‫ﺒﺤﺜﻴﺔ‬ ‫ﻭﺭﻗﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﺩﻭﺭ‬
‫ﻝ‬
‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬
‫ﻭﺃﺜﺭﻫﺎ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﻠﻰ‬
‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬
‫ﺍﻝﻌﻤل‬ ‫ﻓﺭﻴﻕ‬
‫ﺩ‬
.
‫ﺍﻝﻜﺭﻴﻡ‬ ‫ﻋﺒﺩ‬ ‫ﻨﺼﺭ‬
‫ﻋﺎﺒﺩ‬ ‫ﻤﺤﻤﺩ‬
‫ﺯﻴﺘﻭﻥ‬ ‫ﺃﺒﻭ‬ ‫ﻋﺒﻴﺭ‬
2013 ،‫ﺸﺒﺎﻁ‬

2
‫ﺍﻝﻤﺤﺘﻭﻴﺎﺕ‬ ‫ﻗﺎﺌﻤﺔ‬
‫ﺌﻤﺔﻗﺎﺌﺌﻔﻔﻔﺘﺘﻔﻔﻔﺕ‬
‫ﺍﻝﻤﺤﺘﻭﻴﺎﺘﻘﻘﻘﻘﻠﻠ‬
‫ﺭﺭﺭﺭﺭﺭ‬
4 ‫ﺍﻷﻭل‬ ‫ﺍﻝﻔﺼل‬
:
‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﻭﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻝﻤﺘﻭﺴﻁﺔ‬ ‫ﻭﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺤﻭل‬ ‫ﻤﻘﺩﻤﺔ‬
10 ‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺃﻫﺩﺍﻑ‬
10 ‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﻤﻨﻬﺠﻴﺔ‬
12 ‫ﺍﻝﻔﺼ‬
‫ل‬
‫ﺍﻝﺜﺎﻨﻲ‬
:
‫ﺍﻝﺴﺎﺒﻘﺔ‬ ‫ﻭﺍﻝﺩﺭﺍﺴﺎﺕ‬ ‫ﺍﻝﻨﻅﺭﻱ‬ ‫ﺍﻹﻁﺎﺭ‬
13 ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻝﻼﺴﺘﻘﺭﺍﺭ‬ ‫ﺍﻝﻨﻅﺭﻱ‬ ‫ﺍﻹﻁﺎﺭ‬
16 ‫ﺍﻝﺴﺎﺒﻘﺔ‬ ‫ﻭﺍﻝﺩﺭﺍﺴﺎﺕ‬ ‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﺏ‬
24 ‫ﺍﻝﺜﺎﻝﺙ‬ ‫ﺍﻝﻔﺼل‬
:
‫ﺍ‬
‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺨﺼﺹ‬ ‫ﻹﻗﺭﺍﺽ‬
‫ﻓﻠﺴﻁﻴﻥ‬
25 ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻭﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﻭﺍﻝﺘﻨﻅﻴﻤﻴﺔ‬ ‫ﺍﻝﻘﺎﻨﻭﻨﻴﺔ‬ ‫ﺍﻝﺒﻴﺌﺔ‬
27 ‫ﺼﻨﺩﻭﻕ‬
)
1
:(
‫ﻋﻤﻠﻬﺎ‬ ‫ﻭﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺩﻭﺭ‬ ‫ﻗﻴﺎﺱ‬ ‫ﻤﺅﺸﺭﺍﺕ‬
28 ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻴﺔ‬ ‫ﺍﻝﺤﺎﻝﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻷﺩﺒﻴﺎﺕ‬ ‫ﻤﺭﺍﺠﻌﺔ‬
32 ‫ﺍﻝﺭﺍﺒﻊ‬ ‫ﺍﻝﻔﺼل‬
:
‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺍﻝﺩﻭﺭ‬
‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺘﺼﻠﺔ‬ ‫ﻭﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻱ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺒﺎﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻭﻋﻼﻗﺘﻬﺎ‬
33 ‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﺩﻭﺭ‬
36 ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻭﺘﻭﺯﻴﻊ‬ ‫ﺤﺠﻡ‬ ‫ﻤﺘﻭﺴﻁ‬
40 ‫ﻝﻠﻘﺭﻭﺽ‬ ‫ﻭﺍﻝﺘﻨﻤﻭﻱ‬ ‫ﺍﻻﺠﺘﻤﺎﻋﻲ‬ ‫ﺍﻝﺩﻭﺭ‬
42 ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﺅﺸﺭﺍﺕ‬
49 ‫ﻤﺅﺴ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺤﻭﻜﻤﺔ‬ ‫ﺠﻭﺩﺓ‬
‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﺴﺎﺕ‬
53 ‫ﺍﻝﺨﺎﻤﺱ‬ ‫ﺍﻝﻔﺼل‬
:
‫ﻭﺍﻝﺘﻭﺼﻴﺎﺕ‬ ‫ﺍﻻﺴﺘﻨﺘﺎﺠﺎﺕ‬
57 ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻋﻤل‬ ‫ﻭﺘﻔﻌﻴل‬ ‫ﻝﺘﻁﻭﻴﺭ‬ ‫ﺍﻝﻁﺭﻴﻕ‬ ‫ﺨﺎﺭﻁﺔ‬ ‫ﻤﺴﻭﺩﺓ‬
60 ‫ﺍﻝﻤﺭﺍﺠﻊ‬ ‫ﻗﺎﺌﻤﺔ‬

3
‫ﺍﻝﺠﺩﺍﻭل‬
20 ‫ﺠﺩﻭل‬
)
1
:(
‫ﺍﻝﻌﺭﺒﻴﺔ‬ ‫ﺍﻝﺩﻭل‬ ‫ﻤﻥ‬ ‫ﻤﺠﻤﻭﻋﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺼﻐﻴﺭ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺸﺭﺍﺕ‬
35 ‫ﺠﺩﻭل‬
)
2
:(
‫ﺍﻝﺒﻴﺎ‬ ‫ﺒﻌﺽ‬
‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﺒﻤﺅﺴﺴﺎﺕ‬ ‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﻨﺎﺕ‬
37 ‫ﺠﺩﻭل‬
)
3
:(
‫ﺍﻝﺠﻐﺭﺍﻓﻴﺔ‬ ‫ﺍﻝﻤﻨﻁﻘﺔ‬ ‫ﺤﺴﺏ‬ ‫ﻭﺍﻝﻌﻤﻼﺀ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﺘﻭﺯﻴﻊ‬
)
‫ﻏﺯﺓ‬ ‫ﻗﻁﺎﻉ‬ ،‫ﻏﺭﺒﻴﺔ‬ ‫ﻀﻔﺔ‬
(
40 ‫ﺠﺩﻭل‬
)
4
:(
‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﺩﻭﺭ‬ ‫ﻤﺅﺸﺭﺍﺕ‬
49 ‫ﺠﺩﻭل‬
)
5
:(
‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﺅﺸﺭﺍﺕ‬
50 ‫ﺠﺩﻭل‬
)
6
:(
‫ﺍﻝﻤﺘﺨ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺤﻭﻜﻤﺔ‬ ‫ﻤﺅﺸﺭﺍﺕ‬ ‫ﺃﻫﻡ‬
‫ﺼﺼﺔ‬
‫ﺍﻝﺒﻴﺎﻨﻴﺔ‬ ‫ﺍﻷﺸﻜﺎل‬
34 ‫ﺸﻜل‬
)
1
:(
‫ﻓﻲ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﺃﻨﻭﺍﻉ‬
‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬
36 ‫ﺸﻜل‬
)
2
:(
‫ﺍﻝﻤﺠﺎﻭﺭﺓ‬ ‫ﺍﻝﺩﻭل‬ ‫ﻤﻊ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻝﻤﺘﺨﺼﺹ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺤﻔﻅﺔ‬ ‫ﻨﻤﻭ‬ ‫ﻭﻨﺴﺒﺔ‬ ‫ﺤﺠﻡ‬ ‫ﻤﻘﺎﺭﻨﺔ‬
37 ‫ﺸﻜل‬
)
3
:(
‫ﺍﻝﺠﻐﺭﺍﻓﻴﺔ‬ ‫ﺍﻝﻤﻨﻁﻘﺔ‬ ‫ﻁﺒﻴﻌﺔ‬ ‫ﺤﺴﺏ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻭﺘﻭﺯﻴﻊ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﺤﺠﻡ‬ ‫ﻤﺘﻭﺴﻁ‬
38 ‫ﺸﻜل‬
)
4
:(
‫ﺍﻝﺘﻭﺯﻴﻊ‬
‫ﺍﻹﻗﺭﺍ‬ ‫ﻭﻤﺅﺴﺴﺎﺕ‬ ‫ﺍﻝﻤﺼﺎﺭﻑ‬ ‫ﻤﻥ‬ ‫ﻜل‬ ‫ﻝﺘﺴﻬﻴﻼﺕ‬ ‫ﺍﻝﻘﻁﺎﻋﻲ‬
‫ﺽ‬
‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬
39 ‫ﺸﻜل‬
)
5
:(
‫ﺍﻝﻤﺘﺨﺼﺹ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻭﻗﻁﺎﻉ‬ ‫ﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻤﻥ‬ ‫ﻜل‬ ‫ﺘﺴﻬﻴﻼﺕ‬ ‫ﻨﻤﻭ‬ ‫ﻨﺴﺏ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻐﻴﺭ‬
43 ‫ﺸﻜل‬
)
6
:(
‫ﺍﻝﻔﺘﺭﺓ‬ ‫ﺨﻼل‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺍﻻﺌﺘﻤﺎﻨﻴﺔ‬ ‫ﺍﻝﺘﺴﻬﻴﻼﺕ‬ ‫ﻤﺤﻔﻅﺔ‬ ‫ﺼﺎﻓﻲ‬ ‫ﻨﻤﻭ‬
2007
-
2012
45 ‫ﺸﻜل‬
)
7
:(
‫ﺭﺃ‬ ‫ﻗﺎﻋﺩﺓ‬
‫ﻝﻤﺅﺴﺴﺎ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻭﻤﺤﻔﻅﺔ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺱ‬
‫ﺕ‬
‫ﺍﻝﻔﺘﺭﺓ‬ ‫ﺨﻼل‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬
2010
-
2012

4
‫ﺍﻷﻭل‬ ‫ﺍﻝﻔﺼل‬
‫ﺍﻝﻤﺘﻭﺴﻁﺔ‬ ‫ﻭﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺤﻭل‬ ‫ﻤﻘﺩﻤﺔ‬
‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﻭﺍﻝﺼﻐﻴﺭﺓ‬

5
‫ﻤﻨﺸ‬ ‫ﺘﻠﻌﺏ‬
‫ﺂ‬
‫ﺍﻝﺩﻭ‬ ‫ﺍﻗﺘﺼﺎﺩﺍﺕ‬ ‫ﻓﻲ‬ ‫ﻫﺎﻤﺎ‬ ‫ﺩﻭﺭﺍ‬ ‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﻭﺍﻝﻤﺘﻭﺴﻁﺔ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻷﻋﻤﺎل‬ ‫ﺕ‬
‫ﺍﻝﻤﺘﻘﺩﻤﺔ‬ ‫ل‬
‫ﺤﻴﺙ‬ ،‫ﺴﻭﺍﺀ‬ ‫ﺤﺩ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻝﻨﺎﻤﻴﺔ‬
‫ﺃ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻫﺫﻩ‬ ‫ﻥ‬
‫ﺂ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻋﺩﺩ‬ ‫ﻤﻥ‬ ‫ﺍﻷﻜﺒﺭ‬ ‫ﺍﻝﻨﺴﺒﺔ‬ ‫ﺘﺸﻜل‬ ‫ﺕ‬
‫ﺂ‬
‫ﻤﻌﻅﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﺎﻤﻠﺔ‬ ‫ﺕ‬
‫ﺍﻝﺩﻭل‬
.
‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻝﻨﺸﺎﻁ‬ ‫ﺍﻝﻘﺎﻋﺩﺓ‬ ‫ﻓﻬﻲ‬ ،‫ﺍﻗﺘﺼﺎﺩ‬ ‫ﻷﻱ‬ ‫ﺍﻷﺴﺎﺴﻴﺔ‬ ‫ﺍﻝﺩﻋﺎﺌﻡ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﻨﺸﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻭﻴﻌﺘﺒﺭ‬
‫ﺍﻝ‬ ‫ﻭﻫﻲ‬ ،‫ﺘﺠﻤﻌﻬﻤﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺘﺒﺎﺩﻝﻴﺔ‬ ‫ﺍﻝﻌﻼﻗﺔ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻜﺒﻴﺭﺓ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
‫ﻤﻥ‬ ‫ﻭﺫﻝﻙ‬ ‫ﺍﻝﻨﻤﻭ‬ ‫ﻝﻌﺠﻠﺔ‬ ‫ﺍﻷﺴﺎﺴﻲ‬ ‫ﻤﺤﺭﻙ‬
‫ﻭﻓﻲ‬ ،‫ﻭﺍﻷﻓﺭﺍﺩ‬ ‫ﺍﻷﺴﺭ‬ ‫ﻤﻥ‬ ‫ﻭﺍﺴﻌﺔ‬ ‫ﻝﺸﺭﻴﺤﺔ‬ ‫ﺩﺨل‬ ‫ﻭﺘﻭﻝﻴﺩ‬ ‫ﺍﻝﻌﻤل‬ ‫ﻓﺭﺹ‬ ‫ﻤﻥ‬ ‫ﻜﺒﻴﺭ‬ ‫ﻋﺩﺩ‬ ‫ﺨﻠﻕ‬ ‫ﻓﻲ‬ ‫ﻤﺴﺎﻫﻤﺘﻬﺎ‬ ‫ﺨﻼل‬
‫ﻤﺸﺎﺭﻜﺔ‬ ‫ﺘﻔﻌﻴل‬ ‫ﻭﻓﻲ‬ ،‫ﺍﻝﺨﺎﺹ‬ ‫ﻝﻠﻘﻁﺎﻉ‬ ‫ﺍﻝﻤﻠﻜﻴﺔ‬ ‫ﻗﺎﻋﺩﺓ‬ ‫ﺘﻭﺴﻴﻊ‬ ‫ﻭﻓﻲ‬ ،‫ﻭﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺍﻻﺩﺨﺎﺭ‬ ‫ﺒﻴﻥ‬ ‫ﺍﻝﻔﺠﻭﺓ‬ ‫ﺘﻀﻴﻴﻕ‬
‫ﺍﻝﺼﺎ‬ ‫ﺘﻌﺯﻴﺯ‬ ‫ﻭﻓﻲ‬ ،‫ﺍﻝﻤﺤﻠﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺭﺃﺓ‬
‫ﺍﻝﻭﺍﺭﺩﺍﺕ‬ ‫ﻭﺇﺤﻼل‬ ‫ﺩﺭﺍﺕ‬
.
‫ﺍﻝﻤﻨﺸﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺍﺴﺘﻤﺭﺍﺭ‬ ‫ﻓﺎﻥ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬
‫ﺃﻻﻗﺘﺼﺎﺩﻴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﻝﻠﻜﺜﻴﺭ‬ ‫ﺨﺎﺼﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﻴﻜﺘﺴﺒﺎﻥ‬ ‫ﺍﻝﺘﻁﻭﺭ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺩﺭﺘﻬﺎ‬ ‫ﻭﺘﻌﺯﻴﺯ‬ ‫ﻋﻤﻠﻬﺎ‬ ‫ﻓﻲ‬
،
‫ﻤﻨﻬﺎ‬ ‫ﺍﻝﻨﺎﺸﺌﺔ‬ ‫ﺴﻴﻤﺎ‬ ‫ﻻ‬
‫ﻝﻴﺱ‬ ‫ﹰ‬
‫ﺎ‬‫ﻨﺴﺒﻴ‬ ‫ﻜﺒﻴﺭﺓ‬ ‫ﻭﺘﺤﺩﻴﺎﺕ‬ ‫ﺼﻌﻭﺒﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺘﻌﺎﻨﻲ‬ ‫ﺍﻝﺘﻲ‬
‫ﺃ‬
‫ﺍﻝﺜﺭﻭﺓ‬ ‫ﺘﻭﺯﻴﻊ‬ ‫ﻭﺴﻭﺀ‬ ‫ﻭﺍﻝﻔﻘﺭ‬ ‫ﺍﻝﺒﻁﺎﻝﺔ‬ ‫ﻤﻌﺩﻻﺕ‬ ‫ﺍﺭﺘﻔﺎﻉ‬ ‫ﻗﻠﻬﺎ‬
‫ﻭﺍﻝﺩﺨ‬
‫ﺍ‬ ‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻤﺴﺘﻭﻯ‬ ‫ﻭﺘﺩﻨﻲ‬ ‫ل‬
‫ﻷ‬
‫ﺴﺎﺴﻴﺔ‬
.
‫ﻭ‬
‫ﺒ‬ ‫ﺍﻻﻫﺘﻤﺎﻡ‬ ‫ﻴﺴﺎﻫﻡ‬
‫ﹰ‬
‫ﺎ‬‫ﺃﻴﻀ‬ ‫ﺍﻝﻤﻨﺸﺂﺙ‬ ‫ﻬﺫﻩ‬
‫ﻴﺴﺎﻫﻡ‬ ‫ﻜﻤﺎ‬ ،‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻤﻜﺎﻨﺔ‬ ‫ﺘﻌﺯﻴﺯ‬ ‫ﻭﻓﻲ‬ ‫ﺍﻝﻘﻭﻤﻲ‬ ‫ﺍﻝﺩﺨل‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﺘﻨﻭﻴﻊ‬ ‫ﻓﻲ‬
‫ﻭﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﺍﻝﺴﻠﻊ‬ ‫ﻭﺘﻭﻓﻴﺭ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻷﻤﻥ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻓﻲ‬
‫ﻓﻲ‬ ‫ﻝﻠﻤﺴﺘﻬﻠﻜﻴﻥ‬
‫ﺍﻝﺴﻭﻕ‬
‫ﺍﻝﻤﺤﻠﻲ‬
.
‫ﺩﺭﺍﺴﺔ‬ ‫ﺃﺸﺎﺭﺕ‬ ‫ﻓﻘﺩ‬
OECD,2009)
(
‫ﻫﺫﻩ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬
‫ﺤﺩ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻝﻨﺎﻤﻴﺔ‬ ‫ﺍﻝﻤﺘﻁﻭﺭﺓ‬ ‫ﻝﻠﺩﻭل‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﻝﻠﻨﻤﻭ‬ ‫ﻤﻬﻡ‬ ‫ﻤﺼﺩﺭ‬ ‫ﻫﻲ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬
‫ﺤﻭﺍﻝﻲ‬ ‫ﺘﺸﻜل‬ ‫ﻓﻬﻲ‬ ،‫ﺴﻭﺍﺀ‬
90
%
‫ﻋﻥ‬ ‫ﻤﺴﺅﻭﻝﺔ‬ ‫ﺃﻨﻬﺎ‬ ‫ﺇﻝﻰ‬ ‫ﺇﻀﺎﻓﺔ‬ ،‫ﺍﻝﺩﻭل‬ ‫ﻫﺫﻩ‬ ‫ﻤﻌﻅﻡ‬ ‫ﻓﻲ‬ ‫ﻝﻠﻤﻨﺸﺂﺕ‬ ‫ﺍﻝﻜﻠﻲ‬ ‫ﺍﻝﻌﺩﺩ‬ ‫ﻤﻥ‬
‫ﺒﻨﺴﺒﺔ‬ ‫ﻋﻤل‬ ‫ﻓﺭﺹ‬ ‫ﺨﻠﻕ‬
50
%
‫ﻤﻥ‬ ‫ﻭﺃﻜﺜﺭ‬ ‫ﺍﻝﻤﺘﻘﺩﻤﺔ‬ ‫ﺍﻝﺩﻭل‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﺎﻤﻠﺔ‬ ‫ﻝﻠﻘﻭﻯ‬
90
%
‫ﻭﺍﻝﻨﺎﻤﻴﺔ‬ ‫ﺍﻝﻤﺘﻘﺩﻤﺔ‬ ‫ﺍﻝﺩﻭل‬ ‫ﻓﻲ‬
‫ﻤﻌ‬
‫ﺎ‬
.
‫ﻭﺤﺴﺏ‬
Ayyagari et al. 2007)
(
‫ﻤﻥ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺘﺸﻐﻴل‬ ‫ﻓﻲ‬ ‫ﺘﺴﺎﻫﻡ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻓﺈﻥ‬
60
%
‫ﺍﻝﻌﻤل‬ ‫ﻗﻭﺓ‬ ‫ﻤﻥ‬
‫ﻓﻲ‬ ‫ﺍﻝﺼﻨﺎﻋﻴﺔ‬
76
‫ﺒﺤﻭﺍﻝﻲ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻭﺘﺴﺎﻫﻡ‬ ،‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺸﻤﻠﺘﻬﺎ‬ ‫ﻭﻨﺎﻤﻴﺔ‬ ‫ﻤﺘﻁﻭﺭﺓ‬ ‫ﺩﻭﻝﺔ‬
60
%
‫ﺍﻝﻨﺎﺘﺞ‬ ‫ﻤﻥ‬
‫ﻭ‬ ‫ﺍﻝﻤﺤﻠﻲ‬
70
%
‫ﺍﻝﻴﻭﺭﻭ‬ ‫ﻤﻨﻁﻘﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻭﻅﻴﻑ‬ ‫ﻤﻥ‬
.
‫ﺘ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻻﺤﺼﺎﺀﺍﺕ‬ ‫ﺘﺸﻴﺭ‬ ‫ﻜﻤﺎ‬
‫ﺒﻨﺤﻭ‬ ‫ﺴﻬﻡ‬
65
%
‫ﺍﻝﺼﻨﺎﻋﻴﺔ‬ ‫ﺍﻝﺼﺎﺩﺭﺍﺕ‬ ‫ﺇﺠﻤﺎﻝﻲ‬ ‫ﻤﻥ‬
‫ﻭ‬ ‫ﻷﻝﻤﺎﻨﻴﺎ‬
47
%
‫ﺇﻴﻁﺎﻝﻴﺎ‬ ‫ﺼﺎﺩﺭﺍﺕ‬ ‫ﻤﻥ‬
‫ﻭ‬
30
%
‫ﺍﻝﻴﺎﺒﺎﻥ‬ ‫ﺼﺎﺩﺭﺍﺕ‬ ‫ﻤﻥ‬
.
‫ﻤﻥ‬ ‫ﻭﺒﺎﻝﺭﻏﻡ‬
‫ﺃ‬
،‫ﺍﻝﻤﺨﺘﻠﻔﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﺍﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻫﻤﻴﺔ‬
‫ﺇ‬
‫ﻻ‬
‫ﺃ‬
‫ﻭﺘﺤﺩﻴﺎﺕ‬ ‫ﻤﺸﺎﻜل‬ ‫ﻤﻥ‬ ‫ﺘﻌﺎﻨﻲ‬ ‫ﺯﺍﻝﺕ‬ ‫ﻤﺎ‬ ‫ﻨﻬﺎ‬
‫ﻭﺍﻻﺴﺘﻤﺭﺍﺭ‬ ‫ﺍﻝﻨﻤﻭ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺩﺭﺘﻬﺎ‬ ‫ﻤﻥ‬ ‫ﹸﻀﻐﻑ‬
‫ﺘ‬ ‫ﻋﺩﻴﺩﺓ‬
.
‫ﻭﻤﻥ‬
‫ﺃ‬
‫ﺍﻝﻤﺸﺎﻜل‬ ‫ﻫﺫﻩ‬ ‫ﺒﺭﺯ‬
‫ﺤﻴﺙ‬ ‫ﻤﻥ‬ ‫ﺒﺎﻝﺘﻤﻭﻴل‬ ‫ﺍﻝﻤﺘﻌﻠﻘﺔ‬ ‫ﺘﻠﻙ‬
‫ﺍﻝﻜﺒﻴﺭﺓ‬ ‫ﺒﺘﻠﻙ‬ ‫ﻤﻘﺎﺭﻨﺔ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻝﻬﺫﻩ‬ ‫ﺘﻭﻓﺭﻩ‬ ‫ﻗﻠﺔ‬
،
‫ﺍﻝﻤﻨﺎﺴﺏ‬ ‫ﺍﻝﻭﻗﺕ‬ ‫ﻓﻲ‬ ‫ﺇﻝﻴﻪ‬ ‫ﺍﻝﻭﺼﻭل‬ ‫ﻭﺼﻌﻭﺒﺔ‬ ‫ﺃﻋﺒﺎﺀﻩ‬ ‫ﻭﺍﺭﺘﻔﺎﻉ‬
.
(Beck et al. 2005, 2006, and 2008)
.
‫ﻓ‬
‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺅﺴﺴﺔ‬ ‫ﻋﻥ‬ ‫ﺘﻘﺭﻴﺭ‬ ‫ﺼﺩﺭ‬ ‫ﺍﻝﻤﺜﺎل‬ ‫ﺴﺒﻴل‬ ‫ﻌﻠﻰ‬
‫ﺍﻝﺩﻭﻝﻲ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻤﺠﻤﻭﻋﺔ‬ ‫ﻓﻲ‬ ‫ﻋﻀﻭ‬ ‫ﻭﻫﻲ‬
،
‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﻴﺸﻴﺭ‬
‫ﻭﺍﻝﻤﺘﻭﺴﻁﺔ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬
‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﺍﻝﻤﺘﻨﺎﻫﻴﺔ‬
‫ﺒ‬
‫ﺤﺎﺠﺔ‬
‫ﺇ‬
‫ﺤﻭﺍﻝﻲ‬ ‫ﻝﻰ‬
2.5
‫ﺍﻝﻤﻤﻠﻜﺔ‬ ‫ﻤﻨﻬﺎ‬ ‫ﻭﺍﻝﺘﻲ‬ ‫ﺍﻝﻌﺸﺭﻴﻥ‬ ‫ﺩﻭل‬ ‫ﻤﺠﻤﻭﻋﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻤﻥ‬ ‫ﺩﻭﻻﺭ‬ ‫ﺘﺭﻴﻠﻴﻭﻥ‬
‫ﺍﻝﻌﺭﺒﻴﺔ‬

