A USD 2 million loan to Al Majmoua for micro-financing in Lebanon

The International Finance Corporation (IFC), a member of the World Bank Group, announced that it has provided a loan of USD 2 million to the Lebanese Association for Development (Al Majmoua), with the aim of encouraging businesses and strengthening economic development in Lebanon.  The IFC explained in a statement issued yesterday that this loan will help Al Majmoua to develop its credit portfolio to include low income categories as well as holders of micro businesses.  The statement noted that 50% of Al Majmoua clients reside in frontline areas where financial services are inaccessible, and that women constitute 54% of its clients’ base. The IFC director for the MENA region, James Gohary, noted that this investment will encourage other investments by local banks and in support of micro businesses, in order to bridge the existing financing gap.
Source: Al-Diyar, Al-Mustaqbal 26 September 2014