Lending by Economic & Social Fund hits $120 million

The Economic and Social Fund for Development (ESFD) said it has provided nearly 9,800 loans to small and medium enterprises (SMEs) since it launched its operations in 2003 and until September 2017. The overall value of the loans reached 179.9 billion liras (around $120 million).

These loans have contributed to the creation of more than 8,000 jobs, a statement by ESFD said.

The loans granted to the services sector accounted for 39 percent of the overall number of loans while trade represented 36 percent of the total. Manufacturing and agriculture accounted for 15 percent and ten percent respectively.

Mount Lebanon secured 29 percent of the total number of loans. It was followed by Nabatieh (22 percent), then Northern Lebanon (18 percent), Southern Lebanon (14) percent, Bekaa (13 percent), and Beirut at five percent.

ESFD is funded by the Lebanese government and the European Union. It aims to alleviate poverty in disadvantaged areas by contributing to job creation through loans granted to SMEs.