6
‫ﺍﻝﺴﻌﻭﺩﻴﺔ‬
.
‫ﺤﻭﺍﻝﻲ‬ ‫ﺃﻥ‬ ‫ﺍﻝﺘﻘﺭﻴﺭ‬ ‫ﻓﻲ‬ ‫ﻭﺠﺎﺀ‬
70
%
‫ﻤﻥ‬
‫ﻫﺫﻩ‬
‫ﺍﻝﻤﻨﺸﺂﺕ‬
‫ﻴ‬
‫ﻔﺘﻘﺭ‬
‫ﺇ‬
‫ﺒﺤﺎﺠﺔ‬ ‫ﻭﻫﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻝﻰ‬
‫ﺇ‬
‫ﻤﺴﺎﻨﺩﺓ‬ ‫ﻝﻰ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬
.
‫ﻫﺫ‬ ‫ﻭﺩﻓﻊ‬
‫ﺍﻝﻭﺍﻗﻊ‬ ‫ﻝﺩﺭﺍﺴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﻴﻥ‬ ‫ﺍﻝﺨﺒﺭﺍﺀ‬ ‫ﻤﻥ‬ ‫ﻤﺠﻤﻭﻋﺔ‬ ‫ﺘﺸﻜﻴل‬ ‫ﺇﻝﻰ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻌﺸﺭﻴﻥ‬ ‫ﻤﺠﻤﻭﻋﺔ‬ ‫ﺍﻷﻤﺭ‬ ‫ﺍ‬
‫ﺒ‬ ‫ﺍﻝﺨﺎﺹ‬
‫ﻬﺫﻩ‬
‫ﻝ‬ ‫ﺍﻝﻼﺯﻡ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻝﺘﻭﻓﻴﺭ‬ ‫ﺍﻝﺤﻠﻭل‬ ‫ﻭﺇﻴﺠﺎﺩ‬ ،‫ﺍﻝﻤﻨﺸﺂﺕ‬
‫ﻬﺎ‬
.
‫ﻝﻼﻋﻭﺍﻡ‬ ‫ﺍﻝﺩﻭﻝﻲ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻤﺴﻭﺤﺎﺕ‬ ‫ﻨﺕ‬
‫ﻴ‬‫ﺒ‬ ‫ﻓﻘﺩ‬ ،‫ﺍﻝﺨﺼﻭﺹ‬ ‫ﻭﺠﻪ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻌﺭﺒﻴﺔ‬ ‫ﻝﻠﺩﻭل‬ ‫ﻭﺒﺎﻝﻨﺴﺒﺔ‬
2006
-
2009
‫ﺃﻥ‬
‫ﻭﺍﻝ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬
‫ﻤ‬
‫ﺘﻭ‬
‫ﺍﻝﻌﺎﻝﻡ‬ ‫ﺃﺠﺯﺍﺀ‬ ‫ﺒﺎﻗﻲ‬ ‫ﻓﻲ‬ ‫ﻨﻅﻴﺭﺍﺘﻬﺎ‬ ‫ﻤﻥ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺘﻌﺎﻨﻲ‬ ‫ﺍﻝﺩﻭل‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﺴﻁﺔ‬
‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺸﻜﻠﺔ‬ ‫ﻤﻥ‬
.
‫ﺍﻝﻤﺴﻭﺤﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺃﺸﺎﺭﺕ‬ ‫ﺤﻴﺙ‬
‫ﺃﻥ‬ ‫ﺇﻝﻰ‬
20
%
‫ﺍﻝﺘﺴﻬﻴﻼﺕ‬ ‫ﻤﻥ‬ ‫ﺘﺴﺘﻔﻴﺩ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻤﻥ‬ ‫ﻓﻘﻁ‬
‫ﺍﻷ‬ ‫ﺍﻝﻨﺴﺒﺔ‬ ‫ﻭﻫﺫﻩ‬ ،‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻻﺌﺘﻤﺎﻨﻴﺔ‬
‫ﻭﺃﻥ‬ ،‫ﺍﻝﻌﺎﻝﻡ‬ ‫ﻤﻨﺎﻁﻕ‬ ‫ﺠﻤﻴﻊ‬ ‫ﺒﻴﻥ‬ ‫ﻗل‬
10
%
‫ﻤ‬ ‫ﺍﺴﺘﺜﻤﺎﺭﺍﺘﻬﺎ‬ ‫ﻤﻥ‬
‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﻤﻭﻝﺔ‬
‫ﺍﻹ‬ ‫ﺍﻝﺼﺤﺭﺍﺀ‬ ‫ﺒﺎﺴﺘﺜﻨﺎﺀ‬ ‫ﺍﻝﻌﺎﻝﻡ‬ ‫ﺃﺠﺯﺍﺀ‬ ‫ﻤﻌﻅﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺴﺎﺌﺩﺓ‬ ‫ﺘﻠﻙ‬ ‫ﻤﻥ‬ ‫ﺃﻗل‬ ‫ﻭﻫﻲ‬ ،‫ﺍﻝﺒﻨﻭﻙ‬
‫ﻓﺭﻴﻘﻴﺔ‬
.
‫ﺤﺎﺠﺔ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺯﺍل‬ ‫ﻓﻼ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﺃﻨﺸﻁﺘﻬﺎ‬ ‫ﻝﺘﻐﻁﻴﺔ‬ ‫ﻤﺨﺘﻠﻔﺔ‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﻤﻥ‬ ‫ﺘﻤﻭﻴل‬ ‫ﻋﻠﻰ‬ ‫ﻝﻠﺤﺼﻭل‬ ‫ﺍﻝﻤﻨﺸﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻝﻤﻌﻅﻡ‬ ‫ﻤﺴﺘﻤﺭﺓ‬
‫ﺘﺭﺘﻴﺏ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺩﻭل‬ ‫ﺒﻴﻥ‬ ‫ﻭﺍﻀﺢ‬ ‫ﺍﺨﺘﻼﻑ‬ ‫ﻤﻼﺤﻅﺔ‬ ‫ﻴﻤﻜﻥ‬ ‫ﻭﻝﻜﻥ‬ ،‫ﻭﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬
‫ﺘﻭﺍﻓﺭﻫﺎ‬ ‫ﺤﻴﺙ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﺼﺎﺩﺭ‬ ‫ﻫﺫﻩ‬
‫ﻋﻠﻴﻬﺎ‬ ‫ﺍﻝﺤﺼﻭل‬ ‫ﻭﺇﻤﻜﺎﻨﻴﺔ‬
.
‫ﻭﻓﻲ‬
‫ﺩﺭﺍﺴﺔ‬
‫ﻤﺸﺘﺭﻜﺔ‬
‫ﺒﻴﻥ‬
‫ﺍﻝﺒﻨﻙ‬
‫ﺍﻝﺩﻭﻝﻲ‬
‫ﻭﺇﺘﺤﺎﺩ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬
‫ﺍﻝﻌﺭﺒﻴﺔ‬
‫ﻓﻲ‬
‫ﻋﺎﻡ‬
2010
‫ﺤﻭل‬
‫ﻗﻁﺎﻉ‬
‫ﺍﻝﻤﺸﺭﻭﻋﺎﺕ‬
‫ﺍﻝﺼﻐﻴﺭﺓ‬
‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﻭﺍﻝﻤﺘﻭﺴﻁﺔ‬
‫ﻓﻲ‬
‫ﺍﻝﻭﻁﻥ‬
‫ﺍﻝﻌﺭﺒﻲ‬
،
‫ﺨﺎﺼﺔ‬
‫ﻝﻨﺎﺤﻴﺔ‬
‫ﺤﺼﻭل‬
‫ﻫﺫﻩ‬
‫ﺍﻝﻤﺸﺭﻭﻋﺎﺕ‬
‫ﻋﻠ‬
‫ﻰ‬
‫ﺍﻝﺘﻤﻭﻴل‬
‫ﺍﻝﻤﺼﺭﻓﻲ‬
،‫ﺍﻝﻼﺯﻡ‬
‫ﻴﻥ‬
‫ﺒ‬‫ﺘ‬
‫ﺃ‬
‫ﻥ‬
‫ﺤﺼﺔ‬
‫ﺍﻝﻘﺭﻭﺽ‬
‫ﺍﻝﻤﻘﺩﻤﺔ‬
‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻝﻬﺫﺍ‬
‫ﺘﺒﻠﻎ‬
‫ﺤﻭﺍﻝﻲ‬
8
%
‫ﻓﻘﻁ‬
‫ﻤﻥ‬
‫ﻤﺠﻤﻭﻉ‬
‫ﺍﻝﻘﺭﻭﺽ‬
‫ﺍﻝﻤﻘﺩﻤﺔ‬
‫ﻤﻥ‬
‫ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﻤﺼﺭﻓﻲ‬
‫ﺍﻝﻌﺭﺒﻲ‬
.
‫ﻭﺘﺘﻔﺎﻭﺕ‬
‫ﻨﺴﺒﺔ‬
‫ﺍﻝﻘﺭﻭﺽ‬
‫ﺍﻝﻤﻘﺩﻤﺔ‬
‫ﻝﻠﻤﺸﺭﻭﻋﺎﺕ‬
‫ﺍﻝﺼﻐﻴﺭﺓ‬
‫ﻭﺍﻝﻤﺘﻭﺴﻁﺔ‬
‫ﺒﻴﻥ‬
‫ﺍﻝﺩﻭل‬
‫ﻏﻴﺭ‬
،‫ﺍﻝﺨﻠﻴﺠﻴﺔ‬
‫ﺤﻴﺙ‬
‫ﻴﻤﻜﻥ‬
‫ﺘﻘﺴﻴﻤﻬﺎ‬
‫ﺇﻝﻲ‬
‫ﺜﻼﺙ‬
‫ﻤﺠﻤﻭﻋﺎﺕ‬
:
‫ﺍﻝﻤﺠﻤﻭﻋﺔ‬
‫ﺍﻷﻭﻝﻰ‬
‫ﺘﻀﻡ‬
‫ﻜل‬
‫ﻤﻥ‬
‫ﻤﺼﺭ‬
،‫ﻭﺴﻭﺭﻴﺎ‬
‫ﻭﺘ‬
‫ﺒﻠﻎ‬
‫ﺍﻝﻨﺴﺒﺔ‬
‫ﺍﻝﻤﺫﻜﻭﺭﺓ‬
‫ﻓﻴﻬﻤﺎ‬
‫ﺃﻗل‬
‫ﻤﻥ‬
10
.%
‫ﺍﻝﻤﺠﻤﻭﻋﺔ‬
‫ﺍﻝﺜﺎﻨﻴﺔ‬
‫ﺘﺒﻠﻎ‬
‫ﺍﻝﻨﺴﺒﺔ‬
‫ﻓﻴﻬﺎ‬
‫ﺒﻴﻥ‬
10
-
15
%
،
‫ﻭﺘﻀﻡ‬
‫ﻜل‬
‫ﻤﻥ‬
‫ﻓﻠﺴﻁﻴﻥ‬
‫ﻭﺍﻷﺭﺩﻥ‬
.
‫ﺃﻤﺎ‬
‫ﺍﻝﻤﺠﻤﻭﻋﺔ‬
،‫ﺍﻝﺜﺎﻝﺜﺔ‬
‫ﻓﺘﺯﻴﺩ‬
‫ﺍﻝﻨﺴﺒﺔ‬
‫ﻓﻴﻬﺎ‬
‫ﻋﻥ‬
15
%
‫ﻭﺘﻀﻡ‬
‫ﻜل‬
‫ﻤﻥ‬
،‫ﺘﻭﻨﺱ‬
،‫ﻝﺒﻨﺎﻥ‬
،‫ﺍﻝﻴﻤﻥ‬
‫ﻭﺍﻝﻤﻐﺭﺏ‬
.
‫ﻭﺃﺸﺎﺭﺕ‬
‫ﺍﻝﻨﺘﺎﺌﺞ‬
‫ﹰ‬
‫ﺎ‬‫ﺃﻴﻀ‬
‫ﺃﻥ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬
‫ﺍﻝﻌﺭﺒﻴﺔ‬
‫ﺍﻝﺤﻜﻭﻤﻴﺔ‬
‫ﺘﻠﻌﺏ‬
‫ﺩﻭﺭﺍ‬
‫ﻤﺴﺎﻭﻴﺎ‬
‫ﺘﻘﺭﻴﺒﺎ‬
‫ﻝﻠﻤﺼﺎﺭﻑ‬
‫ﺍﻝﻤﻤﻠﻭﻜﺔ‬
‫ﻤﻥ‬
‫ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﺨﺎﺹ‬
،
‫ﺤﻴﺙ‬
‫ﺒﻠﻎ‬
‫ﻤﺘﻭﺴﻁ‬
‫ﻫﺫﻩ‬
‫ﺍﻝﻨﺴﺒﺔ‬
9
%
‫ﻤﻥ‬
‫ﻤﺠﻤل‬
‫ﺍﻝﻘﺭﻭﺽ‬
‫ﺍﻝﻤﻤﻨﻭﺤﺔ‬
‫ﻤﻥ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬
‫ﺍﻝﺤﻜﻭﻤﻴﺔ‬
.
‫ﺘﻅﻬﺭ‬
‫ﻫﺫﻩ‬
‫ﺍﻝﻨﺘﺎﺌﺞ‬
‫ﺍﻹﻫﺘﻤﺎﻡ‬
‫ﻏﻴﺭ‬
‫ﺍﻝﻜﺎﻓ‬
‫ﻲ‬
‫ﺍﻝﺫﻱ‬
‫ﺘﻭﻝﻴﻪ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬
‫ﺍﻝﻌﺭﺒﻴﺔ‬
‫ﻝﻘﻁﺎﻉ‬
‫ﺤﻴﻭﻱ‬
‫ﺠﺩﺍ‬
‫ﻝﺨﻠﻕ‬
‫ﻓﺭﺹ‬
‫ﺍﻝﻌﻤل‬
‫ﻭﺘﻌﺯﻴﺯ‬
‫ﺍﻝﺘﻨﻤﻴﺔ‬
‫ﺍﻻ‬
‫ﻗﺘﺼﺎﺩﻴﺔ‬
‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬
،
‫ﻋﺩﺍ‬
‫ﻋﻥ‬
‫ﺃﻨﻪ‬
‫ﻴﺸﻜل‬
‫ﻓﻌﻼ‬
‫ﻓﺭﺼﺔ‬
‫ﺇﺴﺘﺜﻤﺎﺭﻴﺔ‬
‫ﻭﺘﻤﻭﻴﻠﻴﺔ‬
‫ﻀﺨﻤﺔ‬
‫ﻝﻠﻤﺼﺎﺭﻑ‬

