Arab governments urged to back small and medium-size businesses

posted in: Africa



Tripoli, Libya – Arab governments have been urged to pass laws and initiate policies to back small and medium-size businesses to ensure stability, protection and development in their countries.

This recommendation was made at a forum held in Libya by the Union of Arab Banks, together with the League of Arab governments, the Central Bank of Libya, Association of Libyan Banks and the Arab Union of Small and Medium-size Businesses.

The recommendations of the forum, which ended in Tripoli on Friday, urged Arab countries to create organizations and tools to assure small and medium-size businesses of loans needed to protect them against bankruptcy.

Participants at the forum demanded measures to facilitate the granting of approval needed by small and medium-size businesses to enable them to carry out commercial and industrial activities, given the importance of those businesses in job creation for the youth.

They called for a clear definition of small and medium-size businesses based on the capital, sales and number of employees.

The recommendations also stressed the need for vocational training to develop the technical, financial, administrative and commercial capacities of workers in small and medium size businesses and increase their productivity and contributions to national economies.