Wyly Wade

Small business lending key to 6.5m new jobs in region each year

IFC members

Considered the lifeblood of most economies, SMEs account for nearly 90 per cent of companies in the UAE and provide about 85 per cent of private-sector employment. The growing youth population means 270 million jobs are needed in the Mena region by 2050, estimates the IFC. To meet the target, 6.5 million jobs need to be created every year until 2050, while the region’s GDP has to grow at an average of 7 per cent every year, said Jean Pierre Lacombe, the chief of global markets and financial engineering at IFC.

Small business lending key to 6.5m new jobs in region each year – The National.

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