Egypt Independent

IFC’s clients boost financing for smaller businesses in MENA

The International Finance Corporation (IFC), a member of the World Bank Group, has announced in a statement that it helped its client banks increase financing for smaller enterprises in the Middle East and North Africa (MENA) in 2014 by more than 60 percent in order 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 MENA region in 2014, up from 2.3 million loans in 2013, the statement said.
The total amount of MSME loans stood at US$19.7 billion, compared to $14.1 billion the previous year, IFC added.