7
‫ﺍﻝﻌﺭﺒﻴﺔ‬
.
‫ﻭﻴﻜﻔﻲ‬
‫ﺃﻥ‬
‫ﻨ‬
‫ﺸﻴﺭ‬
‫ﻓﻘﻁ‬
‫ﺇ‬
‫ﻝﻰ‬
‫ﺃﻥ‬
‫ﺍﻝﻘﺭﻭﺽ‬
‫ﺍﻝﻤﻤﻨﻭﺤﺔ‬
‫ﻤﻥ‬
‫ﺍﻝﺒﻨﻭﻙ‬
‫ﻝﻠﻤﻨﺸﺂﺕ‬
‫ﻻ‬
‫ﺘﺸﻜل‬
‫ﺇﻻ‬
2
%
‫ﻤﻥ‬
‫ﺇﺠﻤﺎﻝﻲ‬
‫ﺍﻻﻗﺭﺍﺽ‬
‫ﻓﻲ‬
‫ﺍﻝﺨﻠﻴﺞ‬
‫ﺍﻝﻌﺭﺒﻲ‬
.
‫ﻭﻓﻲ‬
‫ﺘﻘﺭﻴﺭ‬
‫ﺤﺩﻴﺙ‬
‫ﺃﻋﺩﺘﻪ‬
‫ﻤﺅﺴﺴﺔ‬
‫ﺍﻝﺘﻤﻭﻴل‬
‫ﺍﻝﺩﻭﻝﻴﺔ‬
)
IFC
(
‫ﺤﻭل‬
‫ﻫﺫﺍ‬
،‫ﺍﻝﻤﻭﻀﻭﻉ‬
‫ﺇﺘﻀﺢ‬
‫ﻭﺠﻭﺩ‬
‫ﻤﺎ‬
‫ﺒﻴﻥ‬
1.9
-
2.3
‫ﻤﻠﻴﻭﻥ‬
‫ﻤﻨﺸﺄﺓ‬
‫ﺼﻐﻴﺭﺓ‬
‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﻭﻤﺘﻭﺴﻁﺔ‬
،
‫ﻤﺴﺠﻠﺔ‬
‫ﺭﺴﻤﻴﺎ‬
‫ﻓﻲ‬
‫ﻤﻨﻁﻘﺔ‬
‫ﺍﻝﺸﺭﻕ‬
‫ﺍﻷﻭﺴﻁ‬
‫ﻭﺸﻤﺎل‬
‫ﺇﻓﺭﻴﻘﻴﺎ‬
،
21
%
‫ﻤﻨﻬﺎ‬
‫ﻓﻘﻁ‬
‫ﺤﺎﺼﻠﺔ‬
‫ﻋﻠ‬
‫ﻰ‬
‫ﻗﺭﻭﺽ‬
‫ﻤﻥ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬
.
‫ﺫﻝﻙ‬
‫ﻋﻠ‬
‫ﻰ‬
‫ﺍﻝﺭﻏﻡ‬
‫ﻤﻥ‬
‫ﺃﻥ‬
‫ﺤﻭﺍﻝﻲ‬
74
%
‫ﻤﻨﻬﺎ‬
‫ﻝﺩﻴﻬﺎ‬
‫ﺤﺴﺎﺒﺎﺕ‬
‫ﺇﻴﺩﺍﻉ‬
‫ﻝﺩ‬
‫ﻯ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬
،
‫ﻤﺎ‬
‫ﻴﺩل‬
‫ﻋ‬
‫ﻠﻰ‬
‫ﺃﻥ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬
‫ﺘﺘﻭﻝ‬
‫ﻰ‬
‫ﺇﺩﺍﺭﺓ‬
‫ﺃﻤﻭﺍل‬
‫ﺘﻠﻙ‬
‫ﺍﻝﻤﺸﺭﻭ‬
‫ﻋﺎﺕ‬
‫ﻭﻝﻜﻥ‬
‫ﺘﺤﺠﻡ‬
‫ﻋﻥ‬
‫ﺇﻗﺭﺍﻀﻬﺎ‬
،
‫ﻜﻤﺎ‬
‫ﺃﺸﺎﺭ‬
‫ﺍﻝﺘﻘﺭﻴﺭ‬
‫ﺍﻝﻤﺫﻜﻭﺭ‬
‫ﺇﻝﻰ‬
‫ﻓﺠﻭﺓ‬
‫ﺘﻤﻭﻴل‬
‫ﻝﻬﺫﻩ‬
‫ﺍﻝﻤﺸﺭﻭﻋﺎﺕ‬
‫ﻤﺎ‬
‫ﺒﻴﻥ‬
110
-
140
‫ﻤﻠﻴﺎﺭ‬
‫ﺩﻭﻻﺭ‬
.
‫ﻭﺘﺸﻴﺭ‬
‫ﺍﻹﺤﺼﺎﺀﺍﺕ‬
‫ﺒﺄﻥ‬
‫ﻤﺎ‬
‫ﺒﻴﻥ‬
365
‫ﻤﻠﻴﻭﻥ‬
‫ﻭ‬
445
‫ﻤﻠﻴﻭﻥ‬
‫ﻤﺸﺭﻭﻉ‬
‫ﻓﻲ‬
‫ﺍﻷﺴﻭﺍﻕ‬
‫ﺍﻝﻨﺎﺸﺌﺔ‬
‫ﺘﺘﻌﺭﺽ‬
‫ﻝﻘﻴﻭﺩ‬
‫ﺍﺌﺘﻤﺎﻨﻴﺔ‬
.
‫ﻭﻴﺘﺭﺍﻭﺡ‬
‫ﺇﺠﻤﺎﻝﻲ‬
‫ﺤﺠﻡ‬
‫ﺍﻝﻁﻠﺏ‬
‫ﻋﻠﻰ‬
‫ﺍﻝﻘﺭﻭﺽ‬
‫ﺍﻝﺘﻲ‬
‫ﺘﺤﺘﺎﺠﻬﺎ‬
‫ﺍﻝﻤ‬
‫ﺸﺭﻭﻋﺎﺕ‬
‫ﻤﺘﻨﺎﻫﻴﺔ‬
‫ﺍﻝﺼﻐﺭ‬
‫ﻭﺍﻝﺼﻐﻴﺭﺓ‬
‫ﻭﺍﻝﻤﺘﻭﺴﻁﺔ‬
‫ﺍﻝﺭﺴﻤﻴﺔ‬
‫ﻭﻏﻴﺭ‬
‫ﺍﻝﺭﺴﻤﻴﺔ‬
‫ﻓﻲ‬
‫ﺍﻷﺴﻭﺍﻕ‬
‫ﺍﻝﻨﺎﺸﺌﺔ‬
‫ﻭﺍﻝﺫﻱ‬
‫ﻻ‬
‫ﻴﺘﻡ‬
‫ﺘﻠﺒﻴﺘﻬﺎ‬
‫ﺒﻴﻥ‬
2.1
-
2.5
‫ﺘﺭﻝﻴﻭﻥ‬
‫ﺩﻭﻻﺭ‬
.
‫ﺒﺘﺄﺴﻴﺱ‬ ‫ﺍﻝﺩﻭل‬ ‫ﻫﺫﻩ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻌﺩﻴﺩ‬ ‫ﻗﺎﻤﺕ‬ ‫ﺍﻝﻌﺭﺒﻴﺔ‬ ‫ﺍﻝﺩﻭل‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻝﺩﻯ‬ ‫ﺘﻤﻭﻴل‬ ‫ﻤﺸﻜﻠﺔ‬ ‫ﻝﻭﺠﻭﺩ‬ ‫ﹰ‬
‫ﺎ‬‫ﻭﺍﺩﺭﺍﻜ‬
‫ﻫﺫﻩ‬ ‫ﻭﺘﻁﻭﻴﺭ‬ ‫ﻝﺩﻋﻡ‬ ‫ﺨﺎﺼﺔ‬ ‫ﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺼﻨﺎﺩﻴﻕ‬
‫ﻨﺸﺎﻁﻬﺎ‬ ‫ﻝﺘﺤﻔﻴﺯ‬ ‫ﺨﺎﺼﺔ‬ ‫ﺘﺸﺭﻴﻌﺎﺕ‬ ‫ﻭﺒﺴﻥ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬
.
‫ﺍﻝﺴﻴﺎﻕ‬ ‫ﻫﺫﺍ‬ ‫ﻭﻓﻲ‬
‫ﺴﻤﻭ‬ ‫ﻤﺒﺎﺩﺭﺓ‬ ‫ﺠﺎﺀﺕ‬ ،‫ﹰ‬
‫ﺎ‬‫ﺃﻴﻀ‬
‫ﺃ‬
‫ﺍﻝﻌﺭﺒﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻘﻤﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻜﻭﻴﺕ‬ ‫ﻤﻴﺭ‬
‫ﻓﻲ‬
‫ﻋﺎﻡ‬
2009
‫ﻝﺘ‬
‫ﺄ‬
‫ﺩﻋﻡ‬ ‫ﺼﻨﺩﻭﻕ‬ ‫ﺴﻴﺱ‬
‫ﻝﺩﻯ‬ ‫ﺨﺎﺹ‬ ‫ﺤﺴﺎﺏ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺩﺍﺭ‬
‫ﻴ‬ ،‫ﺃﻤﺭﻴﻜﻲ‬ ‫ﺩﻭﻻﺭ‬ ‫ﻤﻠﻴﺎﺭﻱ‬ ‫ﻤﻘﺩﺍﺭﻩ‬ ‫ﺃﻭﻝﻲ‬ ‫ﻤﺎل‬ ‫ﺒﺭﺃﺱ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻭﺘﻤﻭﻴل‬
‫ﻝﻺ‬ ‫ﺍﻝﻌﺭﺒﻲ‬ ‫ﺍﻝﺼﻨﺩﻭﻕ‬
‫ﻭﺍﻹﺠﺘﻤﺎﻋﻲ‬ ‫ﺍﻹﻗﺘﺼﺎﺩﻱ‬ ‫ﻨﻤﺎﺀ‬
.
‫ﻭﺠﻭ‬ ‫ﻴﻌﺩ‬ ،‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻭﻓﻲ‬
‫ﺍﻝﻤﻨﺸﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺩ‬
‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﻭﺫﻝﻙ‬ ،‫ﺍﻷﻤﺎﻡ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻨﻤﻭ‬ ‫ﻋﺠﻠﺔ‬ ‫ﻝﺩﻓﻊ‬ ‫ﺍﻷﺴﺎﺴﻲ‬ ‫ﺍﻝﻤﺼﺩﺭ‬
‫ﻜﻤﺎ‬ ،‫ﺍﻝﻌﻤل‬ ‫ﻓﺭﺹ‬ ‫ﻤﻥ‬ ‫ﻜﺒﻴﺭ‬ ‫ﻋﺩﺩ‬ ‫ﺨﻠﻕ‬ ‫ﻓﻲ‬ ‫ﻤﺴﺎﻫﻤﺘﻬﺎ‬
‫ﺃ‬
‫ﺍﻷﺴﺭ‬ ‫ﻤﻥ‬ ‫ﻝﻠﻜﺜﻴﺭ‬ ‫ﺩﺨل‬ ‫ﺘﻭﻝﻴﺩ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬ ‫ﻫﻲ‬ ‫ﻨﻬﺎ‬
‫ﺍﻝﻔﻠﺴﻁﻴﻨﻴﻴ‬ ‫ﻭﺍﻷﻓﺭﺍﺩ‬
‫ﻥ‬
‫ﻓﻲ‬ ‫ﻤﻨﻬﻡ‬ ‫ﺍﻝﻤﻬﻤﺸﺔ‬ ‫ﺍﻝﻔﺌﺎﺕ‬ ‫ﺨﺎﺼﺔ‬ ،
‫ﻏﺯﺓ‬ ‫ﻭﻗﻁﺎﻉ‬ ‫ﺍﻝﻐﺭﺒﻴﺔ‬ ‫ﺍﻝﻀﻔﺔ‬ ‫ﻤﻥ‬ ‫ﻜل‬
.
‫ﻓﺎﻥ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻫﺫﻩ‬ ‫ﺍﺴﺘﻤﺭﺍﺭ‬
‫ﺂ‬
‫ﻝﻼﻗﺘﺼﺎﺩ‬ ‫ﺨﺎﺼﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﻴﻜﺘﺴﺒﺎﻥ‬ ‫ﻭﺍﻝﺘﻁﻭﺭ‬ ‫ﺍﻝﺼﻤﻭﺩ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺩﺭﺘﻬﺎ‬ ‫ﻭﺘﻌﺯﻴﺯ‬ ‫ﻋﻤﻠﻬﺎ‬ ‫ﻓﻲ‬ ‫ﺕ‬
‫ﻝﻴﺱ‬ ‫ﺠﻤﺔ‬ ‫ﻭﺘﺤﺩﻴﺎﺕ‬ ‫ﺼﻌﻭﺒﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻫﺫﺍ‬ ‫ﻴﻌﺎﻨﻴﻪ‬ ‫ﻤﺎ‬ ‫ﻅل‬ ‫ﻓﻲ‬ ‫ﻭﺫﻝﻙ‬ ،‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬
‫ﺃ‬
‫ﻤﻌﺩﻻ‬ ‫ﻗﻠﻬﺎ‬
‫ﺍﻝﺒﻁﺎﻝﺔ‬ ‫ﺕ‬
‫ﺍﻝﻤﺴﺒﻭﻗﺔ‬ ‫ﻏﻴﺭ‬ ‫ﻭﺍﻝﻔﻘﺭ‬
.
‫ﻋﻤ‬ ‫ﺃﻥ‬ ‫ﻜﻤﺎ‬
‫ﺍﻝﻭﻗﺕ‬ ‫ﻓﻲ‬ ‫ﺨﺎﺼﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺘﻜﺘﺴﺏ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻫﻴﻜﻠﻴﺔ‬ ‫ﺇﻋﺎﺩﺓ‬ ‫ﻠﻴﺔ‬
‫ﻝﻠﺤﻴﺎﺓ‬ ‫ﻭﻗﺎﺒﻠﺔ‬ ‫ﻤﺴﺘﻘﻠﺔ‬ ‫ﻓﻠﺴﻁﻴﻨﻴﺔ‬ ‫ﺩﻭﻝﺔ‬ ‫ﻹﻗﺎﻤﺔ‬ ‫ﺍﻝﻤﺴﺎﻋﻲ‬ ‫ﻀﻭﺀ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﺍﻫﻥ‬
.
‫ﻭ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﺘﺸﻜل‬
‫ﺂ‬
‫ﻭﺍﻝﻤﺘﻭﺴﻁﺔ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺕ‬
‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬
‫ﺤﻭﺍﻝﻲ‬
99
%
‫ﻓﻲ‬ ‫ﺍﻝﻌﺎﻤﻠﺔ‬ ‫ﺍﻝﻤﻨﺸﺎﺕ‬ ‫ﺍﺠﻤﺎﻝﻲ‬ ‫ﻤﻥ‬
‫ﻓﻠﺴﻁﻴﻥ‬
.
‫ﻨﻔ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺴﻭﺤﺎﺕ‬ ‫ﻨﺘﺎﺌﺞ‬ ‫ﺍﻅﻬﺭﺕ‬ ‫ﻓﻘﺩ‬
‫ﺫ‬
‫ﺒﺄﻥ‬ ‫ﻝﻼﺤﺼﺎﺀ‬ ‫ﺍﻝﻤﺭﻜﺯﻱ‬ ‫ﺍﻝﺠﻬﺎﺯ‬ ‫ﻫﺎ‬
97
%
‫ﺍﻝﻤﻨ‬ ‫ﺘﻠﻙ‬ ‫ﻤﻥ‬
‫ﺸﺂﺕ‬
‫ﺘﻭﻅﻑ‬
‫ﺃ‬
‫ﻤﻥ‬ ‫ﻗل‬
9
‫ﺒﻴﻨﻤﺎ‬ ،‫ﻋﻤﺎل‬
99
%
‫ﺍﻝﻤﻨﺸ‬ ‫ﺘﻠﻙ‬ ‫ﻤﻥ‬
‫ﺂ‬
‫ﺘﻭﻅﻑ‬ ‫ﺕ‬
‫ﺃ‬
‫ﻤﻥ‬ ‫ﻗل‬
20
‫ﻋﺎﻤﻼ‬
)
‫ﺍﻝﻤﺭﻜﺯﻱ‬ ‫ﺍﻝﺠﻬﺎﺯ‬

8
،‫ﻝﻼﺤﺼﺎﺀ‬
2008
.(
‫ﻴﻘﺎﺭﺏ‬ ‫ﻤﺎ‬ ‫ﺘﻭﻅﻑ‬ ‫ﺍﻝﻤﻨﺸﺄﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺃﻥ‬ ‫ﻜﻤﺎ‬
80
%
‫ﺍﻝﺨﺎﺹ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﻤل‬ ‫ﻗﻭﺓ‬ ‫ﻤﺠﻤﻭﻉ‬ ‫ﻤﻥ‬
)
USAID,2008
(
‫ﺍﻝﺩﻭﻝ‬ ‫ﺍﻝﻌﻤل‬ ‫ﻤﻨﻅﻤﺔ‬ ‫ﻭﺘﺸﻴﺭ‬
‫ﻴﺔ‬
)
2012
(
‫ﺇ‬
‫ﺃﻥ‬ ‫ﻝﻰ‬
45
%
‫ﻏﻴﺭ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺘﻘﻊ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻤﻥ‬
‫ﺤﻭﺍﻝﻲ‬ ‫ﻅﻑ‬
‫ﻭ‬‫ﻭﺘ‬ ،‫ﱠﻡ‬
‫ﻅ‬‫ﺍﻝﻤﻨ‬
28
%
‫ﺤﻭﺍﻝﻲ‬ ‫ﺍﻝﻤﺤﻠﻲ‬ ‫ﻝﻠﻨﺎﺘﺞ‬ ‫ﻭﺘﻀﻴﻑ‬ ،‫ﺍﻝﺨﺎﺹ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﻤل‬ ‫ﻗﻭﺓ‬ ‫ﺇﺠﻤﺎﻝﻲ‬ ‫ﻤﻥ‬
8
.%
‫ﻤﻥ‬ ‫ﺍﻝﺭﻏﻡ‬ ‫ﻭﻋﻠﻰ‬
‫ﺃ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻤﻥ‬ ‫ﺍﻷﻜﺒﺭ‬ ‫ﺍﻝﻨﺴﺒﺔ‬ ‫ﻥ‬
‫ﺂ‬
‫ﻓﻲ‬ ‫ﺍﻝﻌﺎﻤﻠﺔ‬ ‫ﺕ‬
‫ﻓﻠﺴﻁﻴﻥ‬
‫ﻤﻨﺸ‬ ‫ﻫﻲ‬
‫ﺂ‬
‫ﺕ‬
‫ﻭ‬ ‫ﺍﻝﺼﻐﺭ‬ ‫ﻤﺘﻨﺎﻫﻴﺔ‬
‫ﺼﻐﻴﺭﺓ‬
‫ﺃﻨﻬﺎ‬ ‫ﺇﻻ‬ ،‫ﻭﻤﺘﻭﺴﻁﺔ‬
‫ﻭﺍﻻﺴﺘﻤﺭﺍﺭ‬ ‫ﺍﻝﻨﻤﻭ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺩﺭﺘﻬﺎ‬ ‫ﻤﻥ‬ ‫ﺘﺤﺩ‬ ‫ﻋﺩﻴﺩﺓ‬ ‫ﻭﺘﺤﺩﻴﺎﺕ‬ ‫ﻤﺸﺎﻜل‬ ‫ﻤﻥ‬ ‫ﺘﻌﺎﻨﻲ‬ ‫ﺯﺍﻝﺕ‬ ‫ﻤﺎ‬
.
‫ﻭﻤﻥ‬
‫ﺃ‬
‫ﻫﺫﻩ‬ ‫ﻗﺩﺭﺓ‬ ‫ﻭﻀﻌﻑ‬ ‫ﺃﻋﺒﺎﺀﻩ‬ ‫ﻭﺍﺭﺘﻔﺎﻉ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻝﻬﺫﻩ‬ ‫ﺘﻭﻓﺭﻩ‬ ‫ﻗﻠﺔ‬ ‫ﺤﻴﺙ‬ ‫ﻤﻥ‬ ‫ﺒﺎﻝﺘﻤﻭﻴل‬ ‫ﺍﻝﻤﺘﻌﻠﻘﺔ‬ ‫ﺘﻠﻙ‬ ‫ﺍﻝﻤﺸﺎﻜل‬ ‫ﻫﺫﻩ‬ ‫ﺒﺭﺯ‬
‫ﺍﻝﻤﻨﺸ‬
‫ﺂ‬
‫ﺍﻝﻤﻨﺎﺴﺏ‬ ‫ﺍﻝﻭﻗﺕ‬ ‫ﻓﻲ‬ ‫ﺇﻝﻴﻪ‬ ‫ﺍﻝﻭﺼﻭل‬ ‫ﻋﻠﻰ‬ ‫ﺕ‬
)
،‫ﻋﻁﻴﺎﻨﻲ‬ ‫ﺃﻨﻁﺭ‬
2009
‫؛‬
‫ﺍﻝﻜﺭﻴﻡ‬ ‫ﻋﺒﺩ‬
،
2009
‫؛‬
‫ﺨﻠﻴﻔﺔ‬
،‫ﻭﻫﻨﻁﺵ‬
2009
، ‫ﺍﻝﺼﻭﺭﺍﻨﻲ‬ ‫؛‬
2005
:(
‫ﻭﺒﺎﻻﺴﺘﻨﺎﺩ‬
‫ﺇ‬
‫ﺩﺭﺍﺴﺔ‬ ‫ﻝﻰ‬
)
United Nations, 2004
(
‫ﻫﻨﺎ‬ ،
‫ﻙ‬
‫ﺤﻭﺍﻝﻲ‬
80
%
‫ﺍﻝﻤﻨﺸﺎﺕ‬ ‫ﻤﻥ‬
‫ﺍﻝﺨﺎﺼﺔ‬
‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬
‫ﺘﻭﻓﻴﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺩﻭﺭ‬ ‫ﻴﻐﻴﺏ‬ ‫ﺤﻴﺙ‬ ،‫ﻭﺍﻝﺘﺄﺴﻴﺴﻴﺔ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺘﻜﺎﻝﻴﻔﻬﺎ‬ ‫ﻝﺘﻐﻁﻴﺔ‬ ‫ﺍﻝﺸﺨﺼﻴﺔ‬ ‫ﺍﻝﻤﺩﺨﺭﺍﺕ‬ ‫ﻋﻠﻰ‬ ‫ﺘﻌﺘﻤﺩ‬
‫ﺍﻝﻼﺯ‬ ‫ﺍﻝﺘﻤﻭﻴل‬
‫ﻡ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻝﺘﻠﻙ‬
‫ﺂ‬
‫ﺕ‬
.
‫ﻜﻤﺎ‬
‫ﺃ‬
‫ﻥ‬
‫ﺍﻝﺘﻤﻭﻴل‬
‫ﺍﻝﻤﺼﺭﻓﻲ‬
‫ﻗﺼﻴﺭ‬ ‫ﺘﻤﻭﻴل‬ ‫ﻴﻜﻭﻥ‬ ‫ﻤﺎ‬ ‫ﻏﺎﻝﺒﺎ‬ ‫ﺍﻝﻤﻨﺸﺎﺕ‬ ‫ﻝﻬﺫﻩ‬ ‫ﺍﻝﻤﻘﺩﻡ‬
‫ﺃ‬
‫ﻭ‬
‫ﺩﺭﺍﺴﺔ‬ ‫ﺃﺸﺎﺭﺕ‬ ‫ﺤﻴﺙ‬ ،‫ﺍﻷﺠل‬ ‫ﻤﺘﻭﺴﻁ‬
)
‫ﻤﻜﺤﻭل‬
‫ﻭﺁﺨﺭﻭﻥ‬
،
2005
(
‫ﺒﺄﻥ‬ ،
88
%
‫ﻤﻥ‬
‫ﻫﺫﺍ‬
‫ﻝﻬﺫﻩ‬ ‫ﺍﻝﻤﻘﺩﻡ‬ ‫ﺍﻝﺘﻤﻭﻴل‬
‫ﺍﻝﻤﻨﺸ‬
‫ﺂ‬
‫ﺴﺩﺍﺩ‬ ‫ﻝﻔﺘﺭﺓ‬ ‫ﻫﻭ‬ ‫ﺕ‬
‫ﻋﻥ‬ ‫ﺘﺯﻴﺩ‬ ‫ﻻ‬
‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺒﻨﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻘﺎﺌﻡ‬ ‫ﺍﻝﻀﻌﻑ‬ ‫ﺇﻝﻰ‬ ‫ﺫﻝﻙ‬ ‫ﻭﻴﺭﺠﻊ‬ ،‫ﺴﻨﻭﺍﺕ‬ ‫ﺜﻼﺙ‬
‫ﻭﺍﻝﻤﺭﺘﺒ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬
‫ﻀﻤﺎﻥ‬ ‫ﺒﺭﺍﻤﺞ‬ ‫ﺘﻭﻓﻴﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺤﻜﻭﻤﺔ‬ ‫ﺩﻭﺭ‬ ‫ﻏﻴﺎﺏ‬ ‫ﺇﻝﻰ‬ ‫ﺇﻀﺎﻓﺔ‬ ،‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﻋﺎﻝﻴﺔ‬ ‫ﺒﺩﺭﺠﺔ‬ ‫ﻁ‬
‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻘﺭﻭﺽ‬
‫ﻴﻤﻜﻥ‬
‫ﺃ‬
‫ﺍﻝﻤﺸﻜﻠﺔ‬ ‫ﻤﻥ‬ ‫ﺠﺯﺀ‬ ‫ﺤل‬ ‫ﻓﻲ‬ ‫ﺘﺴﺎﻫﻡ‬ ‫ﻥ‬
.
‫ﻤﻥ‬ ،‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﻁﻠﻭﺒﺔ‬ ‫ﺍﻝﻀﻤﺎﻨﺎﺕ‬ ‫ﻭﺘﻌﺩ‬ ‫ﻜﻤﺎ‬
‫ﺃ‬
‫ﻜﺒﺭ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻝﻬﺫﻩ‬ ‫ﺒﺎﻝﻨﺴﺒﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﺼﻭل‬ ‫ﻤﺤﺩﺩﺍﺕ‬
‫ﺂ‬
‫ﺃﺸﺎﺭﺕ‬ ‫ﺤﻴﺙ‬ ،‫ﺕ‬
‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻨﻔﺱ‬
‫ﺇ‬
‫ﻝﻰ‬
‫ﺃ‬
‫ﻥ‬
72.3
%
‫ﻤﻥ‬
‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﺼﻭل‬ ‫ﻁﻠﺒﺎﺕ‬
‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬
‫ﺍﻝﻤﻘﺩﻤﺔ‬ ‫ﺍﻝﻀﻤﺎﻨﺎﺕ‬ ‫ﻜﻔﺎﻴﺔ‬ ‫ﻋﺩﻡ‬ ‫ﺒﺴﺒﺏ‬ ‫ﺭﻓﻀﺕ‬
.
‫ﻭﺠﻭﺩ‬ ‫ﻋﺩﻡ‬ ‫ﻴﻌﺩ‬ ‫ﻜﻤﺎ‬
‫ﻴﻘﻑ‬ ‫ﺁﺨﺭ‬ ‫ﻤﺤﺩﺩ‬ ‫ﻤﺼﺭﻓﻴﺔ‬ ‫ﻗﺭﻭﺽ‬ ‫ﻋﻠﻰ‬ ‫ﻝﻠﺤﺼﻭل‬ ‫ﻜﻀﻤﺎﻥ‬ ‫ﻝﻴﺴﺘﺨﺩﻡ‬ ‫ﺍﻝﻤﺘﺤﺭﻜﺔ‬ ‫ﻝﻸﺼﻭل‬ ‫ﻗﺎﻨﻭﻨﻲ‬ ‫ﻋﺩﻝﻲ‬ ‫ﺴﺠل‬
‫ﺃﻤﺎﻡ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻫﺫﻩ‬ ‫ﻤﻘﺩﺭﺓ‬
‫ﺂ‬
‫ﺍﻹ‬ ‫ﻋﻠﻰ‬ ‫ﺕ‬
‫ﻗﺘﺭﺍﺽ‬
.
‫ﻫﺫﺍ‬
‫ﺇ‬
‫ﺍﻝﺨﺩﻤ‬ ‫ﻴﺴﺘﺨﺩﻤﻭﻥ‬ ‫ﺍﻝﺫﻴﻥ‬ ‫ﺍﻝﺴﻜﺎﻥ‬ ‫ﻨﺴﺒﺔ‬ ‫ﺃﻥ‬ ‫ﺠﺎﻨﺏ‬ ‫ﻝﻰ‬
‫ﺎﺕ‬
‫ﺘﺘﻌﺩﻯ‬ ‫ﻻ‬ ‫ﺒﺤﻴﺙ‬ ،‫ﹰ‬
‫ﻼ‬‫ﺃﺼ‬ ‫ﻤﺘﺩﻨﻴﺔ‬ ‫ﻫﻲ‬ ‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬
40
%
‫ﻓﻘﻁ‬
)
USAID,2008
(
‫ﺴﻴﺎﺴﺔ‬ ‫ﻤﻥ‬ ‫ﻭﺒﺎﻝﺭﻏﻡ‬
‫ﺍﻝﺭﻴﻔﻴﺔ‬ ‫ﺍﻝﺘﺠﻤﻌﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻨﺸﺭ‬ ‫ﺍﻝﻰ‬ ‫ﺍﻝﻬﺎﺩﻓﺔ‬ ‫ﺍﻝﻨﻘﺩ‬ ‫ﺴﻠﻁﺔ‬
.
‫ﺘﻌﺎﻨﻲ‬ ‫ﺯﺍﻝﺕ‬ ‫ﻻ‬ ‫ﺍﻝﻤﻨﺎﻁﻕ‬ ‫ﻫﺫﻩ‬ ‫ﺃﻥ‬ ‫ﺇﻻ‬
‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻓﻲ‬ ‫ﻨﻘﺹ‬ ‫ﻤﻥ‬
.

