In this paper we try to examine the effect of Microfinance on the sustainable development in a group of Middle East and North Africa countries (MENA). Can we consider that Microcredits are performing instrument for the sustainable development in MENA countries? To answer this question we chose a period from 1990 to 2018 and a sample of 10 MEN countries was selected. We have approximated sustainable development supported by the endogenous variable corresponds to the net adjustment of sustainable development (GS). Exogenous variables are: Active female borrowers (AFB), Labor Force female (LFF), the female to male labor force ratio, Gender parity index (GPI), GINI Index (GINI) and the GDP deflator. In the empirical analysis, we examined the linear fit of this long-term relationship within an error correction (ECM) model. We founded that 67% of sustainable development imbalance will be corrected by micro-financial institutions as the speed of adjustment brings this imbalance back to a stable state in the long term. Subsequently, we adopted the GMM method to determine the dynamics of sustainable development. Our results showed that participation rate of men in the labor force has a negligible and not significant influence on sustainable development and this can refer to their limit.
JEL classification: O16; O57; C38; C33.