G8 Sea Island Plan of Support for Reform

Sectors : Employment and Training, Gender and economic opportunity, Financial Institutions, markets, services and microfinance, Investment
Organisation : G8
Date made: 
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Commitments in: Private Sector development and financial services for the poor - Employment and Training

“…we commit to: ...

...1.4 Enhance support for business, entrepreneurship, and vocational training programs to help young people, especially women, expand their employment opportunities, including by:

• Carrying out programs, in alliance with business partners in our countries and in the region, to provide 250,000 young people with hands-on entrepreneurial training;

• Sponsoring or supporting seminars for outstanding executives, especially women, to enhance their skills through short-term business programs and more focused, industry-specific sessions;

• Carrying out or sponsoring corporate apprenticeship programs, in cooperation with local businesses and chambers of commerce, to increase internship opportunities for the region’s young men and women;

• Encouraging exchanges of engineers and support for vocational training initiatives…”

Regional Africa

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“…Today, in the spirit of partnership and in support of reform efforts in the region, we commit to:

...1.2 Launch a microfinance initiative to expand sustainable microfinance in the region and increase financing opportunities for the region’s small entrepreneurs, especially women, including by:

• Establishing a Microfinance Consultative Group, managed by the World Bank’s Consultative Group to Assist the Poor (CGAP), that would include G-8, regional, and other donors and partners, who would meet regularly to review microfinance progress, coordinate efforts, set benchmarks, help governments in the region establish a policy environment conducive to sustainable microfinance institutions, and exchange best practices;

• Working with CGAP to establish in the region a Best Practices Training Center, which will concentrate on improving the policy and regulatory framework, disseminating best practice materials, building management capacity, and training a new generation of professional microfinance managers. The Center would draw from the Microfinance Consultative Group’s experience and guidelines;

• Launching pilot programs in the region to help small entrepreneurs open or expand their businesses and create new jobs; the microfinance institutions would use the best practices center’s training opportunities to train local managers, staff, and, if needed, government officials in “best practices;”

• In conjunction with the countries of the region, pledging to help over two million potential entrepreneurs to pull themselves out of poverty through microfinance loans over five years...”


Commitments in: Private Sector development and financial services for the poor - Investment

“…we commit to: ...

...1.6 Establish a Broader Middle East and North Africa Private Enterprise Development Facility at the International Finance Corporation (IFC) to assist the region’s efforts to improve the business and investment climate and increase the financing options for the region’s small and medium-sized businesses (SMEs), including by:
• Combining and expanding in terms of funding and geographic reach the IFC’s two regional facilities to create a new USD$100 million facility that will cover the entire region, funded by contributions from G-8 countries, countries within the region, and other donors. Our Finance Ministers will convene a meeting to this end with interested countries;

• Leveraging existing expertise, experience, and financial resources of the IFC;

• Providing technical assistance to interested countries working on improving their business and investment climate;

• Encouraging the IFC to increase the focus of its regional investment portfolio on SMEs;

• Providing an appropriate mix of technical assistance and financial instruments...

...1.8 Establish with partners in the region a Task Force on Investment, comprised of business leaders from the G-8 and the region, including from the Arab Business Council, to assist the region’s efforts to improve the investment climate, including by:
• Identifying impediments to investment;

• Recommending concrete proposals for change, and quantifying where possible likely benefits;

• Working with countries in the region interested in pursuing reforms and supporting their reform efforts;

• Reviewing and reporting on progress of reform in the region.”

Regional Africa