US financial grant to microfinance sector in Lebanon

The director general of Lebanon Livelihoods and Inclusive Finance Expansion (LIFE), Mathew Lovick, signed on Friday a financial grant agreement with the president of the Lebanese Microfinance Association (LMFA), Dr. Yussef Khalil. The agreement aims to secure the proper institutional and operational backing for the LMFA for the next 12 months. It also seeks to boost continued support from USAID to the Association since its inception on January 12, 2015 as the nation’s first microfinance body and official umbrella for 9-member establishments to date. It should be noted, that the purpose of the five-year USAID-funded LIFE initiative is to enhance livelihoods, advance the microfinance sector and expand inclusive finance in order to improve economic prospects targeting new projects and current beneficiaries of microfinance services. LIFE is also committed to the provision of ongoing technical and institutional assistance to LMFA during the duration of the project (2016-2021). (Al Mustaqbal, June 3, 2017)
 
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