Algiers, Algeria, July 9, 2014—IFC,
a member of the World Bank Group, has joined forces with the Central Bank
of Algeria to help improve access to finance and growth opportunities for
small and medium enterprises (SMEs).
IFC held a conference and workshops in
partnership with the Bank of Algeria to explore best practice in SME banking,
including improvements to the regulations currently governing SME finance,
the existing financial infrastructure, and bank products dedicated to these
clients. While SMEs represent more than 95 percent of companies in Algeria,
at least half of that number struggle to gain access to banking services,
denying them the opportunity to help the economy grow.
Although SMEs make an important contribution
to Algeria’s GDP, as in many emerging economies, they lack corresponding
support from banks.
“SMEs still struggle to access quality
banking products in Algeria, even though they are numerous and create many
jobs,” said Joumana Cobein, Head of the Maghreb region for IFC. “This
conference brought the issue into focus, while the workshops helped participants
understand banking best practice for SMEs in emerging countries.”
IFC’s strategy in Algeria focuses on
improving the investment climate, developing the financial sector, encouraging
private participation in infrastructure, and supporting the manufacturing
and services sector.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org