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Microfinance in the Arab StatesBuilding Inclusive Financial Sectors This survey is the third in a series of publications documenting the state of microfinance in the Arab States Region and tracking the development of this young industry over time. It attempts to map out the major suppliers of microfinance in the region and highlight the challenges and opportunities present for developing a mature industry. Since 1999 when the first survey was undertaken in the region, microfinance in the Arab States has evolved from a nascent sector to a fledgling industry. Over the past four years there have been some significant changes as well as areas in need of further development. Outreach of the microfinance industry in the Arab world has almost quintupled in size since 1999, going from over 129,000 active borrowers at year-end 1999 to over 710,000 at year-end 2003. Published September 2004
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