Brief

<p>In his address to the World Government Summit, H.E. Sir Suma Chakrabarti, President of the European Bank for Reconstruction and Development, shed light on the vital role of the formal private sector in delivering sustainable inclusive growth in the region. Thereupon, the EBRD is currently turning to the MENA region. It has started its work in Egypt, Jordan, Morocco and Tunisia, where it has achieved considerable success. Nevertheless, there is much more to be done.</p> <p>He resumed by stating some of the main challenges that hamper the developmental efforts, as highlighted in the enterprise survey report. He referred to corruption, demographics and the need for job creation, the lack of political stability, unreliable supply of power, poor access to finance, the skills gap and poor educational systems, and the need to expand trade and export through reliable infrastructure. In spite of these challenges, he stated that he is extremely optimistic as regards the capabilities of the region.</p> <p>In response to those challenges, H.E. Sir Suma concluded the session by providing some recommendations for measures adopted by the EBRD to dismantle these obstacles. He urged boosting governance and launching anti-money laundry initiatives to combat corruption, in addition to strengthening the formal private sector and PPPs to provide job opportunities and reduce unemployment rates. Moreover, he called for turning to renewable energy sources, solar energy and wind power in order to overcome the shortage in energy supplies. In this regard, the private sector is a catalyst to power transformation through the production of renewable energy. He also encouraged banks to finance more SMEs, energy efficiency projects, and women entrepreneurs. Last but not least, he asserted the importance of vocational and on-the-job-training to equip youth with market-needed skills.</p>

Speakers

---