The proposed project will be IFC’s second engagement with The Lebanese Association For Development (“Al-Majmoua”). Proposed project includes a senior loan and a Risk Sharing Facility to support Al- Majmoua grow its activities in Lebanon and reach out to more of the underserved target clientele especially the very small enterprises and micro entrepreneurs. Furthermore, through this project, Al-Majmoua will be able to provide needed support and help alleviate the hardship dictated on local communities as a result of the current economic situation and the influx of refugees over the past few years.
The project sponsor is Al-Majmoua (The Lebanese Association for Development), a leading microfinance institution (MFI) in Lebanon. Al-Majmoua started in 1994 by Save the Children (USA), as a microfinance program with the mission of promoting sustainable development by improving the economic and social conditions of low-income individuals, especially micro-entrepreneurs and women. In 1998, the program was spun-off into an independent local NGO registered with the Ministry of Interior. Over the years, Al-Majmoua managed to build a reputable franchise to become a leading MFI in Lebanon with about 62,000 active clients, of which 57% are women, and US$58 million in net outstanding loan portfolio (as of December 31 2016). Al-Majmoua serves its clients through a network of 27 branches and a team of 358 people.
Fatma Mohamed Aziz Sidky
Investment Officer, International Finance Corporation
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