New schemes to support SME’s and to create jobs for women and youth

The International Finance Corporation IFC, the French Agency for Development (AFD) and Goldman Sachs Foundation 10,000 Women Entrepreneurs Program jointly announced their support to the BLC bank’s efforts in helping small and medium enterprises (SMEs) in Lebanon, particularly those owned by women. To this effect, the IFC and AFD will allocate, through a risk sharing fund, a sum of USD 5 million in the form of small commerce loans to be dispensed by BLC. The above initiative is expected to extend loans worth of USD 10 million for the SME sector in order to help it expand and create new jobs. To note, the BLC is the first bank to benefit from the risk sharing mechanism designed for the MENA region. In this respect, BLC CEO Maurice Sahnaoui considered SMEs as the catalyst for the Lebanese economy, while the Goldman Sachs international director, Lisa MacDougall warned that access to funds is a main obstacle to the growth of women-owned businesses. She cited studies prepared by Sachs program showing that closing the credit gender-based gap could very well increase per capita income by 12% in the emerging markets by the year 2030. On the other hand, the Bank of Beirut chairman Salim Sfeir kicked off an inclusive scheme that teams up the expertise of Lebanese immigrants with the needs of the qualified and educated youth in the country. This, Sfeir explained, will develop an economic foothold that inspires the young generation to settle in Lebanon and at the same time generates revenues for investors. Sfeir announced his plan in a speech during the opening session of the Lebanese Diaspora Energy 2016 conference held in New York between September 16 and 17. He mentioned the crisis Lebanon is struggling to resolve which is the provision of jobs for some 40 thousand university graduates each year. The participation of Lebanese expatriates, Sfeir concluded, could transform Lebanon into a modern intellectual platform in the region, stressing the need to boost a competitive cost for investment in the country and increase financial and tax incentives to reach the aspired results. (Al Mustaqbal, An Nahar, Al Diyar, September 27, 28, 2016)