9
‫ﺸﺄﻨﻪ‬ ‫ﻤﻥ‬ ‫ﺫﻝﻙ‬ ‫ﻜل‬
‫ﺃ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻫﺫﻩ‬ ‫ﻤﻘﺩﺭﺓ‬ ‫ﻴﻀﻌﻑ‬ ‫ﻥ‬
‫ﺂ‬
‫ﺍ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻭﺼﻭل‬ ‫ﻋﻠﻰ‬ ‫ﺕ‬
‫ﻝﺭﺴﻤﻴﺔ‬
)
‫ﹰ‬
‫ﺍ‬‫ﺘﺤﺩﻴﺩ‬
‫ﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬
(
‫ﻤﻨﻬﺎ‬ ‫ﺍﻻﺴﺘﻔﺎﺩﺓ‬ ‫ﺤﺘﻰ‬ ‫ﺃﻭ‬
.
‫ﻤﻨﺸ‬ ‫ﺒﺄﻥ‬ ‫ﻓﻭﺍﻀﺢ‬
‫ﺂ‬
‫ﻭﺍﻝﻤﺘﻭﺴﻁﺔ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻷﻋﻤﺎل‬ ‫ﺕ‬
‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬
‫ﺍﻝﺼﻐﺭ‬
‫ﻫﻲ‬ ‫ﺜﻼﺙ‬ ‫ﺒﺄﺒﻌﺎﺩ‬ ‫ﺘﺘﻤﺜل‬ ‫ﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﻤﺸﺎﻜل‬ ‫ﻤﻥ‬ ‫ﺘﻌﺎﻨﻲ‬
:
•
‫ﺍﻝﻤﺘﺎﺤﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﻓﻲ‬ ‫ﻨﻘﺹ‬
Availability
.
•
‫ﻭ‬
‫ﺇ‬
‫ﻤﺤﺩﻭﺩ‬ ‫ﻓﻬﻨﺎﻙ‬ ،‫ﺘﻭﻓﺭﺕ‬ ‫ﻥ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻗﺩﺭﺓ‬ ‫ﻓﻲ‬ ‫ﻴﺔ‬
‫ﺄ‬
‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻭﺼﻭل‬ ‫ﻋﻠﻰ‬ ‫ﺓ‬
Accessibility
.
•
‫ﺍﻝﻤﻨﺸ‬ ‫ﺘﻤﻜﻥ‬ ‫ﻋﺩﻡ‬ ‫ﹰ‬
‫ﺍ‬‫ﻭﺃﺨﻴﺭ‬
‫ﺂ‬
‫ﺍﻻﺤﻴﺎﻥ‬ ‫ﻤﻌﻅﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﻋﺒﺎﺀ‬ ‫ﺘﺤﻤل‬ ‫ﻤﻥ‬ ‫ﺕ‬
Affordability
.
‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻔﺠﻭﺓ‬ ‫ﻭﻝﺘﻌﻭﻴﺽ‬
)
‫ﻤﻨﻬﺎ‬ ‫ﻭﺍﻝﻤﺘﻭﻓﺭﺓ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺤﺘﻤل‬ ‫ﺍﻝﻁﻠﺏ‬ ‫ﺒﻴﻥ‬ ‫ﺍﻝﻔﺭﻕ‬
(
‫ﺍ‬ ‫ﻝﻘﻁﺎﻉ‬
‫ﻷ‬
‫ﺍﻝﺼﻐﻴ‬ ‫ﻭﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻓﺭﺍﺩ‬
‫ﻤﻨﺫ‬ ‫ﺘﺄﺴﺴﺕ‬ ،‫ﺍﻝﻤﺼﺎﺭﻑ‬ ‫ﺨﺩﻤﺎﺕ‬ ‫ﻨﻁﺎﻕ‬ ‫ﻓﻲ‬ ‫ﻴﻘﻌﻭﺍ‬ ‫ﻻ‬ ‫ﺍﻝﺫﻴﻥ‬ ‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﺭﺓ‬
‫ﻤﻥ‬ ‫ﺃﻜﺜﺭ‬
20
‫ﺘﻠﺒﻴﺔ‬ ‫ﺒﻬﺩﻑ‬ ‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺭﺒﺤﻴﺔ‬ ‫ﻭﻏﻴﺭ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﻋﺩﺩ‬ ‫ﺴﻨﺔ‬
‫ﺍﻝﻤﺘﺯﺍﻴﺩﺓ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺇﺤﺘﻴﺎﺠﺎﺘﻬﻡ‬
.
‫ﺍﻝﻤﺴﺘﻤﺭ‬ ‫ﺍﻝﻨﻤﻭ‬ ‫ﻤﻥ‬ ‫ﺒﺎﻝﺭﻏﻡ‬ ‫ﻭﻝﻜﻥ‬
‫ﺍﻝﻌﻘﺩﻴﻥ‬ ‫ﺨﻼل‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻨﺸﺎﻁ‬ ‫ﻓﻲ‬
‫ﺃﻨﻬ‬ ‫ﺇﻻ‬ ،‫ﺍﻝﻤﺎﻀﻴﻴﻥ‬
‫ﺍﻷ‬ ‫ﻤﻥ‬ ‫ﻭﺍﺴﻌﺔ‬ ‫ﻝﺸﺭﻴﺤﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺇﺤﺘﻴﺎﺠﺎﺕ‬ ‫ﺠﻤﻴﻊ‬ ‫ﺘﻠﺒﻴﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺎﺩﺭﺓ‬ ‫ﻏﻴﺭ‬ ‫ﺯﺍﻝﺕ‬ ‫ﻻ‬ ‫ﺎ‬
‫ﻓﺭﺍﺩ‬
‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﺍﻝﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻷﻋﻤﺎل‬ ‫ﻭﻤﻨﺸﺂﺕ‬
.
‫ﺍﻝﻤﺸﺎﻜل‬ ‫ﺃﻫﻡ‬ ‫ﻨﻠﺨﺹ‬ ‫ﺃﻥ‬ ‫ﻭﻴﻤﻜﻥ‬
‫ﻫﺫﺍ‬ ‫ﻭﺍﺠﻬﺕ‬ ‫ﺍﻝﺘﻲ‬
‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﻜﺎﻨﺕ‬ ‫ﺴﻨﻭﺍﺕ‬ ‫ﻗﺒل‬ ‫ﺤﺘﻰ‬
‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﻨﺤﻭ‬ ‫ﻋﻠﻰ‬
)
،‫ﺼﺒﺭﻱ‬
2008
(
:
•
‫ﻝﻬ‬ ‫ﺍﻝﻤﻨﺎﺴﺏ‬ ‫ﺍﻝﻘﺎﻨﻭﻨﻲ‬ ‫ﺍﻝﺸﻜل‬ ‫ﻏﻴﺎﺏ‬
‫ﺎ‬
.
•
‫ﻝﻺﺸﺭﺍﻑ‬ ‫ﻤﺨﺘﺼﺔ‬ ‫ﺠﻬﺔ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻭﻋﺩﻡ‬ ،‫ﻋﻠﻴﻬﺎ‬ ‫ﺍﻹﺸﺭﺍﻑ‬ ‫ﺠﻬﺎﺕ‬ ‫ﺘﻌﺩﺩ‬
.
•
‫ﺇﻝﻰ‬ ‫ﻴﺼل‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﺴﻌﺭ‬ ‫ﺍﺭﺘﻔﺎﻉ‬
24
%
‫ﺍﻷﺤﻴﺎﻥ‬ ‫ﻤﻥ‬ ‫ﻜﺜﻴﺭ‬ ‫ﻓﻲ‬
.
•
‫ﺒﻤﺘﻭﺴﻁ‬ ‫ﻭﻫﻭ‬ ،‫ﺍﻝﻘﺭﺽ‬ ‫ﻗﻴﻤﺔ‬ ‫ﺍﻨﺨﻔﺎﺽ‬
1700
‫ﺇﻝﻰ‬ ‫ﺘﺼل‬ ‫ﻗﺭﻭﺽ‬ ‫ﻭﻫﻨﺎﻙ‬ ،‫ﺩﻭﻻﺭ‬
300
‫ﻝﺒﻌﺽ‬ ‫ﺩﻭﻻﺭ‬
‫ﻫﺫﻩ‬
‫ﺍﻝﺒﺭﺍﻤﺞ‬
.
•
‫ﻭ‬ ،‫ﺍﻝﺨﺎﺭﺠﻴﺔ‬ ‫ﺍﻝﺩﻋﻡ‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺒﺭﺍﻤﺞ‬ ‫ﻫﺫﻩ‬ ‫ﺍﺴﺘﻤﺭﺍﺭ‬ ‫ﻴﺘﻭﻗﻑ‬
‫ﺍﻻﺴﺘﻤﺭﺍﺭ‬ ‫ﻤﺒﺩﺃ‬ ‫ﻴﺘﻭﻓﺭ‬ ‫ﻻ‬ ‫ﻋﻠﻴﻪ‬
.
•
‫ﺍﻝﻤﺎﻨﺤﺔ‬ ‫ﺍﻝﺠﻬﺎﺕ‬ ‫ﺃﺠﻨﺩﺓ‬ ‫ﻭﻓﻕ‬ ‫ﻭﺍﻝﻔﺌﺎﺕ‬ ‫ﻝﻠﻤﻨﺎﻁﻕ‬ ‫ﺘﻭﺠﻪ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻤﻥ‬ ‫ﹰ‬
‫ﺍ‬‫ﻭﻜﺜﻴﺭ‬ ،‫ﹰ‬
‫ﺎ‬‫ﺠﻐﺭﺍﻓﻴ‬ ‫ﻤﻭﺯﻋﺔ‬ ‫ﻏﻴﺭ‬
.
•
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻝﻬﺫﻩ‬ ‫ﻭﺍﻹﺩﺍﺭﻱ‬ ‫ﻭﺍﻝﺘﻨﻅﻴﻤﻲ‬ ‫ﺍﻝﻤﺅﺴﺴﻲ‬ ‫ﺍﻝﺒﻨﺎﺀ‬ ‫ﻀﻌﻑ‬
.
‫ﻭﺘﺴﻌﻰ‬
‫ﺍﻝﻨﻘﺩ‬ ‫ﺴﻠﻁﺔ‬
‫ﹰ‬
‫ﺎ‬‫ﺤﺎﻝﻴ‬
‫ﺇﻝﻰ‬
‫ﺒﻘﻁﺎﻉ‬ ‫ﺍﻻﺭﺘﻘﺎﺀ‬
‫ﺍﻹﻗﺭﺍﺽ‬
‫ﺤﻴﺙ‬ ،‫ﺍﻝﻤﺘﺨﺼﺹ‬
‫ﺃ‬
‫ﺼﺩﺭﺕ‬
‫ﻤﺅﺨﺭﺍ‬
‫ﺍﻝﺘﺭﺨﻴ‬ ‫ﻨﻅﺎﻡ‬
‫ﺹ‬
،‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺒﻌﻤل‬ ‫ﺍﻝﻤﺘﻌﻠﻕ‬
‫ﹰ‬
‫ﺍ‬‫ﺇﺴﺘﻨﺎﺩ‬
‫ﺇ‬
‫ﻝﻰ‬
‫ﺍﻝﺠﺩﻴﺩ‬ ‫ﺍﻝﻤﺼﺎﺭﻑ‬ ‫ﻗﺎﻨﻭﻥ‬
.
‫ﻤﻥ‬ ‫ﺒﻤﺠﻤﻭﻋﺘﻴﻥ‬ ‫ﺫﻝﻙ‬ ‫َﺘﺒﻌﺕ‬‫ﺃ‬‫ﻭ‬

10
‫ﻓﻴﻬﺎ‬ ‫ﺍﻝﺤﻭﻜﻤﺔ‬ ‫ﻭﻤﻤﺎﺭﺴﺎﺕ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﺭﺨﻴﺹ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺘﺤﻜﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺘﻌﻠﻴﻤﺎﺕ‬
.
‫ﺇﻁﺎﺭ‬ ‫ﻜﺫﻝﻙ‬ ‫ﺍﻝﻨﻘﺩ‬ ‫ﺴﻠﻁﺔ‬ ‫ﻭﺃﻋﺩﺕ‬
‫ﺍ‬
‫ﺸﺎﻤﻼ‬
‫ﻭﻤﻨﻬﺠﻴ‬
‫ﺎ‬
‫ﻓﻲ‬ ‫ﻭﺫﻝﻙ‬ ‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺼﻐﺭ‬ ‫ﻤﺘﻨﺎﻫﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻝﺴﻴﺎﺴﺔ‬
2010
.
‫ﺠﻤﻴ‬ ‫ﻭﺘﻬﺩﻑ‬
‫ﻫﺫﻩ‬ ‫ﻊ‬
‫ﺍﻝﻘﺭﺍﺭﺍﺕ‬
‫ﺇ‬
‫ﺩﻋﻡ‬ ‫ﻝﻰ‬
‫ﺭﺒﻁ‬ ‫ﻓﻲ‬ ‫ﺩﻭﺭﻫﺎ‬ ‫ﻭﺘﻌﺯﻴﺯ‬ ‫ﺍﻝﺼﻐﺭ‬ ‫ﻤﺘﻨﺎﻫﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻗﻁﺎﻉ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺠﻬﺔ‬ ‫ﺒﺈﻋﺘﺒﺎﺭﻫﺎ‬ ‫ﺍﻝﻨﻘﺩ‬ ‫ﺴﻠﻁﺔ‬ ‫ﺩﻭﺭ‬
‫ﺍﻝﺭﺴﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻗﻁﺎﻉ‬ ‫ﻤﻊ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬
)
‫ﺍﻝﻤﺼﺭﻓﻲ‬
(
‫ﺸﺎﻤل‬ ‫ﻤﺎﻝﻲ‬ ‫ﻨﻅﺎﻡ‬ ‫ﻝﺒﻨﺎﺀ‬ ‫ﻤﻨﻬﺎ‬ ‫ﹰ‬
‫ﺎ‬‫ﺴﻌﻴ‬
‫ﺍﻝﻤﻭﺍﻁﻨﻴﻥ‬ ‫ﻝﺠﻤﻴﻊ‬
.
1.1
‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺃﻫﺩﺍﻑ‬
‫ﺇ‬ ‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﻫﺫﻩ‬ ‫ﺘﻬﺩﻑ‬
‫ﻋﻠﻰ‬ ‫ﻭﺃﺜﺭﻫﺎ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺩﻭﺭ‬ ‫ﺘﻘﻴﻴﻡ‬ ‫ﻝﻰ‬
‫ﺍﺴﺘﻨﺎﺩﺍ‬ ‫ﻨﺤﺎﻭل‬ ‫ﻜﻤﺎ‬ ،‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻝﻭﻀﻊ‬ ‫ﺨﺼﻭﺼﻴﺔ‬ ‫ﺍﻻﻋﺘﺒﺎﺭ‬ ‫ﺒﻌﻴﻥ‬ ‫ﺍﻷﺨﺫ‬ ‫ﻤﻊ‬ ،‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﺍﻝﻤﺅﺴﺴﺎ‬ ‫ﻫﺫﻩ‬ ‫ﻝﻤﺜل‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺴﻼﻤﺔ‬ ‫ﻗﻴﺎﺱ‬ ‫ﻤﻥ‬ ‫ﺘﻤﻜﻨﻨﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺅﺸﺭﺍﺕ‬ ‫ﺒﻌﺽ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻭﺼﻭل‬ ‫ﺍﻝﺴﺎﺒﻘﺔ‬ ‫ﻝﻠﺩﺭﺍﺴﺎﺕ‬
،‫ﺕ‬
،‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﺇﻝﻰ‬ ‫ﺘﺘﺴﺭﺏ‬ ‫ﻗﺩ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺒﻌﺽ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺃﻥ‬ ‫ﺴﻴﻤﺎ‬ ‫ﻻ‬
‫ﻝﻬﺫﻩ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻲ‬ ‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﺍﺴﺘﻤﺭﺍﺭﻴﺔ‬ ‫ﺘﻬﺩﺩ‬ ‫ﺃﻥ‬ ‫ﺍﻝﻤﻤﻜﻥ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻷﺼﻭل‬ ‫ﺠﻭﺩﺓ‬ ‫ﺍﻨﺨﻔﺎﺽ‬ ‫ﻓﻲ‬ ‫ﺒﻌﻀﻬﺎ‬ ‫ﻴﺘﻤﺜل‬
‫ﺍﻝ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻌﺘﻤﺩﺓ‬ ‫ﺘﻠﻙ‬ ‫ﻤﻥ‬ ‫ﺃﻗل‬ ‫ﺒﻀﻤﺎﻨﺎﺕ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﺘﻤﻨﺢ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻻﻥ‬ ،‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺘﻌﺘﻤﺩ‬ ‫ﻭﻜﺫﻝﻙ‬ ،‫ﻤﺼﺎﺭﻑ‬
‫ﻤﻥ‬ ‫ﻜﺒﻴﺭ‬ ‫ﺠﺯﺀ‬ ‫ﺃﻥ‬ ‫ﻜﻤﺎ‬ ،‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻭﻫﻴﻜﻠﺔ‬ ‫ﺘﺴﺩﻴﺩ‬ ‫ﻋﻤﻠﻴﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻘﺭﺽ‬ ‫ﺃﺠﻠﻪ‬ ‫ﻤﻥ‬ ‫ﺃﺨﺫ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﻤﺸﺭﻭﻉ‬ ‫ﻨﺠﺎﺡ‬
‫ﻫﻡ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻤﻊ‬ ‫ﺍﻝﻤﺘﻌﺎﻤﻠﻴﻥ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬ ‫ﻤﻥ‬ ‫ﺘﺴﻬﻴﻼﺕ‬ ‫ﻋﻠﻰ‬ ‫ﻝﻠﺤﺼﻭل‬ ‫ﻤﺅﻫﻠﻴﻥ‬ ‫ﺍﻝﻐﻴﺭ‬ ‫ﺍﻷﺸﺨﺎﺹ‬ ‫ﻤﻥ‬
.
‫ﺘ‬ ‫ﻗﺩ‬ ‫ﻭﻤﺎ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺘﻤﻭﻴل‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻵﺨﺭ‬ ‫ﺍﻝﺒﻌﺽ‬ ‫ﻭﻴﺘﻤﺜل‬
‫ﻀﻌﻑ‬ ‫ﻤﻥ‬ ‫ﺒﻌﻀﻬﺎ‬ ‫ﻌﺎﻨﻴﻪ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺤﻭﻜﻤﺔ‬ ‫ﺠﻭﺩﺓ‬ ‫ﻤﺴﺘﻭﻯ‬ ‫ﻀﻌﻑ‬ ‫ﻤﻥ‬ ‫ﺘﻨﺸﺄ‬ ‫ﻗﺩ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻭﻫﻨﺎﻙ‬ ،‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﺴﺘﺩﺍﻤﺘﻬﺎ‬ ‫ﻤﺴﺘﻭﻯ‬
.
2.1
‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﻤﻨﻬﺠﻴﺔ‬
‫ﺃﻭﻝ‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﺍﺴﺘﺨﺩﺍﻡ‬ ‫ﺘﻡ‬ ،‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺃﻫﺩﺍﻑ‬ ‫ﻝﺘﺤﻘﻴﻕ‬
‫ﻭﺍﻝﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﻝﻠﺒﻴﺎﻨﺎﺕ‬ ‫ﻭﺜﺎﻨﻭﻴﺔ‬ ‫ﻴﺔ‬
.
‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﺼﻭل‬ ‫ﺘﻡ‬ ‫ﻓﻘﺩ‬
‫ﻤﻘﺎﺒﻼ‬ ‫ﺇﺠﺭﺍﺀ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺍﻷﻭﻝﻴﺔ‬ ‫ﺍﻝﺒﻴﺎﻨﺎﺕ‬
‫ﺠﻤﻴﻊ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﻠﻴﺎ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻓﺭﻴﻕ‬ ‫ﻤﻥ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺃﻭ‬ ‫ﻋﻀﻭ‬ ‫ﻤﻊ‬ ‫ﺸﺨﺼﻴﺔ‬ ‫ﺕ‬
‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬
‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﺎﻤﻠﺔ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬
.
‫ﺇﺠﺭﺍﺀ‬ ‫ﻝﻐﺭﺽ‬ ‫ﺒﺤﺜﻴﺔ‬ ‫ﺇﺴﺘﻤﺎﺭﺓ‬ ‫ﻭﺇﺴﺘﺨﺩﺍﻡ‬ ‫ﺘﺼﻤﻴﻡ‬ ‫ﺘﻡ‬ ‫ﻭﻗﺩ‬
‫ﺍﻝﻤﻘﺎﺒﻼﺕ‬ ‫ﻫﺫﻩ‬
)
‫ﺭﻗﻡ‬ ‫ﺍﻝﻤﻠﺤﻕ‬ ‫ﺃﻨﻅﺭ‬
2
(
‫ﻭﻤﺅﺴﺴﺎﺕ‬ ‫ﺠﻬﺎﺕ‬ ‫ﻗﺒل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﻨﺸﻭﺭﺓ‬ ‫ﻭﺍﻝﻤﻌﻁﻴﺎﺕ‬ ‫ﺍﻝﺒﻴﺎﻨﺎﺕ‬ ‫ﻓﻲ‬ ‫ﻓﺘﻤﺜﻠﺕ‬ ‫ﺍﻝﺜﺎﻨﻭﻴﺔ‬ ‫ﺍﻝﻤﺼﺎﺩﺭ‬ ‫ﺃﻤﺎ‬
‫ﻭﻏﻴﺭ‬ ‫ﺭﺴﻤﻴﺔ‬
‫ﺤﻭل‬ ‫ﺭﺴﻤﻴﺔ‬
‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻭﺤﻭل‬ ‫ﺍﻝﺼﻐﺭ‬ ‫ﻭﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻷﻋﻤﺎل‬ ‫ﻭﻤﻨﺸﺂﺕ‬ ‫ﺍﻝﻤﺘﺨﺼﺹ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻗﻁﺎﻉ‬

