KIGALI, Nov. 14 (Xinhua) -- At least 80 percent of small and medium sized enterprises (SMEs) in Rwanda need technical assistance, a study released in the Rwandan capital Kigali on Tuesday said.
The study, conducted by a local business development organization Entrepreneurial Solutions Partners (ESP), showed that only 36 percent of SMEs have received any sort of technical assistance over the past three years. Other challenges cited by the study include limited finance, high taxes, inadequate markets, inadequate skills, and lack of information to markets access.
The findings were released at SME and Banking Africa Forum, organized by IFC, a member of the World Bank Group in partnership with ESP, Rwandan Business Development Fund (BDF), and Development Bank of Rwanda.
Statistics from Rwandan Ministry of Trade and Industry indicated that 98 percent of businesses in Rwanda are considered SMEs, contributing 41 percent of all private sector jobs in the country.
The 4th edition of SME and Banking Africa Forum brought together financial institutions, policy makers, investors and over 200 SMEs.
Globally, the World Bank estimates that formal SMEs contribute up to 60 percent of total employment and up to 40 percent of GDP in emerging economies.