New USAID project for supporting micro-financing in Lebanon

The U.S. Agency for International Development (USAID) announced the implementation of a new project in Lebanon entitled  "expanding financial inclusion and improving livelihoods"(LIFE). The project aims at improving livelihoods, developing the microfinance sector, and expanding financial inclusion in order to strengthen economic opportunities for entrepreneurs and beneficiaries from micro finance services. The project extends for five years starting on September 2016 and until September 2021. The Agency declared that the objectives of this project will be achieved through supporting financial inclusion which will bring more clients to the microfinance sector through strengthening policies and important institutional reforms as well as building capacities of the Lebanese Association of the Microfinance Institutions (MFIs), in addition to assisting MFIs in expanding a set of products and services to reach more marginalized groups especially women with low income, youth, persons with special needs in rural areas that are exposed to conflicts, also supporting entrepreneurs and small projects in building their business capacities, and accessing formal financial services, and achieving sustainable livelihood. In the end, the Agency emphasized that the project will aim at achieving several results, the most prominent are the following: 1) Increase capital for MFIs by a minimum of 25 percent. 2) Expand coverage of MFIs in deprived areas. 3) Increase in number and value of loans provided by MFIs. 4) Provide training for five thousand owners of small businesses. 6) Increase in the income of beneficiaries by 20 percent during the project period. (Al Mustaqbal, January, 12, 2017)