11
‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻝﻤﺼﺭﻓﻲ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﺤﻭل‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﻝﻺﺤﺼﺎﺀ‬ ‫ﺍﻝﻤﺭﻜﺯﻱ‬ ‫ﺍﻝﺠﻬﺎﺯ‬ ‫ﻋﻥ‬ ‫ﺍﻝﺼﺎﺩﺭﺓ‬ ‫ﺘﻠﻙ‬ ‫ﺨﺎﺼﺔ‬ ،
‫ﺂ‬
‫ﺕ‬
‫ﺃﺨﺭﻯ‬ ‫ﺠﻬﺎﺕ‬ ‫ﻭﺃﻱ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻴﺔ‬ ‫ﺍﻝﻨﻘﺩ‬ ‫ﻭﺴﻠﻁﺔ‬ ،‫ﺍﻝﻔﻠﺴﻁﻴﻨﻴﺔ‬ ‫ﺍﻷﺭﺍﻀﻲ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﺎﻤﻠﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
‫ﺒﺎﻝﻘﻁﺎﻉ‬ ‫ﻋﻼﻗﺔ‬ ‫ﺫﺍﺕ‬
‫ﺍﻝﻤﻨﺸ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﻝﻬﺫﺍ‬ ‫ﺍﻝﻜﻠﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻓﺠﻭﺓ‬ ‫ﻋﻠﻰ‬ ‫ﻝﻠﻭﻗﻭﻑ‬ ‫ﻭﺫﻝﻙ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬
‫ﺂ‬
‫ﺍﻝﻤﺤﻠﻲ‬ ‫ﺍﻝﺴﻭﻕ‬ ‫ﻓﻲ‬ ‫ﺕ‬
.
‫ﺘﻡ‬ ‫ﻜﻤﺎ‬
‫ﻭﻤﺭﺠﻌﻲ‬ ‫ﻤﻔﺎﻫﻴﻤﻲ‬ ‫ﺇﻁﺎﺭ‬ ‫ﻭﻀﻊ‬ ‫ﺒﻬﺩﻑ‬ ‫ﻭﺫﻝﻙ‬ ،‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺒﻤﻭﻀﻭﻉ‬ ‫ﺍﻝﺼﻠﺔ‬ ‫ﺫﺍﺕ‬ ‫ﻝﻸﺩﺒﻴﺎﺕ‬ ‫ﺸﺎﻤﻠﺔ‬ ‫ﻤﺭﺍﺠﻌﺔ‬ ‫ﺇﺠﺭﺍﺀ‬
‫ﺍﻝﺘﻁﺒﻴﻘﻲ‬ ‫ﻝﻠﺠﺎﻨﺏ‬
)
‫ﺍﻝﻤﻴﺩﺍﻨﻲ‬
(
‫ﻤﻨﻬﺎ‬
.

12
‫ﺍﻝﻔﺼل‬
‫ﺍﻝﺜﺎﻨﻲ‬
‫ﺍﻝﺴﺎﺒﻘﺔ‬ ‫ﻭﺍﻝﺩﺭﺍﺴﺎﺕ‬ ‫ﺍﻝﻨﻅﺭﻱ‬ ‫ﺍﻹﻁﺎﺭ‬

13
‫ﺃﻭﻻ‬
:
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻝﻼﺴﺘﻘﺭﺍﺭ‬ ‫ﺍﻝﻨﻅﺭﻱ‬ ‫ﺍﻹﻁﺎﺭ‬
‫ﺍﻻﻫﺘﻤﺎﻡ‬ ‫ﺒﺩﺃ‬
‫ﺒ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻤﻭﻀﻭﻉ‬
‫ﺍﻝﻤﺎﻀﻴﺔ‬ ‫ﺍﻝﻘﻠﻴﻠﺔ‬ ‫ﺍﻝﻌﻘﻭﺩ‬ ‫ﻓﻲ‬ ‫ﻴﺯﺩﺍﺩ‬
،
‫ﺒﺤﻴﺙ‬
‫ﻤﺭﻜﺯﺍ‬ ‫ﻴﺤﺘل‬ ‫ﺃﺼﺒﺢ‬
‫ﻤﺘﻘﺩﻤﺎ‬
‫ﺃﺠﻨﺩﺓ‬ ‫ﻋﻠﻰ‬
،‫ﻭﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺘﻨﻅﻴﻤﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﻭ‬
‫ﺃﻀﺤﻰ‬
‫ﺃﻭﻝﻭﻴﺎﺕ‬ ‫ﺃﻫﻡ‬ ‫ﻤﻥ‬
‫ﻭﺃﻫﺩﺍﻑ‬
‫ﺍﻝﺴﻴﺎﺴﺎﺕ‬ ‫ﺼﺎﻨﻌﻲ‬
‫ﻓﻲ‬
‫ﻤﺨﺘﻠﻑ‬
‫ﺍﻝﻌﺎﻝﻡ‬ ‫ﺃﻨﺤﺎﺀ‬
،
‫ﻭﺫﻝﻙ‬
‫ﻨﺘﻴﺠﺔ‬
‫ﻭﺍﻝﺘﺤﻭ‬ ‫ﻝﻠﺘﻁﻭﺭﺍﺕ‬
‫ﻻﺕ‬
‫ﺍﻝﺘﻲ‬
‫ﺒﺩﺃ‬
‫ﻭﻤﺎ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻝﻬﺎ‬ ‫ﻴﺘﻌﺭﺽ‬
‫ﺭﺍﻓﻘﻬﺎ‬
‫ﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬
‫ﻜﺒﻴﺭﺓ‬
‫ﻋﻠﻰ‬ ‫ﺃﺜﺭﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺴﻼﻤﺔ‬
‫ﺩﻭﻝﺔ‬ ‫ﻤﻥ‬ ‫ﻷﻜﺜﺭ‬
.
‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﻭﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺍﻝﻤﺤﺎﻓل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻌﺩﻴﺩ‬ ‫ﻓﻅﻬﺭﺕ‬
‫ﺍﻝﺴﺎﻋﻴﺔ‬
‫ﻋﻠﻰ‬ ‫ﻝﻠﺤﻔﺎﻅ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﺍﻝﻌﺎﻝﻤﻲ‬
‫ﺍﻝﻘﺎﻨﻭﻨﻴﺔ‬ ‫ﺍﻝﻨﺎﺤﻴﺔ‬ ‫ﻤﻥ‬ ‫ﺫﻝﻙ‬ ‫ﻜﺎﻥ‬ ‫ﺴﻭﺍﺀ‬
‫ﻭﺍﻹﺸﺭﺍﻓﻴﺔ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺃﻭ‬
‫ﺃﻭ‬
‫ﺍﻝﻤﺤﺎﺴﺒﻴﺔ‬
.
‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻌﺎﻝﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﺇﺜﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﺒﻤﻭﻀﻭﻉ‬ ‫ﺍﻻﻫﺘﻤﺎﻡ‬ ‫ﻭﺘﻀﺎﻋﻑ‬
‫ﺍﻨﻔﺠﺭﺕ‬
‫ﻓﻲ‬
‫ﺃﻴﻠﻭل‬
‫ﺍﻝﻌﺎﻡ‬
2008
.
‫ﻭ‬
‫ﻤﻔﻬﻭﻡ‬
‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﺍﻝﻤﺎﻝﻲ‬
‫ﻻ‬
‫ﻴﺭﻜﺯ‬
‫ﻓﻘﻁ‬
‫ﻋﻠﻰ‬
‫ﻜﻴﻔﻴﺔ‬
‫ﺍﻝﺘﻌﺎﻤل‬
‫ﻤ‬
‫ﻊ‬
‫ﺍﻷﺯﻤﺎﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻋﻨﺩ‬
‫ﻭﻗﻭﻋﻬﺎ‬
،
‫ﻭﻝﻜﻨﻪ‬
‫ﻴﺴﺘﻨﺩ‬
‫ﻓﻲ‬
‫ﺍﻷﺴﺎﺱ‬
‫ﺘﺤﺼﻴﻥ‬ ‫ﺇﻝﻰ‬
‫ﺍﻝﻨﻅﺎﻡ‬
‫ﺍﻝﻤﺎﻝﻲ‬
،‫ﻭﻗﻭﻋﻬﺎ‬ ‫ﺩﻭﻥ‬ ‫ﻝﻠﺤﻴﻠﻭﻝﺔ‬ ‫ﻭﺍﻷﺯﻤﺎﺕ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻀﺩ‬
‫ﻤﻬﻴﺌﺎ‬ ‫ﻴﻜﻭﻥ‬ ‫ﻭﻗﻭﻋﻬﺎ‬ ‫ﺤﺎل‬ ‫ﻭﻓﻲ‬
‫ﻻﺴﺘﻴﻌﺎﺏ‬
‫ﻭﺍﻤﺘﺼﺎﺹ‬
‫ﺘﺩﺍﻋﻴﺎﺘﻬﺎ‬
،
‫ﻭﻤﻨﻊ‬
‫ﺍﻨﺘﻘﺎل‬
‫ﺍﻷﺯﻤﺎﺕ‬
‫ﺍﻝﺨﺎﺭﺠﻴﺔ‬
‫ﺇﻝﻰ‬
‫ﻤﻜﻭﻨﺎﺕ‬
‫ﺍﻝﻨﻅﺎﻡ‬
‫ﺍﻝﻤﺎﻝﻲ‬
‫ﺍﻝﻤﺤﻠﻴﺔ‬
.
‫ﺍﻻﻫ‬ ‫ﻫﺫﺍ‬ ‫ﻤﻥ‬ ‫ﺒﺎﻝﺭﻏﻡ‬ ‫ﻝﻜﻥ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻗﻀﺎﻴﺎ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺯﺍﻴﺩ‬ ‫ﺘﻤﺎﻡ‬
‫ﺇ‬
‫ﺃﻨﻪ‬ ‫ﻻ‬
‫ﺍﻻﺘﻔﺎﻕ‬ ‫ﻴﺘﻡ‬ ‫ﻝﻡ‬
‫ﺒﻌﺩ‬
‫ﻋﻠﻰ‬
‫ﺘﻌﺭﻴﻑ‬
‫ﻤﺤﺩﺩ‬
‫ﻭﻤﻭﺤﺩ‬
‫ﺍﻝﺩﻭل‬ ‫ﻝﺠﻤﻴﻊ‬ ‫ﻭﻤﻌﺘﻤﺩ‬ ‫ﻝﻼﺴﺘﻘﺭﺍﺭ‬
.
‫ﻭ‬
‫ﻓﻲ‬ ‫ﻤﺨﺘﻠﻔﺘﻴﻥ‬ ‫ﻤﺩﺭﺴﺘﻴﻥ‬ ‫ﻅﻬﻭﺭ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻷﺩﺒﻴﺎﺕ‬ ‫ﺘﺸﻴﺭ‬
‫ﺍﻝﻨﻅﺭ‬
‫ﻝﻤﻔﻬﻭﻡ‬
‫ﻭﺃﺴﺱ‬
،‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﺘﺭﻜﺯ‬ ‫ﺤﻴﺙ‬
‫ﻋﻠﻰ‬ ‫ﺍﻷﻭﻝﻰ‬ ‫ﺍﻝﻤﺩﺭﺴﺔ‬
‫ﻤﺎﻫﻴﺔ‬
‫ﻭﺍﻝﺜﺎﻨﻴ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﻋﻠﻰ‬ ‫ﺔ‬
‫ﻤﺎﻫﻴﺔ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬
.
‫ﻴﻠﻲ‬ ‫ﻤﺎ‬ ‫ﻭﻓﻲ‬
‫ﺘﻠﺨﻴﺹ‬
‫ﻝﻬﺫﻴﻥ‬
‫ﺍﻝﻁﺭﺤﻴﻥ‬
.
‫ﻭﺃﺴﺱ‬ ‫ﻤﻔﻬﻭﻡ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
:
‫ﺃﻫﻡ‬ ‫ﺘﻠﺨﻴﺹ‬ ‫ﻴﻤﻜﻥ‬
‫ﺃﺴﺱ‬
‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﻨﺤﻭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
:
•
"
‫ﻋﺎﺩﺓ‬
‫ﻤﺎ‬
‫ﺘﻜﻭﻥ‬
‫ﻤﺅﺴﺴﺎﺕ‬
‫ﻤﺴﺘﻘﺭﺓ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬
‫ﺇﺫﺍ‬ ،
‫ﻤﺎ‬
‫ﺘﻭﻓﺭ‬
‫ﻝﺩﻴﻬﺎ‬
‫ﻗﺩﺭﺘﻬﺎ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺜﻘﺔ‬ ‫ﻤﻥ‬ ‫ﻋﺎﻝﻴﺔ‬ ‫ﺩﺭﺠﺔ‬
‫ﺒﺎ‬ ‫ﺍﻝﻭﻓﺎﺀ‬ ‫ﻋﻠﻰ‬
‫ﻝﺘﺯﺍﻤﺎﺘﻬﺎ‬
‫ﻭ‬ ،‫ﺨﺎﺭﺠﻴﺔ‬ ‫ﻤﺴﺎﻋﺩﺓ‬ ‫ﻭﺩﻭﻥ‬ ‫ﺒﺎﺴﺘﻤﺭﺍﺭ‬
‫ﺘﻜﻭﻥ‬
‫ﺘﻤﻜﻥ‬ ‫ﺇﺫﺍ‬ ‫ﻤﺴﺘﻘﺭﺓ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺴﻭﺍﻕ‬
‫ﺍﻝﻤﺸﺎﺭﻜ‬
‫ﻭﻥ‬
‫ﻓﻴﻬﺎ‬
‫ﺒﺜﻘﺔ‬ ‫ﺍﻝﺘﻌﺎﻤل‬ ‫ﻤﻥ‬
،‫ﻓﻴﻬﺎ‬ ‫ﺍﻝﻤﺘﺩﺍﻭﻝﺔ‬ ‫ﺍﻷﺩﻭﺍﺕ‬ ‫ﺃﺴﻌﺎﺭ‬ ‫ﻤﻊ‬
‫ﺍﻝﻤﺩﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺘﺘﻐﻴﺭ‬ ‫ﻻ‬ ‫ﻭﺍﻝﺘﻲ‬
‫ﻴﺤ‬ ‫ﻝﻡ‬ ‫ﺇﺫﺍ‬ ‫ﺍﻝﻘﺼﻴﺭ‬
‫ﺩ‬
‫ﺍﻷﺴﺎﺴﻴﺔ‬ ‫ﺍﻝﻌﻭﺍﻤل‬ ‫ﻓﻲ‬ ‫ﺘﻐﻴﺭﺍﺕ‬ ‫ﺙ‬
".
)
Crockett 1997
(
.
•
"
‫ﻤﻥ‬ ‫ﺍﻝﻬﺩﻑ‬
‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﻔﺎﻅ‬
‫ﺍﺴ‬
‫ﺍﻻﻀﻁﺭﺍﺒﺎﺕ‬ ‫ﺘﺠﻨﺏ‬ ‫ﻫﻭ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﺘﻘﺭﺍﺭ‬
‫ﻭ‬ ‫ﻓﻴﻪ‬
‫ﺃﻥ‬ ‫ﺸﺄﻨﻬﺎ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺘﻲ‬
‫ﺘﺴﺒﺏ‬
‫ﻭ‬ ‫ﺃﻀﺭﺍﺭﺍ‬
‫ﻜﺒﻴﺭﺓ‬ ‫ﺘﻜﺎﻝﻴﻑ‬
‫ﻴﺘﺤﻤﻠﻬﺎ‬
‫ﺍﻻﻗﺘﺼﺎﺩ‬
‫ﺍﻝﺤﻘﻴﻘﻲ‬
.
) "
lager 1999
.(
•
"
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﺤﺩﻭﺙ‬ ‫ﺸﺭﻭﻁ‬
:
‫ﻴﺘﺤﻘﻕ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﺇﺫﺍ‬
‫ﺍﻝﺘﺎﻝﻴﺔ‬ ‫ﺍﻝﺸﺭﻭﻁ‬ ‫ﺘﻭﻓﺭﺕ‬
:
‫ﺃ‬
.
‫ﻨﻘﺩﻱ‬ ‫ﺍﺴﺘﻘﺭﺍﺭ‬
‫ﻭﺍ‬ ،‫ﺍﻝﺘﻀﺨﻡ‬ ‫ﻨﺴﺒﺔ‬ ‫ﺍﻨﺨﻔﺎﺽ‬ ‫ﻓﻲ‬ ‫ﻤﺘﻤﺜﻼ‬ ،
‫ﺍﻝﺼﺭﻑ‬ ‫ﺍﺴﻌﺎﺭ‬ ‫ﺴﺘﻘﺭﺍﺭ‬
.

