Press Releases
print

IFC’s Clients Boost Financing for Smaller Businesses in MENA


In Cairo:
Riham Mustafa
Phone: +20 2 2461-4230
E-mail: rmustafa@ifc.org


Cairo, Egypt, November 17, 2015—IFC, a member of the World Bank Group, helped its client banks increase financing for smaller enterprises in the Middle East and North Africa in 2014 by more than 60 percent, to spur job creation and boost economic growth.

IFC’s investees provided more than 3.7 million loans to micro, small and medium enterprises (MSMEs) in the Middle East and North Africa in 2014, up from 2.3 million loans in 2013. The total dollar amount of MSME loans provided stood at $19.7 billion, compared to $14.1 billion the previous year.

Clients include Pakistan’s Bank Alfalah, in which IFC invested $66 million to help expand access to finance for SMEs, and Lebanon’s Bank Audi, a champion of small business lending, in which IFC committed $60 million for an equity stake.

Small and medium enterprises form the backbone of MENA’s economy and are a key source of jobs and economic growth, but can often struggle to reach their potential. Smaller businesses receive just 8 percent of all bank lending in MENA, with only one in five having a loan or line of credit.

IFC committed a total of $447million in the financial services sector in the region to improve access to financing for SMEs in fiscal year 2015, while also providing advisory support to increase financial inclusion and boost shared prosperity across the region.
 
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

Stay Connected
www.facebook.com/IFCwbg
www.twitter.com/IFC_org
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex
www.instagram.com\ifc_org