# Contents

|Introduction ................................................................................................................................................... 3|
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|Data ............................................................................................................................................................... 5|
|Summary Statistics .................................................................................................................................... 7|
|Latent Variables ......................................................................................................................................... 8|
|Empirical strategy .......................................................................................................................................... 9|
|Results ......................................................................................................................................................... 13|
|_Regional Context – Middle East and North Africa_................................................................................... 15|
|Conclusions .................................................................................................................................................. 16|
|References ................................................................................................................................................... 17|
|Tables .......................................................................................................................................................... 19|
|ANNEX – Regional Evidence ........................................................................................................................ 34|
|MENA ....................................................................................................................................................... 34|
|ECA .......................................................................................................................................................... 40|

|Table 1: Enterprise Surveys – Countries and Years Surveyed ..................................................................... 19|
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|Table 2: Summary Statistics, Firm Characteristics, Full Sample .................................................................. 20|
|Table 3: Summary Statistics, Firm Characteristics, Matched Sample – Private Banks ................................ 21|
|Table 4: Summary Statistics, Firm Characteristics, Matched Sample – State-Owned Banks ...................... 22|
|Table 5: Summary Statistics, Bank Characteristics, Matched Sample ......................................................... 23|
|Table 6: Summary Statistics, Banks, Matched Sample – Private Banks ...................................................... 23|
|Table 7: Summary Statistics, Banks, Matched Sample – State-owned Banks ............................................. 24|
|Table 8: Summary statistics - credit constraint index and its components before and after imputation .. 25|
|Table 9: Summary Statistics - innovation index and its components before and after imputation ........... 26|
|Table 10: Summary Statistics - green activities index and its components before and after imputation .. 27|
|Table 11: Dependent variable – The firm is credit constrained .................................................................. 28|
|Table 12: Dependent variable – The firm invests ........................................................................................ 29|
|Table 13: Dependent variable – The firm innovates ................................................................................... 30|
|Table 14: Dependent variable – The firm is green ...................................................................................... 31|
|Table 15: Dependent variable – Employment Growth ................................................................................ 32|
|Table 16: Dependent variable – Employment Growth ................................................................................ 32|

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