Jobs in developing countries can be created at a faster rate if policymakers and development institutions make it a priority to remove the key obstacles to growth, the International Finance Corp. said Monday.

Four obstacles pose particular challenges to job creation in the private sector, namely a weak investment climate, inadequate infrastructure, limited access to finance for micro, small and medium enterprises (MSMEs), as well as insufficient training and skills, the IFC said in its latest study report.

Removing these obstacles can significantly increase job creation, noted the report entitled "Assessing Private Sector Contributions to Job Creation."

"Joblessness is a global crisis that is especially urgent in the poorest countries. As the world's largest development institution focused on the private sector, we believe that job creation offers the surest path out of poverty. Promoting it in developing countries is a top priority for us," said Cai Jinyong, the IFC's executive vice president and chief executive officer.

Access to finance is a key constraint for MSMEs, and easing it can result in significant job creation. Lack of power is the most significant constraint in lower-income countries, while providing companies with reliable power could boost annual job growth by at least 4 percent, the report said.

The World Bank estimates that 600 million jobs must be created by 2020, mainly in developing countries, just to keep up with global population growth, and the answer lies with the private sector that provides nine out of every 10 jobs.