United Nations Experts Continue Developing Recommendations on Lending to Micro, Small and Medium-Sized Enterprises

16 May 2022

United Nations Experts Continue Developing Recommendations on Lending to Micro, Small and Medium-Sized Enterprises

The thirty-seventh session of the Working Group I (Micro-, Small and Medium-Sized Enterprises) of the United Nations Commission on International Trade Law (UNCITRAL) was held from 9 to 13 May 2022.

Head of the IPA CIS Model Law-Making Support Department Sergey Belousov participated in the work of the session on behalf of the IPA CIS Council Secretariat via videoconference.

During the session, members of the working group continued developing recommendations to facilitate access to credit for micro, small and medium-sized enterprises (MSMEs), taking into account the difficulties many of them face due to financial, environmental and other crises such as climate change or COVID-19 pandemic occurring locally or globally.

The developed text of the recommendations is intended both for the countries that do not have a specific legal framework facilitating access for MSMEs to credit and for countries seeking to improve their existing legislation. The recommendations are also addressed to international organizations, non-governmental organizations, chambers of commerce and other stakeholders involved in improving the legal framework for access to credit by MSMEs.

The IPA CIS and the UNCITRAL have developed cooperation for many on the development of legal instruments regulating international trade and their use in the legislations of the CIS Member Nations.