The Autumn Academy 2024 “Opening New Horizons for CGIs Through Communication”, took place in Cairo, Egypt, on October 22nd and 23rd, 2024.
It was organised by the Euro-Mediterranean Guarantee Network (EMGN), led by the Euro-Mediterranean Economists Association (EMEA) in collaboration with The Change Initiative and TEDx Ambassador (TED), Coach and Presenter at TED & TEDx, Mr. Ajit Sharma. The Academy was hosted by CGC Egypt, a Credit Guarantee Company in Egypt, and a member of the EMGN Network.
The main aim of this academy was to enrich participants’ knowledge and share operational challenges & best practices among CGS (Credit Guarantee Schemes) to enhance their communication strategies towards stakeholders. This academy program prioritised peer-to-peer learning, with EMGN members exchanging methodologies and practices, and included presentations and roundtable discussions on common challenges such as raising awareness of their product among MSMEs, CGS relationships with banks, international development agencies and regulators.
The Academy opened with welcome addresses by Ms. Nagla Bahr CGC BoD Executive Board member and Chairwoman of EMGN and an introductory speech on the importance of good communication for Guarantee Funds by Prof. Rym Ayadi, Founder and President of the Euro-Mediterranean Economists Association (EMEA).
Prof. Rym Ayadi highlighted in her speech that “effective communication is the cornerstone of any successful guarantee scheme. By fostering transparency, simplifying access, building trust, and improving reporting these institutions can serve to empower MSMEs across the Mediterranean to unlock their full potential. EMGN stands at the forefront of this mission, bridging the knowledge gap and promoting cooperation across the region to ensure that no business is left behind.”
On-site were present 24 Members of EMGN, external participants, and associates including representatives for Tamwilcom Morocco, CGC Egypt, LGF Libya, JLGC Jordan, AECM Brussels, Kafalah Saudi Arabia, HDB Greece, CGCI Algeria, and guest speakers from GiZ and from Banque du Caire. Online where connected colleagues from the YLG Yemen Loan guarantee, and additional participants from CGC Egypt.
The Autumn Academy 2024 received remarkable ratings from its participants with an average overall score of the thematic session of 4.53/5, and an overall score of the organization of the academy of 4.67/5
The Autumn Academy 2024 closed with the concluding remarks and the presentation of participation certificates by Ms Nagla Bahr, CGC BoD Executive Board member of CGC Daman Egypt and Chairwoman of EMGN
Key highlights from the EMGN Autumn Academy 2024 training workshop:
- Several megatrends are shaping the future of communication including; digital transformation, sustainability and social responsibility, globalization, and data privacy. Credit guarantee institutions (CGIs) can adapt their communication strategies in response to the identified megatrends to effectively navigate the changing communication landscape and better serve their clients and stakeholders.
- Effective communication with SMEs requires a clear understanding of their unique barriers, such as limited financial literacy, access to information, and comprehension of available financial products. Tailored messaging should prioritize simplicity and actionable insights, clearly demonstrating how financial services and development initiatives can drive SME growth. Additionally, implementing adaptive strategies that incorporate feedback allows for ongoing refinement of communication efforts.
- Success stories and testimonials are essential for a value-based approach, illustrating how credit guarantee programs help businesses solve problems and achieve better results. They provide social proof and credibility, fostering trust while offering emotional appeal and inspiration. Additionally, these stories help overcome objections and reduce perceived risks by showcasing the real-life benefits and outcomes of these programs.
- Tamwilcom shared their good practice of communication strategy which involves collaborating with partner financial institutions to provide comprehensive information and training on products and procedures. Raising awareness among eligible beneficiaries about available guarantee and financing options. Additionally, supporting local institutional players further amplifies impact and fosters collaboration within the community.
- CGCI also shared their experience in enhancing communication with banking partners through modern digital channels. This includes providing real-time information on guarantee products, events, and news via a dedicated website, maintaining an active presence on social networks like Facebook and LinkedIn, and conducting targeted email campaigns with regular updates for partner banks.
- From the banks’ perspective, to enhance communication and collaboration, CGIs should consider utilizing digitized communication channels (such as digital platforms, big data, AI, and advanced data analytics), providing capacity-building for bank staff, simplifying their processes, and tailoring their products to current needs, including green finance and financing for women and youth.
- JLGC shared their experience collaborating with the Central Bank of Jordan, which contributed to the launch of several initiatives that enabled small and medium-sized companies to secure appropriate financing at lower costs and on favorable terms through various financing windows backed by JLGC guarantees.
- The future involves continued collaboration with international partners to create sustainable financing solutions that empower local businesses. However, both parties face several challenges, including differing terminology, lengthy processes, limited awareness, and regulatory barriers. To effectively communicate with development agencies, it’s essential to find common ground, use language that resonates with them, reach out to the appropriate contact person, present a compelling profile, and clearly define a specific goal.
- Finally, the academy participants were introduced to storytelling, which fosters emotional connections, simplifies complex information, engages stakeholders, and enhances message retention. It builds trust and credibility while making the institution’s vision and services more relatable to clients.
The EMGN Academy is promoted by the Euro-Mediterranean Economists Association (EMEA), the European Institute of the Mediterranean (IEMed) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). EMGN Academies are carried out as part of a project financed by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH commissioned by the Government of the Federal Republic of Germany, namely: “Innovation Fund Jobs through Trade and Investment in the Southern Neighbourhood of the EU”.
