World Bank supports SMEs

By PATRICK TALU
THE Small Business Development Corp (SBDC) has welcomed the initiative of the World Bank (WB) through International Finance Corp (IFC) to support the national government in improving credit accessibility for small and medium-size enterprises nationwide.
Last month, the IFC and the state, through the Department of Commerce and Industry (DCI), signed a deal in which IFC would help through the creation of  a financial programme to improve  the SME sector.
SBDC managing director Diri Kobla yesterday said while SME sector was perceived as the primary drivers for job creation, poverty alleviation and economic growth, it also had the potential to promote trade and could be very instrumental in expanding investment activities within a region.
Kobla said 90% of the current business operations in the country were made   of business activities in the informal economy or SME sector.
He said the single biggest obstacle faced by potential entrepreneurs in this sector was access to affordable credit from credible financial institutions.