Blueprint for MSME sector development
GOVERNMENT is working with the United Nations Development Programme (UNDP) and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) to develop a National MSME (micro, small and medium enterprise) Strategy.
The National MSME Strategy that will be the blueprint for MSME sector development in the medium term and help guide policy decision making in Government, says Deputy Prime Minister and Cooperative and MSME Minister Manoa Kamikamica during the Drua innovation small grants scheme prize award event in Suva on Thursday.
“We are working with UNDP to develop a comprehensive National MSME Database that will inform the focus of the National MSME Strategy, and we are working on revising the Co-operatives Act to get more communities to collaborate and form businesses,” Mr Kamikamica said.
“We are exploring alternative and innovative forms of capital access for MSMEs through an Access to Capital Bill which is currently undergoing public consultations. This Bill will help create enabling laws to support MSMEs access alternative forms of finance through small offers, peer to peer lending, and third is equity crowd funding.
“Your Government has also completed a technical review together with the World Bank of the National MSME Credit Guarantee Scheme that was administered by the Reserve Bank of Fiji and plan to bring back a new and improved version of the Scheme to de-risk lending to MSMEs.”
Mr Kamikamica said the ministry has just recently given out $280,000 worth of MSME Fiji Grants to 10 successful MSME applicants.