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Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

Target 8.3

Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services

An important segment of such policies is a sound judicial and legal framework. The work of UNCITRAL on micro, small and medium-sized enterprises (MSMEs) specifically aims at facilitating the formalization and operation of such enterprises, while the work on security interests aims at increasing their access to credit at affordable rates. That work is supplemented by UNCITRAL standards and its continuing work in other areas that aim at assisting MSMEs to expand their businesses and survive in times of financial distress. By creating legal standards that foster the establishment and growth of MSMEs, UNCITRAL contributes to job creation and the preservation of employment, and to income generation in households. See also targets 8.10 and 9.3 for discussion of related issues.

Target 8.10

Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all

Inclusive and equitable finance is at the heart of UNCITRAL's work in the area of security interests. The secured financing law of many countries is out of date or uncoordinated with other laws, such as civil procedure, insolvency law and intellectual property law. As a result, secured credit is either not available or is available only to a limited extent and at a cost that is unaffordable to many (e.g. against real estate as security). UNCITRAL seeks to address these problems by creating standards to level the playing field by promoting competition among credit providers and by diversifying the assets that may be used as security, which in turn should have a beneficial impact on the availability and cost of credit to all and in particular to micro, small and medium-sized enterprises (MSMEs). See targets 8.3 and 9.3 for discussion of related issues.