IFC and SME Finance Forum to tackle US$331 billion SME financing gap in Africa

ifc

The International Finance Corporation (IFC) and Small and Micro Enterprises (SME) Finance Forum propose a solution that will solve Sub-Saharan Africa’s small and medium enterprises (SMEs) $331 billion gap.

Microentrepreneurs and small and medium enterprises are leading employment in Sub-Saharan Africa and contribute significantly to economic growth. But, their development is constrained by limited access to finance and markets. In Sub-Saharan Africa, there are at least 44 million formal MSMEs, 51% of which require more finance than they can access to grow their businesses. The SMEs have benefited enormously from the revolution in digital finance in the region, and now require more innovation and targeted approaches to meet the funding gap.

Source: New Business Ethiopia

 

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