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Unlocking Sustainable Private Sector Growth in the Middle East and North Africa: Evidence from the Enterprise Survey

(Luxembourg City: European Investment Bank; London: European Bank for Reconstruction and Development; Washington, DC: World Bank, 2022) World Bank ; European Bank for Reconstruction and Development ; European Investment Bank

Economic growth in the Middle East and North Africa (MENA) has been weak since the global financial crisis of 2007-09 and the Arab Spring of the early 2010s. Achieving higher and sustainable growth is particularly important in view of other economic challenges facing the region: public debt in MENA countries has increased considerably over the last decade, accompanied by declining investment. This report seeks to understand what lies beneath that relatively slow growth, with a particular focus on the reasons for stagnating productivity and inadequate accumulation of human capital and physical capital in the region’s private sector. To this end, the report summarizes the main findings from nine background papers based on enterprise survey data. It also draws conclusions for policy, not only for promoting stronger firm performance, but also for addressing the challenge of climate change by pursuing sustainable growth.
Driving Growth from the Ground Up

(World Bank, Washington, DC, 2019-10-07) Malpass, David

David Malpass, President of the World Bank Group, spoke about the urgency of growth in developing countries. He discussed innovations in digital financial services that provide secure systems to allow poor people to electronically receive remittances, foreign aid, and social safety-net payments as well as their earnings. He cautioned about the slow global growth, and it's paramount that countries carry out well-designed structural reforms to ignite domestic growth. He highlighted on the importance of a clear analysis and understanding of a country's laws and regulations and a path of reforms or catalytic investments that will expand the private sector. Finally, he concluded by saying that World Bank Group won’t give up on its main goal of reducing extreme poverty.
Financial Inclusion in Tunisia: Low-Income Households and Micro-Enterprises Snapshot

(World Bank, Washington, DC, 2015-09) Chehade, Nadine

This snapshot provides an overview of financial inclusion trends and challenges in Tunisia. It follows the recent expiration of the Coordinated Vision for the Development of Microfinance in Tunisia 2011-2014, national strategy published in 2011.
Improving the Quality of Financial Intermediation in the Gulf Cooperation Council Countries

(Washington, DC, 2015-06) World Bank Group

This engagement note provides a snapshot of financial development in the countries of the GulfCooperation Council (GCC), Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), and identifies key areas of the financial sector reform agenda where the World Bank Group (WBG) through the Finance Markets Global Practice (FMGP) can provide its support, in particular through the provision of analytical services and advisory (ASA). A key challenge for GCC countries is to diversify their economic structures, increase the role of the private sector, improve the efficiency of the government and reform the educational system and the labor market. This is essential to create employment opportunities for a young and growing domestic population. In this context, the development of an efficient, stable and inclusive financial sector is a policy objective in itself and a necessary conduit to a more diversified and productive economic system. Against this backdrop, this engagement note suggests that improving the quality of financial intermediation in GCC economies is a balancing act between enhancing access and preserving stability. Accordingly, it detects and discusses several areas of engagement for WBG which are consistent with the financial sector reform agenda of the region. In particular, based on the expertise and delivery capacity of WBG, particularly of FMGP, this engagement note suggests that WBG target ASA in the following areas: (i) financial infrastructure, particularly insolvency regimes, creditor rights and payment and settlement systems; (ii) banking competition; (iii) government debt capital market development, including sukuk; (iv) credit guarantee schemes for SMEs; and (v) macro prudential supervision.
Mauritania : Counting on Natural Wealth for a Sustainable Future

(World Bank, Washington, DC, 2014-05) Mele, Gianluca

A data set of key macro-sustainability indicators, constructed after several fact-finding missions, and World Bank methodologies on estimating wealth accounting are used to study Mauritania's wealth, which is estimated to be between USD50 and USD60 billion. The country's produced wealth represents roughly 12 percent of total wealth, much less than in lower-middle-income countries; by contrast, natural wealth represents approximately 45 percent of the total figure. Renewable resources account for slightly less than two-thirds of natural wealth, with fisheries alone equaling about one-fourth of natural wealth. This is good news for Mauritania, as sound management of these resources may ensure a constant flow of resources in the future and therefore -- with adequate policies -- the achievement of the same or higher levels of welfare for future generations. On the negative side, however, the ratio of net adjusted savings over gross national income is estimated to have been negative since 2006, meaning that the wealth of the country is being depleted. Mauritania has recently joined the ranks of lower-middle-income countries, largely thanks to its considerable natural resources endowment. Over time the mining sector's contribution to gross domestic product has grown significantly and important discoveries continue to be made. The overarching objective of this wealth accounting exercise is thus to support Mauritania to measure its assets better and achieve a more complete picture of the prospects for future income, with a view to better orienting public policies toward sustainable growth and shared prosperity. The paper concludes with several indicative policy recommendations.
Harnessing the Global Recovery, A Tough Road Ahead