14
‫ﺏ‬
.
‫ﻤﻌﺩﻻﺕ‬
‫ﺘﺸﻐﻴل‬ ‫ﺃﻭ‬ ‫ﻋﻤﺎﻝﺔ‬
‫ﻁﺒﻴﻌﻴﺔ‬
.
‫ﺕ‬
.
‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺍﻷﺴﻭﺍﻕ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺜﻘﺔ‬
‫ﺍﻝﻌﺎﻤﻠﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬
.
‫ﺙ‬
.
‫ﺩﻭﺍﻋﻲ‬ ‫ﺒﺩﻭﻥ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺼﻭل‬ ‫ﺃﺴﻌﺎﺭ‬ ‫ﻓﻲ‬ ‫ﺤﺎﺩﺓ‬ ‫ﺘﻘﻠﺒﺎﺕ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻋﺩﻡ‬
‫ﻤﻭﻀﻭﻋﻴﺔ‬
.
"
)
2003
Foot
(
.
•
"
‫ﺸﺭﻁ‬
‫ﺘﺤﻘﻕ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﻴﺘﻤﺜل‬
‫ﻓﻲ‬
‫ﺃﻥ‬
‫ﺍﻝ‬ ‫ﻴﻜﻭﻥ‬
‫ﻗﺎﺩﺭ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻨﻅﺎﻡ‬
‫ﺍ‬
‫ﺩﻭﻥ‬ ‫ﺍﻝﺼﺩﻤﺎﺕ‬ ‫ﺘﺤﻤل‬ ‫ﻋﻠﻰ‬
‫ﺃﻥ‬
‫ﻝﺘﺭﺍﻜﻡ‬ ‫ﻓﺭﺼﺔ‬ ‫ﻴﻌﻁﻲ‬
‫ﺍﻝﺘﺸﻭﻫﺎﺕ‬
‫ﻤﻊ‬ ،‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻔﺭﺹ‬ ‫ﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺍﻝﻤﺩﺨﺭﺍﺕ‬ ‫ﺘﻜﻭﻴﻥ‬ ‫ﺘﻌﻭﻕ‬ ‫ﺍﻝﺘﻲ‬
‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻫﺫﺍ‬ ‫ﻝﺩﻯ‬ ‫ﺍﻝﻘﺩﺭﺓ‬ ‫ﺘﻭﻓﺭ‬
‫ﺍﻝﺼﺩﻤﺎﺕ‬ ‫ﺍﻤﺘﺼﺎﺹ‬ ‫ﻋﻠﻰ‬
‫ﺤﺩﻭﺜﻬﺎ‬ ‫ﻋﻨﺩ‬
،
‫ﻭﺍﻹﺴﺘﻤﺭﺍﺭ‬
‫ﺃﺩﺍﺀ‬ ‫ﻓﻲ‬
‫ﻭﻅﺎﺌﻔﻪ‬
‫ﺍﻷﺴﺎﺴﻴﺔ‬
‫ﺍﻝﺘﺄﻜﺩ‬ ‫ﻤﻥ‬ ‫ﻋﺎﻝﻴﺔ‬ ‫ﺒﺩﺭﺠﺔ‬
)."
Padoa –Schioppa 2002
(
.
‫ﻭﺃﺴﺱ‬ ‫ﻤﻔﻬﻭﻡ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬
:
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬ ‫ﺘﻌﺭﻴﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻁﺭﻭﺤﺎﺕ‬ ‫ﺘﺭﺘﻜﺯ‬
‫ﺇﻝﻰ‬
‫ﺍﻷﺴﺱ‬
‫ﺍﻝﺘﺎﻝﻴﺔ‬
:
•
"
‫ﺘﺩﻓﻕ‬ ‫ﻤﻊ‬ ‫ﻝﻠﺼﺩﻤﺎﺕ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻴﺘﻌﺭﺽ‬ ‫ﻋﻨﺩﻤﺎ‬
‫ﺍﻝﻤﻌﻠﻭﻤﺎﺕ‬
‫ﺒﺤﻴﺙ‬ ،
‫ﻻ‬
‫ﻴﻌﺩ‬
‫ﻫﺫﺍ‬
‫ﺍﻝﻨﻅﺎﻡ‬
‫ﻗﺎﺩﺭ‬
‫ﺍ‬
‫ﺍﻝﻘﻴﺎﻡ‬ ‫ﻋﻠﻰ‬
‫ﺘﺘﻤﺜل‬ ‫ﻭﺍﻝﺘﻲ‬ ‫ﺒﻪ‬ ‫ﺍﻝﻤﻨﻭﻁﺔ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺒﻭﻅﻴﻔﺘﻪ‬
‫ﻓﻲ‬
‫ﺍﻻﺩﺨﺎﺭ‬ ‫ﺤﺸﺩ‬
‫ﻭ‬ ‫ﺍﺕ‬
‫ﺘﻭﺠﻴ‬
‫ﻬ‬
‫ﻬ‬
‫ﺎ‬
‫ﺇﻝﻰ‬
‫ﺍﻝﻘﺩﺭﺓ‬ ‫ﻝﺩﻴﻬﻡ‬ ‫ﻤﻥ‬
‫ﻋﻠﻰ‬
‫ﻤﻨﺘﺞ‬ ‫ﺒﺸﻜل‬ ‫ﺍﻝﻔﺭﺹ‬ ‫ﺍﺴﺘﺜﻤﺎﺭ‬
) ."
Mishkin 1999
.(
•
"
‫ﻋﺩﻡ‬
‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﺇﻝﻰ‬ ‫ﻴﺅﺩﻱ‬ ‫ﻗﺩ‬
‫ﺘﺯﺍﻴﺩ‬
‫ﻤﺎﻝﻴﺔ‬ ‫ﺃﺯﻤﺔ‬ ‫ﻭﻗﻭﻉ‬ ‫ﺨﻁﺭ‬
،
‫ﺘﻌﻨﻲ‬ ‫ﻭﺍﻝﺘﻲ‬
‫ﺸﻠﻼ‬
‫ﻭﺘﺼﺩﻋ‬
‫ﺎ‬
‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻓﻲ‬
،‫ﺍﻝﻤﺎﻝﻲ‬
‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﺘﻭﻓﻴﺭ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻤﺩﻓﻭﻋﺎﺕ‬ ‫ﺨﺩﻤﺎﺕ‬ ‫ﺘﻭﻓﻴﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻘﺩﺭﺓ‬ ‫ﻭﻋﺩﻡ‬
‫ﻋﺎﺩﻝﺔ‬ ‫ﺒﺸﺭﻭﻁ‬
‫ﺍﻻﺴﺘﺜﻤ‬ ‫ﻝﺘﺸﺠﻴﻊ‬
‫ﺎﺭ‬
‫ﺍﻝﻤﻨﺘﺞ‬
. "
( Davis 2001)
.
•
"
‫ﺘﺘﺴﻡ‬ ‫ﺤﺎﻝﺔ‬ ‫ﺃﻭ‬ ‫ﻭﻀﻊ‬ ‫ﻫﻭ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬
‫ﺒﺎﻝﺨﺼﺎﺌﺹ‬
‫ﺍﻝﺘﺎﻝﻴﺔ‬
:
1
.
‫ﺘﺒﺎﻴﻥ‬
‫ﻁﺒﻴﻌﻲ‬ ‫ﻏﻴﺭ‬
‫ﺍﻝﻌﺎﺩﻝﺔ‬ ‫ﻭﺍﻷﺴﻌﺎﺭ‬ ‫ﺍﻝﻔﻌﻠﻴﺔ‬ ‫ﺍﻷﺴﻌﺎﺭ‬ ‫ﺒﻴﻥ‬
‫ﻝﻸﺼﻭل‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻭﺍﻝﺤﻘﻴﻘﻴﺔ‬
.
2
.
‫ﺍﻝﺴﻭﻕ‬ ‫ﺃﺩﺍﺀ‬ ‫ﻓﻲ‬ ‫ﻜﺒﻴﺭ‬ ‫ﺘﺸﻭﻩ‬
‫ﺍﻝﻤﺎﻝﻲ‬
‫ﻭ‬
‫ﻗﻠﺔ‬
‫ﻤﺤﻠﻴﺎ‬ ‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﺘﻭﺍﻓﺭ‬
‫ﺩﻭﻝﻴﺎ‬ ‫ﺭﺒﻤﺎ‬ ‫ﻭ‬
.
3
.
‫ﺍﻹ‬ ‫ﻓﻲ‬ ‫ﻜﺒﻴﺭ‬ ‫ﺍﻨﺤﺭﺍﻑ‬
‫ﺍﻹﻨﺘﺎﺝ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻗﺩﺭﺓ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻜﻠﻲ‬ ‫ﻨﻔﺎﻕ‬
Ferguson 2003)
.(
•
"
‫ﺃﻭ‬ ‫ﺘﻀﺭ‬ ‫ﻋﻨﺩﻤﺎ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬ ‫ﻴﺤﺩﺙ‬
‫ﺘ‬
‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺃﺩﺍﺀ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺴﻭﺍﻕ‬ ‫ﻓﻲ‬ ‫ﺍﻷﻭﻀﺎﻉ‬ ‫ﻬﺩﺩ‬
‫ﻭﺍﻝﺠﺯﺌﻲ‬ ‫ﺍﻝﻜﻠﻲ‬
‫ﻋﻠﻰ‬ ‫ﺘﺄﺜﻴﺭﻫﺎ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬
‫ﺴﻼﻤﺔ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻋﻤل‬
) "
Chant 2003
.(
•
"
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬
‫ﻋﻥ‬ ‫ﻴﻌﺒﺭ‬
‫ﺍﻝﻤﺎﻝ‬ ‫ﺍﻷﺯﻤﺎﺕ‬
‫ﺘﻭﺍﺠﻬﻬﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻴﺔ‬
‫ﺍﻝﺤﻜﻭﻤﺎﺕ‬ ‫ﺃﻭ‬ ،‫ﺍﻝﺸﺭﻜﺎﺕ‬ ‫ﺃﻭ‬ ،‫ﺍﻷﺴﺭ‬
‫ﺍﻝﻜﻠﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻤﺅﺸﺭﺍﺕ‬ ‫ﻋﻠﻰ‬ ‫ﺨﻁﺭﺍ‬ ‫ﺘﺸﻜل‬ ‫ﻤﺠﺘﻤﻌﺔ‬ ‫ﺍﻷﺯﻤﺎﺕ‬ ‫ﻭﻫﺫﻩ‬
."
)
Allen and Wood 2006
(
.

15
‫ﻤﺒﺎﺸﺭ‬ ‫ﺒﺸﻜل‬ ‫ﺘﺅﺜﺭ‬ ‫ﺃﻨﻬﺎ‬ ‫ﺍﻝﻤﺭﻜﺯﻱ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻴﺘﻭﻗﻊ‬ ‫ﻻ‬ ‫ﻗﺩ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﻌﺭﻴﻑ‬ ‫ﻫﺫﺍ‬ ‫ﺍﺸﺘﻤل‬
‫ﺤﺎﻝﺔ‬ ‫ﻋﻠﻰ‬
‫ﺍﻝﻤﺎﻝﻴ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺃﻥ‬ ‫ﻤﻭﻀﺤﺎ‬ ،‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﻝﻴﺴﺕ‬ ‫ﺔ‬
‫ﺃﻴﻀﺎ‬ ‫ﺒل‬ ،‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺎﺕ‬ ‫ﺘﻭﺍﺠﻪ‬ ‫ﻤﻥ‬ ‫ﻓﻘﻁ‬ ‫ﻫﻲ‬
‫ﺍﻷﺨﺭﻯ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬
.
‫ﺘﻌﺎﺭﻴﻑ‬ ‫ﺍﺘﺨﺫﺕ‬ ‫ﻗﺩ‬ ‫ﻭﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺘﻨﻅﻴﻤﻴﺔ‬ ‫ﻭﺍﻝﺴﻠﻁﺎﺕ‬ ‫ﺍﻝﻤﺭﻜﺯﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻌﺩﻴﺩ‬ ‫ﻓﺈﻥ‬ ،‫ﺍﻝﺩﻭﻝﻲ‬ ‫ﺍﻝﺼﻌﻴﺩ‬ ‫ﻋﻠﻰ‬ ‫ﺃﻤﺎ‬
‫ﻤﻊ‬ ‫ﻭﻴﺘﻭﺍﻓﻕ‬ ‫ﻴﺘﻼﺀﻡ‬ ‫ﺒﻤﺎ‬ ‫ﻋﺩﻤﻪ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻝﻼﺴﺘﻘﺭﺍﺭ‬
‫ﻁﺒﻴﻌﺔ‬
‫ﻝﺩﻴﻬ‬ ‫ﺍﻝﻘﺎﺌﻤﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﻨﻅﻤﺔ‬
‫ﺎ‬
.
،‫ﺍﻝﻤﺜﺎل‬ ‫ﺴﺒﻴل‬ ‫ﻓﻌﻠﻰ‬
‫ﺒﺄﻨﻪ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﺍﻷﻭﺭﻭﺒﻲ‬ ‫ﺍﻝﻤﺭﻜﺯﻱ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻋﺭﻑ‬
"
‫ﺍﻝﺤﺎ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻓﻴﻬﺎ‬ ‫ﻴﻜﻭﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻝﺔ‬
)
‫ﻓﻴﻪ‬ ‫ﺒﻤﺎ‬
‫ﺍﻝﺴﻭﻕ‬ ‫ﻭ‬ ‫ﺍﻝﻤﺎﻝﻴﻴﻥ‬ ‫ﺍﻝﻭﺴﻁﺎﺀ‬
‫ﺍﻝﻤﺎﻝﻲ‬
(
‫ﻗﺎﺩﺭ‬
‫ﺍ‬
‫ﻭ‬ ‫ﺍﻝﺼﺩﻤﺎﺕ‬ ‫ﺘﺤﻤل‬ ‫ﻋﻠﻰ‬
‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ،‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﺨﺘﻼﻻﺕ‬
‫ﺘﺠﻨﺏ‬
‫ﺍﺤﺘﻤﺎل‬
‫ﺘﻌﻁل‬
‫ﻗﻨﻭﺍﺕ‬
‫ﺘﺅﺩﻱ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻭﺴﺎﻁﺔ‬
‫ﺇﻝﻰ‬
‫ﻭﺘﻭﺠﻴﻪ‬ ‫ﺤﺸﺩ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺘﻌﻁل‬
‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬ ‫ﺍﻝﻼﺯﻤﺔ‬ ‫ﺍﻝﻤﺩﺨﺭﺍﺕ‬
‫ﺍﻝﻤﻨﺘﺞ‬
."
‫ﺃﻨ‬ ‫ﺇﻻ‬ ‫ﺍﻝﺘﻌﺭﻴﻔﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺨﺘﻼﻓﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺒﺎﻝﺭﻏﻡ‬ ‫ﻝﻜﻥ‬
‫ﻬﺎ‬
‫ﺠﻤﻴﻌﻬﺎ‬
‫ﺘﺅ‬
‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﺘﺄﺜﻴﺭ‬ ‫ﻋﻠﻰ‬ ‫ﻜﺩ‬
‫ﺃﺩﺍﺀ‬
‫ﻭﻓﺎﻋﻠﻴﺔ‬
‫ﺭﺌﻴﺴﻲ‬ ‫ﺒﺸﻜل‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬
‫ﻓﻲ‬ ‫ﻭﺩﻭﺭﻩ‬
‫ﺍﻝﻤﺘﺎﺤﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﻭﺍﺭﺩ‬ ‫ﺘﻭﺠﻴﻪ‬
‫ﻋﺩ‬ ‫ﺃﻥ‬ ‫ﻭﻓﻲ‬ ،‫ﺍﻝﻤﻨﺘﺞ‬ ‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬
‫ﻡ‬
‫ﻓﻲ‬ ‫ﻴﻨﺘﺞ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
‫ﺃ‬
‫ﻏﻠﺏ‬
‫ﺍﻷﺤﻴﺎﻥ‬
‫ﻋﻥ‬
‫ﺍﻝﻤﺘﻭﻗﻌﺔ‬ ‫ﻏﻴﺭ‬ ‫ﺍﻝﺼﺩﻤﺎﺕ‬ ‫ﺘﺄﺜﻴﺭ‬
‫ﻭﺍﺴﺘﻘﺭﺍﺭ‬ ‫ﺴﻼﻤﺔ‬ ‫ﻋﻠﻰ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬
.
‫ﺠﺯﺀ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻭﻜﻭﻥ‬
‫ﻴﻨﻔﺼل‬ ‫ﻻ‬
‫ﻋﻥ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬
‫ﻭﻋﺩﻡ‬ ‫ﻝﻠﺼﺩﻤﺎﺕ‬ ‫ﻤﻌﺭﻀﺔ‬ ‫ﻓﻬﻲ‬
‫ﻤﺎﻝﻲ‬ ‫ﻨﺸﺎﻁ‬ ‫ﺃﻱ‬ ‫ﺘﺭﺍﻓﻕ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﻴﻨﺘﺞ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
.
‫ﺍ‬ ‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﻝﻁﺒﻴﻌﺔ‬ ‫ﻭﻨﻅﺭﺍ‬
‫ﺘﻘﻭﻡ‬ ‫ﻝﺫﻱ‬
‫ﺒﻪ‬
‫ﻫﺫﻩ‬
‫ﺍﻝﺼﻐﻴﺭ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻭﻫﻭ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﺫﻱ‬
‫ﺍﻤﺘﻼﻜﺎ‬ ‫ﻭﺍﻷﻗل‬ ‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﻋﺭﻀﺔ‬ ‫ﺍﻷﻜﺜﺭ‬ ‫ﺍﻹﻨﺘﺎﺠﻴﺔ‬ ‫ﺍﻷﻋﻤﺎل‬ ‫ﻴﺴﺘﻬﺩﻑ‬
‫ﻝﻠﻀﻤﺎﻨﺎﺕ‬
‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﺘﻌﺭﻀﻬﺎ‬ ‫ﺍﺤﺘﻤﺎﻻﺕ‬ ‫ﻴﻀﺎﻋﻑ‬ ‫ﺫﻝﻙ‬ ‫ﻓﺈﻥ‬ ،
.
‫ﺍﻝﺼﻌﻴﺩ‬ ‫ﻭﻋﻠﻰ‬
‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬
‫ﺍﻝﻨﻘﺩ‬ ‫ﺴﻠﻁﺔ‬ ‫ﻓﺎﻥ‬ ،
‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻓﻴﻬﺎ‬ ‫ﻴﻜﻭﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺤﺎﻝﺔ‬ ‫ﺒﺎﻋﺘﺒﺎﺭﻩ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻝﻼﺴﺘﻘﺭﺍﺭ‬ ‫ﺘﻨﻅﺭ‬
‫ﻓﻴﻬﺎ‬ ‫ﻤﺭﻏﻭﺏ‬ ‫ﻏﻴﺭ‬ ‫ﺘﺄﺜﻴﺭﺍﺕ‬ ‫ﺃﻭ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺃﻱ‬ ‫ﻭﻤﻭﺍﺠﻬﺔ‬ ‫ﺍﻝﻌﻤل‬ ‫ﻋﻠﻰ‬ ‫ﻗﺎﺩﺭﺍ‬ ‫ﺨﺼﻭﺼﺎ‬ ‫ﻭﺍﻝﻤﺼﺭﻓﻲ‬ ،‫ﻋﻤﻭﻤﺎ‬ ‫ﺍﻝﻤﺎﻝﻲ‬
)
‫ﺤﺎﻝﻴﺔ‬ ‫ﻜﺎﻨﺕ‬ ‫ﺴﻭﺍﺀ‬
‫ﺃﻭ‬
‫ﻤﺴﺘﻘﺒﻠﻴﺔ‬
(
‫ﺒﻜل‬ ‫ﺒﻤﻬﺎﻤﻪ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻫﺫﺍ‬ ‫ﻗﻴﺎﻡ‬ ‫ﻴﻀﻤﻥ‬ ‫ﻭﺒﻤﺎ‬ ،‫ﻭﺘﻁﻭﺭﻩ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻨﻤﻭ‬ ‫ﻋﻠﻰ‬
‫ﻭﻜﻔﺎﺀﺓ‬ ‫ﻓﺎﻋﻠﻴﺔ‬
.
‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﻌﺭﻴﻑ‬ ‫ﻫﺫﺍ‬ ‫ﻭﻴﺴﺘﻨﺩ‬
‫ﻓﺭﻀﻴﺔ‬
‫ﻤﻔﺎﺩﻫﺎ‬
‫ﺃﻥ‬
‫ﻴﻤﻜﻥ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬
‫ﺃ‬
‫ﻥ‬
‫ﻴﺘﻌﺭﺽ‬
‫ﺘﻬﺩﺩ‬ ‫ﻝﻤﺨﺎﻁﺭ‬
‫ﺍﺴﺘﻘﺭﺍﺭﻩ‬
،‫ﻓﻴﻪ‬ ‫ﻜﺎﻤﻨﺔ‬ ‫ﻀﻌﻑ‬ ‫ﻋﻭﺍﻤل‬ ‫ﻝﻭﺠﻭﺩ‬ ‫ﻨﺘﻴﺠﺔ‬ ،
‫ﺃﻭ‬
‫ﺍﻤﺘﺼﺎﺹ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺩﺭﺘﻪ‬ ‫ﻝﻌﺩﻡ‬ ‫ﻨﺘﻴﺠﺔ‬
‫ﺁﺜﺎﺭ‬
‫ﺍﻝﺼﺩﻤﺎﺕ‬
‫ﺘﻨﺎﻤﻲ‬ ‫ﻨﺘﻴﺠﺔ‬ ‫ﺃﻭ‬ ،‫ﻭﺍﻝﻌﺎﻝﻤﻴﺔ‬ ‫ﺍﻝﻤﺤﻠﻴﺔ‬ ‫ﺴﻭﺍﺀ‬ ‫ﻭﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﺠﺎﻨﺏ‬ ‫ﺇﻝﻰ‬ ،‫ﺍﻝﻤﻘﺘﺭﻀﺔ‬ ‫ﺍﻝﻘﻁﺎﻋﺎﺕ‬ ‫ﻤﺨﺎﻁﺭ‬
‫ﻭﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﺴﻴﺎﺴﺎﺕ‬ ‫ﻤﺨﺎﻁﺭ‬
‫ﺍﻝﻌﺎﻤﺔ‬
.
‫ﺍﻝﻌﺎﻡ‬ ‫ﻓﺎﻹﻁﺎﺭ‬
‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻹﻅﻬﺎﺭ‬ ‫ﺘﺼﻤﻴﻤﻴﻪ‬ ‫ﺘﻡ‬ ‫ﺍﻝﺘﻌﺭﻴﻑ‬ ‫ﻝﻬﺫﺍ‬
‫ﺍﻝﻤﺤﻴﻁﺔ‬
‫ﺒ‬
‫ﺍﻷﺨﺫ‬ ‫ﻤﻊ‬ ،‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺎﻝﻘﻁﺎﻉ‬
‫ﺒﻌﻴﻥ‬
‫ﺍﻝﻤﺘﺨﺫﺓ‬ ‫ﺍﻹﺠﺭﺍﺀﺍﺕ‬ ‫ﻭﺒﻴﺎﻥ‬ ،‫ﺍﻝﻔﻠﺴﻁﻴﻨﻴﺔ‬ ‫ﺍﻝﺤﺎﻝﺔ‬ ‫ﺨﺼﻭﺼﻴﺔ‬ ‫ﺍﻻﻋﺘﺒﺎﺭ‬

