about: (1) alternative and complementary approaches to
subsidized financing of SMEs, including policies to support
development of an ecosystem of financial providers and
innovative products, and (2) the evolving role of the SME
development institutions in creating new markets for SME
finance and crowding in private sector finance. The policy
note has six chapters. Chapter one is the introduction.
Chapter two provides an overview on SME access to finance in
Russia. Chapter three discusses the development of the
non-bank SME financing ecosystem in Russia by focusing on
the regulatory approaches to non-bank financial institutions
and products, drawing upon relevant international
experience. Chapter four reviews international approaches to
key challenges and policy responses for developing non-bank
finance instruments for SMEs. Chapter five looks at the role
of the SME development institutions in Russia and puts their
activities in the context of international best practices.
Chapter six concludes with recommendations on further
enhancing SME access to finance. |
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