Introduction and establishment of Korean guarantee insurance system to enhance financial access for MSMEs in Colombia

preparation

The general objective of this Technical Cooperation (TC) is to create and disseminate knowledge on the establishment of a comprehensive Guarantee Insurance Systems (GIS) in Colombia to provide better financial access for Micro Small and Medium Enterprises (MSMEs). The TC aims to strengthen the institutional and operational capacity of Colombian public financial institutions through knowledge creation and dissemination, which will act as key beneficiaries and implementing partners of the GIS framework. In particular, this TC have the following specific objectives: i) To model the Korean guarantee insurance system for its compatibility with Colombia, analyzing and providing recommendations on a comprehensive legal, regulatory and institutional framework to support an efficient risk sharing mechanism among public financial institutions; ii) to generate practical knowledge, promote public-private dialogue, and facilitate the development of guarantee insurance innovative solutions; and iii) To build capacities and foster regional exchange through strengthening the technical, operational and dialogue capabilities of policy makers, regulators & financial professionals in Colombia and across LAC.