Posted on November 26, 2020
More than a half year has passed since the SARS-CoV-2 has entered the daily lives of billions throughout the world. The global pandemic has put entire communities on the line, straining their social cohesion and economic resilience. Following the worst months of lockdown, the health and economic crisis deluged the Mediterranean region, putting a heavy burden on its most fragile communities. From an economic policy perspective, both the Northern and Southern shores of the Mediterranean have been going through convulsive periods. Governments, central banks and other financial intermediaries have been and are facing the imperative to adapt to fast-paced situations, looking for short-term remedies while planning for long-term resilience and recovery.
In this turbulent atmosphere, Mediterranean Credit Guarantee Schemes (CGSs) have played a major role. Throughout the past months, they have been working with central governments and financial institutions to provide liquidity and credit, and reframe loans’ repayments among others, They have helped to ensure business continuity for Micro, Small and Medium Sized Enterprises (MSMEs) and, consequently, they have contributed to the sustainment of many households.
The Euro-Mediterranean Guarantee Network (EMGN), has been working through the pandemic with its partner institutions to share best practices and experiences. It has created a platform for members to learn, brainstorm and think about the future of Mediterranean economic resilience. With this objective, the EMGN will devolve its first Annual Virtual Conference, “Beyond Crisis Mitigation: the Role of Mediterranean Credit Guarantee Schemes in Boosting the Post-COVID-19 Recovery” to discuss the future prospects of regional CGSs as well as possible tools to improve their impact on local economies. This virtual event, of three hours circa, will revolve around two main sessions, dealing with CGSs’ role in post-Covid-19 recovery and the possibility to implement Counter Credit Guarantee Schemes in the Mediterranean. Following the two sessions, members will be invited to join the Steering Committee meeting.