ESFD supports 220 SME projects in third quarter

Loans granted since 2003 total $66 million

The Economic and Social Fund for Development (ESFD) said that it has contributed to the funding of some 220 projects during the third quarter of the year. The total value of loans provided through ESFD was $4 million. This has helped create some 250 new jobs.

The ESFD supports job creation through the provision of loans to small- and medium- sized enterprises (SMEs) through partner commercial banks. Currently, partner banks are: SGBL, BLC, Credit Libanais, Jammal Trust Bank, BLOM Bank, and First National Bank.

ESFD was established in 2003 with the mission to alleviate poverty through two main actions, job creation and community development. The job creation unit has a total revolving fund of $19 million.

Since its establishment, the ESFD granted 6880 loans valued at around $66 million to SMEs. Around 4500 new jobs were created as a result of this support. Financed projects cover the sectors of agriculture, trade, services, and industry.

ESFD is funded by the European Union and the Council for Development and Reconstruction (CDR).