16
‫ﻝﻠﺘﺤﻭﻁ‬
‫ﻀﺩ‬
‫ﻫﺫﻩ‬
‫ﻤﻥ‬ ‫ﺍﻝﺤﺩ‬ ‫ﺍﻷﻗل‬ ‫ﻋﻠﻰ‬ ‫ﺃﻭ‬ ،‫ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺘﺄﺜﻴﺭﺍﺕ‬
‫ﺍﻝﻤﺘﺎﺤﺔ‬ ‫ﺍﻝﻤﻭﺍﺭﺩ‬ ‫ﺤﺩﻭﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻫﺫﻩ‬
،
)
‫ﺘ‬
‫ﻘﺭﻴﺭ‬
،‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬
2010
(
.
‫ﺍﻝﻔﻠﺴﻁﻴﻨﻴﺔ‬ ‫ﺍﻝﻨﻘﺩ‬ ‫ﺴﻠﻁﺔ‬ ‫ﻭﻗﺎﻤﺕ‬
‫ﻤﺩﻯ‬ ‫ﻋﻠﻰ‬
‫ﺍﻝﺴﻨﻭﺍﺕ‬
‫ﺍﻷﺭﺒﻊ‬
‫ﺍﻝ‬
‫ﻤﺎﻀﻴﺔ‬
‫ﺒ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﺘﻘﺭﻴﺭ‬ ‫ﺒﺈﺼﺩﺍﺭ‬
‫ﺸﻜل‬
‫ﺩﻭﺭﻱ‬
‫ﻜﺩﻝﻴل‬ ،
‫ﻤﻬﻤﺘﻬﺎ‬ ‫ﻋﻠﻰ‬
‫ﻴﺸﻤل‬ ‫ﻭﻫﻭ‬ ،‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﺘﻌﺯﻴﺯ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﻤﺜﻠﺔ‬
‫ﻭﺘﺤﻠﻴل‬ ‫ﺭﺼﺩ‬
‫ﺘﻁﻭﺭﺍﺕ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻝﻠﻨﻅﺎﻡ‬ ‫ﺍﻝﻤﻜﻭﻨﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻋﻤل‬
‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻭﻫﻲ‬
)
‫ﺍﻝﻤﺼﺎﺭﻑ‬
(
،
‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﻏﻴﺭ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺍﻝﻤﺅﺴﺴﺎﺕ‬
)
‫ﺍﻝﺘﺄﺠﻴﺭ‬ ‫ﻗﻁﺎﻉ‬ ،‫ﺍﻝﻌﻘﺎﺭﻱ‬ ‫ﺍﻝﺭﻫﻥ‬ ‫ﻗﻁﺎﻉ‬ ،‫ﺍﻝﺘﺎﻤﻴﻥ‬ ‫ﻗﻁﺎﻉ‬ ،‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﺴﻭﻕ‬
‫ﺍﻝﺘﻤﻭﻴﻠﻲ‬
‫ﻭﺍﻝﺼﻴ‬ ،‫ﺍﻝﻤﺘﺨﺼﺹ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻭﻗﻁﺎﻉ‬ ،
‫ﺭﻓﺔ‬
(
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻓﻲ‬ ‫ﻭﺩﻭﺭﻫﺎ‬
.
‫ﺍﻝﺘﻘﺭﻴﺭ‬ ‫ﻴﺘﻨﺎﻭل‬ ‫ﻜﻤﺎ‬
‫ﻤ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻝﻠﻘﻁﺎﻉ‬ ‫ﺍﻝﺘﺸﺭﻴﻌﻴﺔ‬ ‫ﻭﺍﻝﺒﻴﺌﺔ‬ ‫ﺍﻝﺘﺤﺘﻴﺔ‬ ‫ﺍﻝﺒﻨﻴﺔ‬ ‫ﺘﻁﻭﺭﺍﺕ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﺘﻌﺯﻴﺯ‬ ‫ﺸﺄﻨﻬﺎ‬ ‫ﻥ‬
.
‫ﻭ‬
‫ﻴﺘﻨﺎﻭل‬
‫ﺍﻝﺘﻘﺭﻴﺭ‬
‫ﻓﻲ‬
‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻓﻲ‬ ‫ﻷﻫﻤﻴﺘﻬﺎ‬ ‫ﻨﻅﺭﺍ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺨﺎﺹ‬ ‫ﺠﺯﺀ‬
‫ﺴﻴﻤﺎ‬ ‫ﻻ‬ ‫ﺍﻝﻔﻠﺴﻁﻴﻨﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬
‫ﻤﺤﺎﻓﻅﻬﺎ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻘﻁﺎﻋﺎﺕ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺘﻭﺯﻴﻌﻬﺎ‬ ‫ﺍﻻﺌﺘﻤﺎﻨﻴﺔ‬
.
‫ﺜﺎﻨﻴﺎ‬
:
‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﺏ‬
‫ﺍﻝﺴﺎﺒﻘﺔ‬ ‫ﻭﺍﻝﺩﺭﺍﺴﺎﺕ‬
‫ﻓﻲ‬ ‫ﻴﻔﻬﻡ‬
‫ﺍﻝﻤﺸﺎﺭﻴﻊ‬ ‫ﺃﺼﺤﺎﺏ‬ ‫ﺍﻷﺸﺨﺎﺹ‬ ‫ﺒﺈﻗﺭﺍﺽ‬ ‫ﺘﻘﻭﻡ‬ ‫ﺃﻨﻬﺎ‬ ،‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻌﺎﺩﺓ‬
‫ﺍﻝﻘﺎﺩ‬ ‫ﻏﻴﺭ‬ ،‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﻭﺍﻝﻤﺸﺎﺭﻴﻊ‬ ‫ﺍﻝﻔﺭﺩﻴﺔ‬
‫ﺭﻴﻥ‬
‫ﻤﺼﺎﺩﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻻﺌﺘﻤﺎﻨﻴﺔ‬ ‫ﻭﺍﻝﺘﺴﻬﻴﻼﺕ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻭﺼﻭل‬ ‫ﻋﻠﻰ‬
‫ﻫﺫﻩ‬ ‫ﺃﺼﺤﺎﺏ‬ ‫ﻝﺩﻯ‬ ‫ﺍﻝﻜﺎﻓﻴﺔ‬ ‫ﺍﻝﻀﻤﺎﻨﺎﺕ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻝﻌﺩﻡ‬ ‫ﻨﻅﺭﺍ‬ ،‫ﺍﻝﻤﺎل‬ ‫ﻭﺃﺴﻭﺍﻕ‬ ‫ﻜﺎﻝﻤﺼﺎﺭﻑ‬ ،‫ﺍﻝﺭﺴﻤﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬
‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻀﺭﻭﺭﻴﺔ‬ ‫ﻭﺍﻹﺩﺍﺭﻴﺔ‬ ‫ﺍﻝﻔﻨﻴﺔ‬ ‫ﻭﺍﻝﺸﺭﻭﻁ‬ ‫ﻝﻠﻤﺘﻁﻠﺒﺎﺕ‬ ‫ﺍﻤﺘﻼﻜﻬﺎ‬ ‫ﻋﺩﻡ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻤﺼﺎﺩﺭ‬ ‫ﺘﻠﻙ‬ ‫ﺘﻁﻠﺒﻬﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺸﺎﺭﻴﻊ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬ ‫ﻤﻊ‬ ‫ﻝﻠﺘﻌﺎﻤل‬ ‫ﺘﺅﻫﻠﻬﺎ‬
.
‫ﺍﻝﺩﻭل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻜﺜﻴﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻭﺍﻗﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻻﻁﻼﻉ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﻭﻴﻼﺤﻅ‬
‫ﺠﻤﺎﻋﻴﺔ‬ ‫ﻗﺭﻭﺽ‬ ‫ﺃﻭ‬ ‫ﻓﺭﺩﻴﺔ‬ ‫ﻗﺭﻭﺽ‬ ‫ﺇﻤﺎ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺘﺘﻡ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻋﻤﻠﻴﺎﺕ‬ ‫ﺃﻥ‬
.
‫ﻭﺘﻘﻠﻴﺩ‬
‫ﻴﺎ‬
‫ﻋﺯﻓﺕ‬ ‫ﻓﻘﺩ‬
‫ﻝﺩﻴﻬﻡ‬ ‫ﻴﺘﻭﻓﺭ‬ ‫ﻻ‬ ‫ﺍﻝﻠﺫﻴﻥ‬ ‫ﺍﻝﺸﺭﻜﺎﺕ‬ ‫ﺃﻭ‬ ‫ﻝﻸﻓﺭﺍﺩ‬ ‫ﺍﻻﺌﺘﻤﺎﻨﻴﺔ‬ ‫ﺍﻝﺘﺴﻬﻴﻼﺕ‬ ‫ﺘﻘﺩﻴﻡ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻤﺼﺎﺭﻑ‬
‫ﺃﻭ‬ ‫ﻤﻌﻴﻨﺔ‬ ‫ﻭﺘﻨﻅﻴﻤﻴﺔ‬ ‫ﻗﺎﻨﻭﻨﻴﺔ‬ ‫ﻤﺘﻁﻠﺒﺎﺕ‬
‫ﻤﻘﺒﻭﻝﺔ‬ ‫ﻀﻤﺎﻨﺎﺕ‬ ‫ﺃﻭ‬ ،‫ﺜﺎﺒﺘﺔ‬ ‫ﻨﻘﺩﻴﺔ‬ ‫ﺘﺩﻓﻘﺎﺕ‬
.
‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺫﻝﻙ‬ ‫ﺘﻌﻠﻴل‬ ‫ﻭﻴﻤﻜﻥ‬
‫ﻫﻲ‬ ،‫ﺃﺴﺒﺎﺏ‬ ‫ﺜﻼﺜﺔ‬
:
1
.
‫ﺍ‬ ‫ﻤﻘﺎﺒل‬ ‫ﻜﺎﻓﻴﺔ‬ ‫ﻀﻤﺎﻨﺎﺕ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻋﺩﻡ‬ ‫ﺒﺴﺒﺏ‬ ،‫ﻋﺎﻝﻴﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻭﺠﻭﺩ‬
‫ﺍﻝﻤﻤﻨﻭﺤﺔ‬ ‫ﻝﻘﺭﻭﺽ‬
.
2
.
‫ﺍﻝﻌﻤﻠﻴﺎﺕ‬ ‫ﺘﺘﻀﻤﻨﻪ‬ ‫ﻗﺩ‬ ‫ﻤﺎ‬
‫ﺍﻝﻤﻘﺘﺭﻀ‬ ‫ﺒﻬﺎ‬ ‫ﻴﻘﻭﻡ‬ ‫ﺍﻝﺘﻲ‬
‫ﻭﻥ‬
‫ﺘﻌﻘﻴﺩﺍﺕ‬ ‫ﻤﻥ‬
‫ﺃ‬
‫ﻭﻜﻠﻔﺔ‬ ‫ﻜﺒﺭ‬
‫ﺃﻋﻠﻰ‬
‫ﺍﻝﻤﺼﺭﻑ‬ ‫ﻋﻠﻰ‬
.

17
3
.
،‫ﺍﻝﻔﻘﺭ‬ ‫ﻤﻥ‬ ‫ﻴﻌﺎﻨﻭﻥ‬ ‫ﺍﻝﻠﺫﻴﻥ‬ ‫ﺍﻷﻓﺭﺍﺩ‬ ‫ﺍﻝﻌﺎﺩﺓ‬ ‫ﻓﻲ‬ ‫ﻭﻫﻡ‬ ،‫ﺍﻝﻤﻘﺘﺭﻀﻴﻥ‬ ‫ﻝﺩﻯ‬ ‫ﻗﻴﻤﺔ‬ ‫ﺫﺍﺕ‬ ‫ﺃﺼﻭل‬ ‫ﻭﺠﻭﺩ‬ ‫ﻋﺩﻡ‬
‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻭﻜﺫﻝﻙ‬
.
‫ﻭﺠﻭﺩ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺘﺒﺯﻍ‬ ،‫ﺍﻝﻤﺼﺎﺭﻑ‬ ‫ﻋﻤل‬ ‫ﻓﻲ‬ ‫ﺍﻝﻘﺼﻭﺭ‬ ‫ﻫﺫﺍ‬ ‫ﻭﻤﻥ‬
‫ﺃﻥ‬ ‫ﻻﺒﺩ‬ ‫ﺍﻝﺘﻲ‬ ،‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬
‫ﺘﻜﻤﻴﻠﻴ‬ ‫ﺩﻭﺭﻫﺎ‬ ‫ﻴﻜﻭﻥ‬
‫ﺎ‬
‫ﻭﺩﺍﻋﻤ‬
‫ﺎ‬
‫ﻭﺍﻝﺨﺩﻤﻴﺔ‬ ‫ﺍﻹﻨﺘﺎﺠﻴﺔ‬ ‫ﻝﻠﻘﻁﺎﻋﺎﺕ‬ ‫ﺍﻝﻼﺯﻡ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺘﻭﻓﻴﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﻤﺜل‬ ‫ﺍﻝﻤﺼﺎﺭﻑ‬ ‫ﻝﻌﻤل‬
‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬
.
‫ﺒﻤﺜﺎﺒﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻴﻌﺘﺒﺭ‬ ‫ﺤﻴﻥ‬ ‫ﻓﻲ‬ ،‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﻤﺤﺭﻙ‬ ‫ﻴﻤﺜل‬ ‫ﺍﻹﻨﺘﺎﺝ‬ ‫ﺃﻥ‬ ‫ﺍﻝﻤﻌﺭﻭﻑ‬ ‫ﻓﻤﻥ‬
‫ﺍﻝﻤﺤ‬ ‫ﺫﻝﻙ‬ ‫ﻝﻌﻤل‬ ‫ﺍﻝﻼﺯﻡ‬ ‫ﺍﻝﻭﻗﻭﺩ‬
‫ﺭﻙ‬
.
‫ﻝﻸﻓﺭﺍﺩ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﻭﻏﻴﺭ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﺨﺩﻤﺎﺕ‬ ‫ﺘﻘﺩﻡ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻓﻬﺫﻩ‬
‫ﻭﺍﻝﻤﻨﺸﺂﺕ‬
‫ﺘﻘﻊ‬ ‫ﺍﻝﺘﻲ‬
‫ﺍﻝﻤﺼﺎﺭﻑ‬ ‫ﻋﻤل‬ ‫ﻨﻁﺎﻕ‬ ‫ﺨﺎﺭﺝ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻓﺈﻥ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ،
‫ﺠﺴﺭ‬ ‫ﻓﻲ‬ ‫ﺘﺴﺎﻫﻡ‬
‫ﻓﻲ‬ ‫ﺍﻝﻘﺎﺌﻤﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻓﺠﻭﺓ‬
‫ﺍﻝﺭﺴﻤﻴﺔ‬ ‫ﻏﻴﺭ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻤﺴﺎﺤﺔ‬
.
‫ﺍﻝﻤﺅ‬ ‫ﻫﺫﻩ‬ ‫ﻭﺘﻁﻭﺭ‬ ‫ﻨﺸﺄﺓ‬ ‫ﺤﻭل‬ ‫ﺍﻝﻤﻨﺸﻭﺭﺓ‬ ‫ﺍﻷﺩﺒﻴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻜﺜﻴﺭ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﻭﻴﺴﺘﺩل‬
‫ﺍﻝﻤﺠﺘﻤﻌﺎﺕ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ،‫ﺴﺴﺎﺕ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻴﻪ‬ ‫ﻅﻬﺭﺕ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﻤﺴﺭﺡ‬ ‫ﻜﺎﻨﺕ‬ ‫ﺍﻝﻔﻘﻴﺭﺓ‬ ‫ﻭﺍﻝﺩﻭل‬
.
‫ﺒﻨﻙ‬ ‫ﻭﻴﻌﺘﺒﺭ‬
)
‫ﺠﺭﺍﻤﻴﻥ‬
(
‫ﻭﻴﻌﻨﻲ‬
"
‫ﺍﻝﻘﺭﻴﺔ‬ ‫ﺒﻨﻙ‬
"
‫ﻋﺎﻡ‬ ‫ﺒﻨﻐﻼﺩﺵ‬ ‫ﻓﻲ‬ ‫ﻴﻭﻨﺱ‬ ‫ﻤﺤﻤﺩ‬ ‫ﺃﺴﺴﻪ‬ ‫ﺍﻝﺫﻱ‬
1983
،‫ﺍﻝﻔﻘﺭ‬ ‫ﻤﺤﺎﺭﺒﺔ‬ ‫ﺇﻝﻰ‬ ‫ﻫﺩﻓﺕ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺃﻭﺍﺌل‬ ‫ﻤﻥ‬
‫ﺠﺎﺌﺯﺓ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻫﺫﺍ‬ ‫ﻤﺅﺴﺱ‬ ‫ﺤﺼل‬ ‫ﻭﻗﺩ‬ ،‫ﺍﻝﻤﻌﻴﺸﺔ‬ ‫ﻅﺭﻭﻑ‬ ‫ﻭﺘﺤﺴﻴﻥ‬
‫ﻋﺎﻡ‬ ‫ﻝﻠﺴﻼﻡ‬ ‫ﻨﻭﺒل‬
2006
‫ﻫﺫﺍ‬ ‫ﻓﻲ‬ ‫ﻝﻌﻤﻠﻪ‬
‫ﺍﻝﻤﺠﺎل‬
.
‫ﺍﻝﻤﺘﺨﺼﺼ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺘﺄﺴﻴﺱ‬ ‫ﻤﺒﺎﺩﺭﺍﺕ‬ ‫ﺒﺩﺃﺕ‬ ‫ﺍﻝﺘﺠﺭﺒﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻨﺠﺎﺡ‬ ‫ﻀﻭﺀ‬ ‫ﻭﻋﻠﻰ‬
‫ﺔ‬
‫ﺘﺘﻭﺍﻝﻰ‬
‫ﺍﻝﻼﺘﻴﻨﻴﺔ‬ ‫ﺃﻤﺭﻴﻜﺎ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻨﺎﻤﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺎﺕ‬ ‫ﻓﻲ‬ ‫ﻻﺴﻴﻤﺎ‬ ،‫ﺘﻘﺭﻴﺒﺎ‬ ‫ﺍﻝﻌﺎﻝﻡ‬ ‫ﺃﻨﺤﺎﺀ‬ ‫ﺠﻤﻴﻊ‬ ‫ﻓﻲ‬ ‫ﻋﺎﻝﻴﺔ‬ ‫ﺒﻭﺘﻴﺭﺓ‬ ‫ﻭﺘﻨﺘﺸﺭ‬
‫ﻭﺁﺴﻴﺎ‬ ‫ﻭﺇﻓﺭﻴﻘﻴﺎ‬
.
‫ﺍﻝﺘ‬ ‫ﺘﻠﻙ‬ ‫ﻤﻊ‬ ‫ﻤﻭﺍﺯﻱ‬ ‫ﻭﺒﺸﻜل‬
‫ﺠﻬﻭﺩﻫﺎ‬ ‫ﺘﻜﺜﻴﻑ‬ ‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﻭﺍﻝﺘﻨﻤﻭﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺒﺩﺃﺕ‬ ‫ﻁﻭﺭﺍﺕ‬
‫ﻭﺘﻭﻓ‬ ‫ﺍﻝﻤﺒﺎﺩﺭﺍﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻭﺘﻌﺯﻴﺯ‬ ‫ﻝﺩﻋﻡ‬
‫ﻴ‬
‫ﺍﻝﻔﻨﻴﺔ‬ ‫ﺍﻝﻤﺸﻭﺭﺍﺕ‬ ‫ﺭ‬
‫ﻝﻬﺎ‬
.
‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﺒﻬﺫﺍ‬ ‫ﺘﻬﺘﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﻬﻴﺌﺎﺕ‬ ‫ﺃﻫﻡ‬ ‫ﻭﻤﻥ‬
‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺒﺎﺩﺭﺍﺕ‬
،
‫ﺒﺎﺴﻡ‬ ‫ﻭﺍﻝﻤﻌﺭﻭﻓﺔ‬ ‫ﺍﻝﺩﻭﻝﻲ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻤﻨﺒﺜﻘﺔ‬ ‫ﺍﻝﻔﻘﺭﺍﺀ‬ ‫ﻝﻤﺴﺎﻋﺩﺓ‬ ‫ﺍﻻﺴﺘﺸﺎﺭﻴﺔ‬ ‫ﺍﻝﻤﺠﻤﻭﻋﺔ‬
CGAP
"Consultative Group for Assisting the Poor")
(
.
‫ﺃﻥ‬ ‫ﺍﻷﻭﺴﺎﻁ‬ ‫ﺒﻌﺽ‬ ‫ﻭﺘﻘﺩﺭ‬
‫ﻋﺩﺩ‬
‫ﻤﻥ‬ ‫ﺍﻝﻤﺴﺘﻔﻴﺩﻴﻥ‬
‫ﺤﺎﻝﻴﺎ‬ ‫ﻴﺘﺠﺎﻭﺯ‬ ‫ﺍﻝﻨﺎﻤﻴﺔ‬ ‫ﺍﻝﺩﻭل‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﺒﺭﺍﻤﺞ‬
80
‫ﺘ‬ ‫ﺘﺸﻴﺭ‬ ‫ﺤﻴﻥ‬ ‫ﻓﻲ‬ ،‫ﺃﺴﺭﺓ‬ ‫ﻤﻠﻴﻭﻥ‬
‫ﺍﻷﻭﺴﺎﻁ‬ ‫ﻠﻙ‬
‫ﺍﻷﻓﺭﺍﺩ‬ ‫ﻋﺩﺩ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬
‫ﻏﻴﺭ‬
‫ﺍﻝ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻘﺎﺩﺭﻴﻥ‬
‫ﺒﻨﺤﻭ‬ ‫ﻴﻘﺩﺭ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﺇﻝﻰ‬ ‫ﻭﺼﻭل‬
3
‫ﺘﻠﻙ‬ ‫ﻓﻲ‬ ‫ﻓﺭﺩ‬ ‫ﻤﻠﻴﺎﺭ‬
‫ﺍﻝﺩﻭل‬
.
‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﺭﺴﻤﻲ‬ ‫ﻏﻴﺭ‬ ‫ﺃﻭ‬ ‫ﱠﻡ‬
‫ﻅ‬‫ﺍﻝﻤﻨ‬ ‫ﻏﻴﺭ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﻝﻠﻘﻁﺎﻉ‬ ‫ﻜﺒﻴﺭﺓ‬ ‫ﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﻓﺠﻭﺓ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻋﻠﻰ‬ ‫ﻝل‬
‫ﺩ‬‫ﻴ‬ ‫ﻭﻫﺫﺍ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﻤﺜل‬ ‫ﻝﻨﺸﺎﻁ‬ ‫ﻜﺒﻴﺭﺓ‬ ‫ﻜﺎﻓﻴﺔ‬ ‫ﻓﺭﺹ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻋﻠﻰ‬
.
‫ﺘﺤﺴ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﻔﻘﺭ‬ ‫ﻤﻥ‬ ‫ﻴﻌﺎﻨﻭﻥ‬ ‫ﺍﻝﻠﺫﻴﻥ‬ ‫ﺍﻷﻓﺭﺍﺩ‬ ‫ﻤﺴﺎﻋﺩﺓ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺒﻌﺽ‬ ‫ﻫﺩﻓﺕ‬ ‫ﻭﺒﻴﻨﻤﺎ‬
‫ﺍﻝﻤﺴﺘﻭﻯ‬ ‫ﻴﻥ‬
‫ﻭﺨﻠﻕ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﺘﻨﻤﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺴﺎﻫﻤﺔ‬ ‫ﺇﻝﻰ‬ ‫ﺫﻝﻙ‬ ‫ﻴﺘﻌﺩﻯ‬ ‫ﺩﻭﺭﻫﺎ‬ ‫ﺃﻥ‬ ‫ﺘﺭﻯ‬ ‫ﺃﺨﺭﻯ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻓﺎﻥ‬ ،‫ﻝﻬﻡ‬ ‫ﺍﻝﻤﻌﻴﺸﻲ‬
‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻝﻤﺸﺎﺭﻴﻊ‬ ‫ﻭﺘﻤﻭﻴل‬ ‫ﺩﻋﻡ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻌﻤل‬ ‫ﻓﺭﺹ‬
)
Christen, Rosenberg, Veena, 2004
.(

