Bank, NGO launch new micro-credit plan in Jbeil |
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08 November 2008
BEIRUT: FransabankFransabank
teamed up with a nongovernmntal organization (NGO) on Friday to launch a new micro-credit program to help small businesses in the Jbeil region.
The program was announced during a press conference at the Adnan Kassar Economic Center in Beirut and in the presence of Interior Minister Ziad Baroud.
Ziad Halaby, general manager of Ameen, an NGO with wide experience in micro-credit, said that new program resulted from an initiative by the mayors of Byblos towns.
"The project was specifically launched in Jbeil because we have a strong presence there; however our aim is to reach other areas in Lebanon as well," he said. "This can be accomplished by partnering with institutions that have reputation for quality. We are currently working with very well known banks such as Jammal Trust Bank, Credit Libanais, Lebanese Canadian BankLebanese Canadian Bank and FransabankFransabank."
Ameen is a major player in the Lebanese micro-finance, sector whose aim is to provide financial services to those who otherwise would have difficulties accessing these services.
"We are currently partnering with banks that have around 60 branches throughout Lebanon which will help us reach other areas as well," Halaby added.
"The project aims at helping the owners of small and medium enterprises to develop and expand their businesses by providing them with loans that range from LL500,000 to LL3,000,000, with credit facilities ranging from six to 18 months depending on their financial capabilities" said Adnan Kassar, the chairman of Fransabank GroupFransabank Group.
He added that "technical as well as administrative support is going to be offered to those who apply for the loans."
According to Tony Issa, head of the Development Committee in Jbeil, the cooperation agreement signed between the committee and the mayors' association on one hand, and FransabankFransabank on the other, provides around 75 interest-free loans amounting to LL112,500,000, in addition to 25 grants amounting to LL37,500,000.
Baroud stressed the importance of supporting small enterprises in various areas of Lebanon, which he said would limit unemployment estimated at 20 percent while one third of the population lives under the poverty line.
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