SMEs as a vehicle for social and economic development

The Secretary General of the Federation of Arab Banks, Wissam Fatooh, underlined the significance of small and medium enterprises (SME) in socio-economic development. Fatooh was speaking yesterday during the opening of the second national Lebanese products and handicrafts exhibition which was organized in Hamra Main Street by the ‘Asdikaa Jiddan’ (Close Friends) association. He pointed out that developed countries, like for example, the United States, Turkey or Europe rely by nearly 90% on SMEs to boost their domestic economies, urging the banking sector to help in funding such endeavors. He noted the supportive policies of Bank of Lebanon’s Governor, Riad Salameh, and clear instructions to the local banking sector to provide increased services to this sector. “We, in the Federation of Arab Banks, are ready to assist any funding mechanism in that direction, particularly in support of to the national handicrafts and artisan industry of which we are proud” Fatooh concluded. (As Safir, Al Diyar, March 7, 2016)