#MSMEDay19: Financing the SDGs
Around the world Micro, Small, and Medium-sized enterprises are the backbone of most economies and vital for the sustainable development of communities. Acknowledging this, in 2017 the UN General Assembly declared June 27 as Micro, Small and Medium-sized Enterprises (MSME) Day, recognizing the importance of Micro, Small and Medium-sized Enterprises in achieving global Sustainable Development Goals (SDGs) and in promoting innovation, creativity and sustainable work for all.
A recent SME Competitiveness Outlook 2019 report states:
“Micro, small and medium-sized businesses are key to creating the 600 million new jobs needed by 2030 to keep pace with the growth of the world’s working-age population”.
As access to finance is a primary obstacle to these business’ success, Abdul Latif Jameel is committed to supporting them and the important part they play in societies worldwide through a number of microfinance-related initiatives.
Through the Abdul Latif Jameel Poverty Action Lab (J-PAL) at Massachusetts Institute of Technology (MIT), we have conducted research studies into microfinance models across the globe to establish best-practice benchmarks and provide evidence to inform future policy.
Through Bab Rizq Jameel Microfinance, we provide a wide range of finance to a variety of organizations that are SME, home and female business focused. The first company to be licensed by the Saudi Arabian Monetary Authority (SAMA) for microfinance activities in Saudi Arabia, Bab Rizq Jameel Microfinance provides financing through its branches across Saudi Arabia or via its online e-portal for SMEs and beneficiaries from its productive families and home-based work programmes. The company is also committed to developing Saudi productive households and advancing the status of Saudi women as a partner in the development process, in line with Vision 2030 strategy.
Since establishment in 2003, the initiative has provided more than 2 billion loan disbursements to support these start-ups in achieving their business goals.
Read more about MSME Day here: http://bit.ly/2ZIfITy