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.
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