The World Bank Group launched a new, expanded phase of a consultancy program that helps improve access to finance for MSMEs, create sustainable employment opportunities, and promote private sector-led economic growth in the MENA region, in partnership with the Netherlands, the United Kingdom, Sweden, and Switzerland.
According to the International Finance Corporation (IFC), about 90% of the economies of the Middle East and North Africa is represented by medium, small and micro companies, most of which are private companies as they play a pivotal role in creating a dynamic, competitive, and inclusive economy that is compatible with job creation.
The International Finance Corporation shows that the difficulty in obtaining financing limits the ability of these companies to grow, and as a result, the percentage of using bank loans among medium, small and micro-companies in the region is one of the lowest in the world.
The five-year consultative program aims to revitalize the MSME sector in Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Tunisia, the West Bank, and Gaza Strip.
Source (Youm7 Website, Edited)