18
‫ﺍﻝﺘ‬ ‫ﺘﻘﺩﻴﻡ‬ ‫ﻋﻠﻰ‬ ‫ﻴﻘﺘﺼﺭ‬ ‫ﻻ‬ ‫ﻗﺩ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻋﻤل‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻻﻨﺘﺒﺎﻩ‬ ‫ﺍﻝﻀﺭﻭﺭﻱ‬ ‫ﻭﻤﻥ‬
‫ﻭﺍﻝﻤﻨﺸﺂﺕ‬ ‫ﻝﻠﻔﻘﺭﺍﺀ‬ ‫ﻤﻭﻴل‬
‫ﺍﻝﺘﻘﺎﻋﺩ‬ ‫ﻭﺼﻨﺎﺩﻴﻕ‬ ‫ﻭﺍﻻﺩﺨﺎﺭ‬ ‫ﺍﻝﺼﺤﻴﺔ‬ ‫ﻜﺎﻝﺘﺄﻤﻴﻨﺎﺕ‬ ‫ﺃﺨﺭﻯ‬ ‫ﻭﺘﺴﻬﻴﻼﺕ‬ ‫ﺨﺩﻤﺎﺕ‬ ‫ﺘﻘﺩﻴﻡ‬ ‫ﺘﺸﻤل‬ ‫ﻗﺩ‬ ‫ﻭﺇﻨﻤﺎ‬ ،‫ﺍﻝﺼﻐﻴﺭﺓ‬
‫ﻓﻘﺭﺍ‬ ‫ﺍﻷﻜﺜﺭ‬ ‫ﺍﻝﻤﺠﺘﻤﻊ‬ ‫ﺸﺭﺍﺌﺢ‬ ‫ﺇﻝﻴﻬﺎ‬ ‫ﺘﻔﺘﻘﺭ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻤﻥ‬ ‫ﻭﻏﻴﺭﻫﺎ‬
.
‫ﺃﻥ‬ ‫ﺇﻻ‬ ،‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻝﻌﻤل‬ ‫ﺍﻻﻴﺠﺎﺒﻲ‬ ‫ﺍﻝﻨﻅﺭﻱ‬ ‫ﺍﻝﺘﺄﺼﻴل‬ ‫ﻤﻥ‬ ‫ﻭﺒﺎﻝﺭﻏﻡ‬
‫ﺍﻝﻤﺸﺎﻜل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻜﺜﻴﺭ‬
‫ﺍﻝﻤﻌﻠﻨﺔ‬ ‫ﺃﻫﺩﺍﻓﻬﺎ‬ ‫ﺇﻝﻰ‬ ‫ﻭﺼﻭﻝﻬﺎ‬ ‫ﺩﻭﻥ‬ ‫ﺘﺤﻭل‬ ‫ﻭﺍﻝﻤﻌﻴﻘﺎﺕ‬
.
‫ﻤﻨﺎﻁﻕ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﺘﻘﺎﺭﻴﺭ‬ ‫ﺍﻝﺩﺭﺍﺴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻜﺜﻴﺭ‬ ‫ﺒﻴﻨﺕ‬ ‫ﻓﻘﺩ‬
‫ﻤﻨﻬﺎ‬ ‫ﺍﻝﻤﺄﻤﻭﻝﺔ‬ ‫ﺍﻷﻫﺩﺍﻑ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻜﺜﻴﺭ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻓﻲ‬ ‫ﻓﺸﻠﺕ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺃﻥ‬ ‫ﺍﻝﻌﺎﻝﻡ‬ ‫ﺤﻭل‬ ‫ﻤﺨﺘﻠﻔﺔ‬
.
‫ﺇﺤﺩﻯ‬ ‫ﺒﻴﻨﺕ‬ ‫ﻓﻘﺩ‬
‫ﺸﻤﻠﺕ‬ ‫ﻭﺍﻝﺘﻲ‬ ‫ﺍﻝﺩﺭﺍﺴﺎﺕ‬
14
‫ﺍﻝﻼﺘﻴﻨﻴﺔ‬ ‫ﺃﻤﺭﻴﻜﺎ‬ ‫ﻓﻲ‬ ‫ﺩﻭﻝﺔ‬
‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻤﻌﻅﻡ‬ ‫ﺃﻥ‬ ،‫ﻭﺁﺴﻴﺎ‬ ‫ﻭﺇﻓﺭﻴﻘﻴﺎ‬
‫ﺍ‬
‫ﻝﻤﺘﺨﺼﺼﺔ‬
‫ﻝﻠﻔﺌﺎﺕ‬ ‫ﺍﻝﻤﻌﻴﺸﺔ‬ ‫ﻤﺴﺘﻭﻯ‬ ‫ﻭﺘﺤﺴﻴﻥ‬ ‫ﺍﻝﻔﻘﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺤﺩ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﻤﺘﻤﺜﻠﺔ‬ ،‫ﺍﻝﻤﻌﻠﻨﺔ‬ ‫ﺃﻫﺩﺍﻓﻬﺎ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻓﻲ‬ ‫ﻓﺸﻠﺕ‬
‫ﺍﻝﻤﺴﺘﻬﺩﻓﺔ‬
.
‫ﻋﻠﻰ‬ ‫ﺍﻝﻔﻭﺍﺌﺩ‬ ‫ﻤﻥ‬ ‫ﺠﺩﺍ‬ ‫ﻤﺭﺘﻔﻌﺔ‬ ‫ﻨﺴﺏ‬ ‫ﻴﻀﻌﻭﻥ‬ ‫ﺍﻝﻨﻘﻭﺩ‬ ‫ﻤﻘﺭﻀﻲ‬ ‫ﺃﻥ‬ ‫ﺍﻝﺩﺭﺍﺴﺎﺕ‬ ‫ﺘﻠﻙ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺘﺒﻴﻥ‬ ‫ﻓﻘﺩ‬
‫ﻨﺤﻭ‬ ‫ﺃﻥ‬ ‫ﺘﺒﻴﻥ‬ ‫ﺤﻴﺙ‬ ،‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﺘﻠﻙ‬
76
%
‫ﻋﻠﻰ‬ ‫ﺘﺯﻴﺩ‬ ‫ﻓﺎﺌﺩﺓ‬ ‫ﻨﺴﺏ‬ ‫ﻴﺄﺨﺫﻭﻥ‬ ‫ﺍﻝﺩﻭل‬ ‫ﺘﻠﻙ‬ ‫ﻓﻲ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﻤﻘﺭﻀﻲ‬ ‫ﻤﻥ‬
10
%
‫ﺫﻝﻙ‬ ‫ﻓﻲ‬ ‫ﺒﻤﺎ‬ ،‫ﻗﺭﻭﻀﻬﻡ‬ ‫ﻋﻠﻰ‬ ‫ﺸﻬﺭﻴﺎ‬
22
%
‫ﻋﻥ‬ ‫ﺘﺯﻴﺩ‬ ‫ﺃﻭ‬ ‫ﺘﺼل‬ ‫ﻓﺎﺌﺩﺓ‬ ‫ﻨﺴﺏ‬ ‫ﻴﺄﺨﺫﻭﻥ‬ ‫ﻤﻨﻬﻡ‬
100
%
‫ﺸﻬﺭﻴﺎ‬
)
Robinson,2001
.(
‫ﺍﻝﻤﺘﺨﺼﺼ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻋﻤل‬ ‫ﻁﺒﻴﻌﺔ‬ ‫ﺤﻭل‬ ‫ﺘﻘﺩﻡ‬ ‫ﻤﺎ‬ ‫ﻜل‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬
‫ﺔ‬
‫ﻝﻬﺫﻩ‬ ‫ﺒﺎﺭﺯ‬ ‫ﺩﻭﺭ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻴﺘﻀﺢ‬ ،
‫ﻓﻲ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﻷﺨﺭﻯ‬ ‫ﺩﻭﻝﺔ‬ ‫ﻤﻥ‬ ‫ﺃﻫﻤﻴﺘﻪ‬ ‫ﺘﺨﺘﻠﻑ‬ ‫ﻗﺩ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬
.
‫ﺒﻌﺽ‬ ‫ﺍﻝﺩﻭﺭ‬ ‫ﻫﺫﺍ‬ ‫ﻴﺤﻤل‬ ‫ﺃﻥ‬ ‫ﺍﻝﻁﺒﻴﻌﻲ‬ ‫ﻭﻤﻥ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺃﻨﺸﻁﺔ‬ ‫ﻤﻥ‬ ‫ﺘﻨﺘﺞ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬
.
‫ﺍﻝﺼﻌﻭﺒﺎﺕ‬ ‫ﺒﺴﺒﺏ‬ ‫ﺘﻨﺘﺞ‬ ‫ﻗﺩ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺘﻠﻙ‬ ‫ﺇﻥ‬
‫ﺍﻝﻤﻭﻀﻭﻋﻴﺔ‬
‫ﺒﻬﺎ‬ ‫ﺘﻘﻭﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﻤﺎﺭﺴﺎﺕ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺃﻭ‬ ،‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺘﻠﻙ‬ ‫ﺘﻭﺍﺠﻬﻬﺎ‬ ‫ﺍﻝﺘﻲ‬
.
‫ﺃﻫﻡ‬ ‫ﺫﻜﺭ‬ ‫ﻭﻴﻤﻜﻥ‬
‫ﺍﻝﻤﻌ‬
‫ﻋﺎﻡ‬ ‫ﺍﻝﺩﻭﻝﻲ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﺩﺭﺍﺴﺔ‬ ‫ﻓﻲ‬ ‫ﺠﺎﺀﺕ‬ ‫ﻜﻤﺎ‬ ‫ﺍﻝﻤﺘﺨﺼﺼﺔ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺘﻭﺍﺠﻪ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻴﻘﺎﺕ‬
2001
‫ﻋﻠﻰ‬ ،
‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﻨﺤﻭ‬
:
•
‫ﻝﺘﻤﻭﻴﻠﻬﺎ‬ ‫ﻭﻤﺴﺘﺩﺍﻤﺔ‬ ‫ﺜﺎﺒﺘﺔ‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﻭﺠﻭﺩ‬ ‫ﻋﺩﻡ‬
.
•
‫ﺃﻨﺸﻁﺘﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻹﺸﺭﺍﻑ‬ ‫ﺍﻝﺭﻗﺎﺒﺔ‬ ‫ﻀﻌﻑ‬
.
•
‫ﺍﻝﺘ‬ ‫ﻜﺨﺩﻤﺎﺕ‬ ‫ﺍﻝﺯﺒﺎﺌﻥ‬ ‫ﺍﺤﺘﻴﺎﺠﺎﺕ‬ ‫ﻜﺎﻓﺔ‬ ‫ﺘﻠﺒﻴﺔ‬ ‫ﻋﺩﻡ‬
‫ﺄ‬
‫ﻭﺍﻝﺘﻘﺎﻋﺩ‬ ‫ﻤﻴﻥ‬
.
•
‫ﻭ‬ ‫ﺍﻹﺩﺍﺭﻴﺔ‬ ‫ﻗﺩﺭﺘﻬﺎ‬ ‫ﻤﺤﺩﻭﺩﻴﺔ‬
‫ﺍﻝﻔﻨﻴﺔ‬
.
•
‫ﻓﻴﻬﺎ‬ ‫ﺍﻝﻤﺅﺴﺴﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﻏﻴﺎﺏ‬
.
•
‫ﺨﺩﻤﺎﺘﻬﺎ‬ ‫ﺘﻘﺩﻴﻡ‬ ‫ﻓﻲ‬ ‫ﺠﺩﻴﺩﺓ‬ ‫ﻤﻨﻬﺠﻴﺎﺕ‬ ‫ﻝﺘﻁﺒﻴﻕ‬ ‫ﺤﺎﺠﺔ‬ ‫ﻭﻭﺠﻭﺩ‬ ،‫ﺍﻨﺘﺸﺎﺭﻫﺎ‬ ‫ﻤﺤﺩﻭﺩﻴﺔ‬
.

19
‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺒﻌﺽ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﻌﺭﻑ‬ ‫ﻴﻤﻜﻥ‬ ،‫ﺍﻹﻁﺎﺭ‬ ‫ﻫﺫﺍ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﺏ‬ ‫ﺒﻌﺽ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻻﻁﻼﻉ‬ ‫ﺨﻼل‬ ‫ﻭﻤﻥ‬
‫ﺍﻝﻤﺘﺨﺼﺼ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺘﻭﺍﺠﻪ‬
‫ﺔ‬
‫ﺍ‬ ‫ﻋﻠﻰ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺒﺩﻭﺭﻫﺎ‬ ‫ﺘﺤﻤل‬ ‫ﻗﺩ‬ ‫ﻭﺍﻝﺘﻲ‬ ،
‫ﺒﺭﻤﺘﻪ‬ ‫ﺍﻝﻘﺎﺌﻡ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻝﻨﻅﺎﻡ‬
.
‫ﺍﻝﻌﺎﻡ‬ ‫ﻓﻔﻲ‬
2006
‫ﺒﺭﻨﺎﻤﺞ‬ ‫ﺍﻝﺴﻭﺩﺍﻥ‬ ‫ﺠﻨﻭﺏ‬ ‫ﻓﻲ‬ ‫ﺍﻨﺸﺄ‬
)
FSL
Finance Sudan Limited-
(
‫ﺇﻗﺭﺍﺽ‬ ‫ﻜﻤﺅﺴﺴﺔ‬
‫ﺍﻝﺩﻭﻝﺔ‬ ‫ﻓﻲ‬ ‫ﻭﺤﻴﺩﺓ‬ ‫ﻤﺘﺨﺼﺼﺔ‬
.
‫ﺍﻝﻌﻠﻡ‬ ‫ﻤﻊ‬ ،‫ﻤﻨﺎﺴﺒﺔ‬ ‫ﺒﺄﺴﻌﺎﺭ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﺘﻘﺩﻴﻡ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬ ‫ﺘﻠﻙ‬ ‫ﻫﺩﻑ‬ ‫ﻭﻜﺎﻥ‬
‫ﺒﻴﻥ‬ ‫ﺘﺘﺭﺍﻭﺡ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﻝﻬﺫﺍ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﺃﺴﻌﺎﺭ‬ ‫ﺃﻥ‬
37
%
-
70
.%
‫ﺍﻝﺩﺭﺍﺴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻜﺜﻴﺭ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﻭﻴﺘﻀﺢ‬
‫ﻭﺇﻨﻤﺎ‬ ،‫ﺍﻝﺠﺸﻊ‬ ‫ﻋﻥ‬ ‫ﻨﺎﺠﻤﺔ‬ ‫ﺒﺎﻝﻀﺭﻭﺭﺓ‬ ‫ﻝﻴﺴﺕ‬ ‫ﺍﻝﻤﺭﺘﻔﻌﺔ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﻨﺴﺏ‬ ‫ﺃﻥ‬ ‫ﺍﻝﻤﻭﻀﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﺤﻭل‬ ‫ﺍﻝﺒﺤﺜﻴﺔ‬ ‫ﻭﺍﻷﻭﺭﺍﻕ‬
‫ﺍﻝﻤﻭﻅﻔﻴﻥ‬ ‫ﻭﺭﻭﺍﺘﺏ‬ ‫ﺍﻝﻤﻜﺎﺘﺏ‬ ‫ﺃﺠﻭﺭ‬ ‫ﺨﺎﺼﺔ‬ ،‫ﺍﻝﻤﺭﺘﻔﻌﺔ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻨﻔﻘﺎﺕ‬ ‫ﻝﺘﻐﻁﻴﺔ‬
.
‫ﺃﻥ‬ ‫ﻭﺠﺩ‬ ‫ﺍﻝﻤﻨﺎﻁﻕ‬ ‫ﺒﻌﺽ‬ ‫ﻓﻔﻲ‬
‫ﺘﻤ‬ ‫ﻋﻠﻰ‬ ‫ﺘﺤﺼل‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬
‫ﻤﺠﺎﻨﻲ‬ ‫ﻭﻴل‬
)
0
(%
،
‫ﺇﻝﻰ‬ ‫ﺘﺤﺘﺎﺝ‬ ‫ﻓﻭﺍﺌﺩ‬
35.2
%
‫ﻋﻠﻰ‬ ‫ﻜﻔﻭﺍﺌﺩ‬
‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﻨﻔﻘﺎﺘﻬﺎ‬ ‫ﻝﺘﻐﻁﻴﺔ‬ ‫ﺘﻤﻨﺤﻬﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻘﺭﻭﺽ‬
.
‫ﺃﻨﺸﻁﺔ‬ ‫ﻴﻤﺎﺭﺴﻭﻥ‬ ‫ﺍﻝﻠﺫﻴﻥ‬ ‫ﺍﻝﻜﺜﻴﺭﻴﻥ‬ ‫ﻤﻥ‬ ‫ﺇﺠﻤﺎﻉ‬ ‫ﺸﺒﻪ‬ ‫ﻭﻫﻨﺎﻙ‬
‫ﺍﺭﺘﻔﺎﻉ‬ ‫ﺒﺴﺒﺏ‬ ‫ﻤﻌﻴﻨﺔ‬ ‫ﺤﺩﻭﺩ‬ ‫ﺩﻭﻥ‬ ‫ﺍﻝﻔﻭﺍﺌﺩ‬ ‫ﻨﺴﺏ‬ ‫ﺘﺨﻔﻴﺽ‬ ‫ﺍﻝﻤﻤﻜﻥ‬ ‫ﻏﻴﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻨﻪ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺘﺨﺼﺹ‬ ‫ﺍﻹﻗﺭﺍﺽ‬
‫ﻜﻔﺎﺀﺓ‬ ‫ﻤﻥ‬ ‫ﻴﺤﺩ‬ ‫ﻤﺎ‬ ‫ﻭﻫﻭ‬ ،‫ﺍﻝﺘﻜﺎﻝﻴﻑ‬
‫ﺍﻝﻔﻘﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺤﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﻤﺜﻠﺔ‬ ‫ﺃﻫﺩﺍﻓﻬﺎ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﻭﻓﺎﻋﻠﻴﺔ‬
)
Kiva, Quora microfinance
.(
‫ﺒﻨﺤﻭ‬ ‫ﺘﺴﻬﻡ‬ ‫ﺍﻝﺼﻐﻴﺭﺓ‬ ‫ﺍﻝﻤﺸﺎﺭﻴﻊ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﺒﻴﺎﻨﺎﺕ‬ ‫ﻓﺘﺸﻴﺭ‬ ،‫ﺍﻝﻬﻨﺩﻴﺔ‬ ‫ﺍﻝﺘﺠﺭﺒﺔ‬ ‫ﺃﻤﺎ‬
22
%
‫ﺍﻹﺠﻤﺎﻝﻲ‬ ‫ﺍﻝﻤﺤﻠﻲ‬ ‫ﺍﻝﻨﺎﺘﺞ‬ ‫ﻤﻥ‬
‫ﻭﻋﻠﻰ‬ ،‫ﺍﻝﻤﺸﺎﻜل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻌﺩﻴﺩ‬ ‫ﻴﻭﺍﺠﻪ‬ ‫ﻴﺯﺍل‬ ‫ﻻ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻫﺫﺍ‬ ‫ﺃﻥ‬ ‫ﺇﻻ‬ ،‫ﺍﻝﻬﻨﺩﻱ‬
‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻭﺼﻭل‬ ‫ﻀﻌﻑ‬ ‫ﺭﺃﺴﻬﺎ‬
‫ﺍﻝﻤﻨﺎﺴﺏ‬ ‫ﺍﻝﻭﻗﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻜﺎﻓﻲ‬
)
،‫ﺍﻝﻜﺭﻴﻡ‬ ‫ﻋﺒﺩ‬
2012
.(
‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺤﻭل‬ ‫ﻤﺴﺢ‬ ‫ﺍﻅﻬﺭ‬ ‫ﻏﺎﻨﺎ‬ ‫ﻭﻓﻲ‬
‫ﺍﻝﻤﺘﺨﺼﺼ‬
‫ﺔ‬
‫ﺍﻝﻤﺘﺨﺼﺼ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﻗﺭﻭﺽ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﺎﺼﻠﻴﻥ‬ ‫ﺜﻠﺙ‬ ‫ﻨﺤﻭ‬ ‫ﺃﻥ‬
‫ﺔ‬
‫ﺼﻌﻭﺒﺎﺕ‬ ‫ﻤﻥ‬ ‫ﻴﻌﺎﻨﻭﻥ‬
‫ﻝﻌﺎﺌﻠﺘ‬ ‫ﺍﻝﻁﻌﺎﻡ‬ ‫ﻭﺠﺒﺎﺕ‬ ‫ﻋﺩﺩ‬ ‫ﺒﺘﺨﻔﻴﺽ‬ ‫ﻗﺎﻡ‬ ‫ﺒﻌﻀﻬﻡ‬ ‫ﺃﻥ‬ ‫ﺒل‬ ،‫ﻗﺭﻭﻀﻬﻡ‬ ‫ﺘﺴﺩﻴﺩ‬ ‫ﻓﻲ‬
‫ﺘﺭﻙ‬ ‫ﻋﻠﻰ‬ ‫ﺃﺒﻨﺎﺌﻬﻡ‬ ‫ﺇﺠﺒﺎﺭ‬ ‫ﺃﻭ‬ ،‫ﻪ‬
‫ﺍﻝﻤﺘﺨﺼﺼ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺘﺯﺍﻤﺎﺘﻬﻡ‬ ‫ﻝﺘﺴﺩﻴﺩ‬ ‫ﻭﻤﺴﺎﻋﺩﺘﻬﻡ‬ ‫ﻤﺩﺍﺭﺴﻬﻡ‬
‫ﺔ‬
)
Center for Financial
Inclusion 2011
.(
‫ﺃﻤﺎ‬
Zidisha
‫ﻋﺎﻡ‬ ‫ﺍﻝﻤﺘﺤﺩﺓ‬ ‫ﺍﻝﻭﻻﻴﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺘﺄﺴﺴﺕ‬ ،‫ﻤﺘﺨﺼﺼﺔ‬ ‫ﺇﻗﺭﺍﺽ‬ ‫ﻤﺅﺴﺴﺔ‬ ‫ﻭﻫﻲ‬ ،
2009
،
‫ﻓ‬
‫ﺘﻜﻭﻥ‬ ‫ﺭﺒﻤﺎ‬
‫ﺃ‬
‫ﺤﺩ‬
‫ﺍﻝﻨﻔ‬ ‫ﻤﻥ‬ ‫ﻝﻠﺘﺨﻠﺹ‬ ‫ﺍﻝﻤﺒﺘﻜﺭﺓ‬ ‫ﺍﻝﺤﻠﻭل‬
‫ﺍﻝﻤﺭﺘﻔﻌﺔ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﻘﺎﺕ‬
.
‫ﺍﻝﺘﻭﺍﺼل‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻜﺭﺓ‬ ‫ﺘﻘﻭﻡ‬ ‫ﺇﺫ‬
‫ﺒﻴﻥ‬ ‫ﺍﻝﻤﺒﺎﺸﺭ‬ ‫ﺍﻝﺘﻭﺍﺼل‬ ‫ﻋﻠﻰ‬ ‫ﺘﻘﻭﻡ‬ ‫ﻭﺇﻨﻤﺎ‬ ،‫ﻭﺍﻝﻤﻭﻅﻔﻴﻥ‬ ‫ﺍﻝﻤﻜﺎﺘﺏ‬ ‫ﻝﻭﺠﻭﺩ‬ ‫ﺍﻝﺤﺎﺠﺔ‬ ‫ﺩﻭﻥ‬ ‫ﺍﻝﻌﻤﻼﺀ‬ ‫ﻤﻊ‬ ‫ﺍﻻﻝﻜﺘﺭﻭﻨﻲ‬
‫ﺍﻝﻭﺴﺎﺌل‬ ‫ﻫﺫﻩ‬ ‫ﻋﺒﺭ‬ ‫ﺍﻹﺠﺭﺍﺀﺍﺕ‬ ‫ﻜﺎﻓﺔ‬ ‫ﻭﺇﺘﻤﺎﻡ‬ ‫ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ‬ ‫ﺍﻝﺘﻭﺍﺼل‬ ‫ﻭﺴﺎﺌل‬ ‫ﻋﺒﺭ‬ ‫ﻭﺍﻝﻤﻘﺘﺭﺽ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬
.
‫ﺍﻝﻤﺅﺴﺴﺔ‬
‫ﺤﺎﻝ‬ ‫ﺘﻌﻁﻲ‬
‫ﺘﺘﺠﺎﻭﺯ‬ ‫ﻻ‬ ‫ﻨﺴﺒﻴﺎ‬ ‫ﻤﻨﺨﻔﻀﺔ‬ ‫ﻓﺎﺌﺩﺓ‬ ‫ﺒﻨﺴﺏ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻴﺎ‬
8
%
‫ﺍﻝﻶ‬ ‫ﻭﻤﻥ‬ ،
‫ﺒﻨﺴﺒﺔ‬ ‫ﻓﺎﺌﺩﺓ‬ ‫ﺃﻥ‬ ‫ﻝﻼﻨﺘﺒﺎﻩ‬ ‫ﻓﺕ‬
5
%
‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﻨﻔﻘﺎﺘﻬﺎ‬ ‫ﻜﺎﻓﺔ‬ ‫ﻝﺘﻐﻁﻴﺔ‬ ‫ﻜﺎﻓﻴﺔ‬ ‫ﻜﺎﻨﺕ‬
.
‫ﻨﺤﻭ‬ ‫ﺃﻥ‬ ‫ﺃﻴﻀﺎ‬ ‫ﻝﻠﻨﻅﺭ‬ ‫ﺍﻝﻼﻓﺕ‬ ‫ﻭﻤﻥ‬
98
%
‫ﻤﻠﺘﺯﻤﻭﻥ‬ ‫ﺍﻝﻤﻘﺘﺭﻀﻴﻥ‬ ‫ﻤﻥ‬
‫ﻗﺭﻭﻀﻬﻡ‬ ‫ﺒﺘﺴﺩﻴﺩ‬
)
Zidisha.org
.(