Economic Social Development Fund support to 220 new projects worth LBP 5.4 billions during the second term of 2013

Some 220 economic enterprises received financial support from the Economic and Social Development Fund (ESDF) during the second term of the year 2013. These projects which received new ESDF loans had a combined value of LBP 5.4 billions and resulted in the creation of 200 new work opportunities through the job opportunity creation component of ESDF. As a result, a total of 7,444 loans (worth LBP 11 billions) were discharged to small and medium enterprises (SMEs) since ESDF inception in the year 2003 and until June 2013, thus contributing to the creation of 5,039 new work opportunities.
It is to be recalled that the Economic and Social Development Fund was formally set up, within the framework of the European- Mediterranean Partnership, and following an agreement signed in November 2000 between the Lebanese Government represented by the Council of Development and Reconstruction and the European Commission. The Fund aims at fighting and alleviating poverty in needy communities through its work opportunity and local/community development components.
Source: Al-Mustaqbal, Al-Diyar 20 July 2013