Efforts towards improving economic growth through SMEs are moving towards the Middle East and North African (MENA) territories, according to the article.
Due to the failing oil reserves and revenues, MENA governments have changed their focus towards SMEs for economic growth, through long term programs and plans.
According to the article, the SME industry in the MENA area is estimated at $1 trillion and has a vital role in promoting competitiveness, productivity and providing employment opportunities.
The MENA region has over 5.5 million MSMEs, according to the article, however they are still facing significant challenges surrounding financial inclusion. Hurdles include: financial institution lending capacity, enterprises’ creditworthiness and the availability of risk-sharing instruments.