(Washington, DC, 2014-04) World Bank

Many countries in Middle East and North Africa (MENA) will start to benefit from stronger external demand in the high-income economies, as the global economy is set for a rebound in 2014. After a marked slowdown in 2013, a recovery in high income economies is expected to boost global growth to 3.2 percent in 2014, an increase by 0.8 percentage points compared to 2013. Global output is expected to improve further in 2015 with real gross domestic product (GDP) accelerating to 3.4 percent in 2015. The World Bank estimates that growth in the United States (U.S.) will increase by 1 percentage point reaching 2.8 percent in 2014 and 2.9 percent in 2015; and the Euro Zone will improve to 1.1 percent and accelerate to 1.4 percent in 2014 and 2015 respectively, relative to negative 0.4 percent growth in 2013. The growth rebound in the Euro Zone is largely export led, with Germany and France continuing to expand at a solid pace, and Spain exiting recession. The world travel and tourism council estimates show that tourism revenues will increase by 7 percent in the MENA region in 2015 relative to 2014. To be sure, the global recovery is still fragile and downside risks, including continued low inflation in high-income economies, which can weaken demand and delay the economic recovery, and the escalation of conflict in Ukraine remain. This report presents the short-term, regional macroeconomic outlook, and economic challenges facing the countries in the MENA region. In this report, the MENA region is divided into three subgroups: the Gulf Cooperation Council (GCC) oil exporters, developing oil exporters, and oil importers.
MIGA Annual Report 2014 : Insuring Investments, Ensuring Opportunities

(Washington, DC: World Bank Group, 2014) Multilateral Investment Guarantee Agency

In 2014, the World Bank Group adopted a joint strategy for dealing with impediments to ending extreme poverty and boosting shared prosperity. One of the strategy’s key elements underscores the essential role private sector investment can play working alongside public sector support to bear down on the most challenging development issues client countries face, such as job creation, infrastructure deficits, and climate change. MIGA’s role has become increasingly valuable in delivering results to achieve these twin goals as demonstrated by the increased demand for our political risk insurance and credit enhancement products that facilitate the expansion of private investment into emerging markets. In fiscal year 2014, MIGA issued a record $3.2 billion in new guarantees while our gross exposure reached $12.4 billion. MIGA’s added value stems from our ability to mobilize private sector investment in environments that are often beyond the risk tolerance of commercial sources of capital. This past fiscal year, MIGA worked with various stakeholders to develop our own strategy that aligns our objectives with the World Bank Group’s twin goals and underscores our aspiration to achieve significant development impact beyond what we can do alone. To achieve this, MIGA will need to be financially sustainable by prudently managing our risks, covering operating costs, and creating financial latitude by growing the Agency’s capital base.
MIGA Annual Report 2013 : Insuring Investments, Ensuring Opportunities

(Washington, DC: World Bank Group, 2013-10-11) Multilateral Investment Guarantee Agency

In fiscal year 2013, Multilateral Investment Guarantee Agency (MIGA) issued 2.8 billion dollars in investment guarantees for projects in our developing member countries. At 1.5 billion dollars, representing more than half of new business, the bulk of MIGA's guarantees issued support investments in Sub-Saharan Africa. Sixty-nine percent of new business volume this year was in complex projects in infrastructure and extractive industries, a strategic priority for the Agency. This year, 82 percent of MIGA's new volume fell into one or more of strategic priority areas: investments in the world's poorest countries, "South-South" investments, investments in conflict-affected countries, and investments in complex projects. MIGA also established the conflict-affected and fragile economies facility to further deepen support to this priority area.
IFC Annual Report 2013 : The Power of Partnerships

(Washington, DC: World Bank, 2013-09-17) International Finance Corporation

The International Financial Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries. This report summarizes IFC’s role in helping the private sector create jobs and opportunity in developing countries. It highlights how we spur innovation, influence policy, provide a demonstration effect for others, and strive to maximize our development impact.
Implementing Consumer Protection in Emerging Markets and Developing Economies: A Technical Guide for Bank Supervisors

(World Bank, Washington, DC, 2013-08-16) Dias, Denise

Financial consumer protection regulation reflects the regulator's and policy makers' concerns with the relationship between financial institutions and their clients. Most emerging markets and developing economies (EMDEs) researched for this guide have regulated at least one financial consumer protection topic. Each detail in the regulatory requirements impacts how the supervisor enforces them in practice and which tools and techniques will work best. For example, a rule simply requiring disclosure of an item will be checked by the field supervisor differently than a rule requiring the item to be disclosed at a specific moment and in a specified format. Ignoring the time dimension of this rule can jeopardize its core goal. This guide is an attempt to help bank supervisors enforce such regulations. It is divided into following sections: section one gives introduction. Section two details guidance points in eight areas of interest for supervisory staff and agencies, while section three suggests a prioritization framework for supervisors - particularly those in low-income countries with resource and capacity constraints - that adopt a gradual approach when implementing the guidance.