Micro
credit Program
In
partnership with the European Commission (EC), and with the support of
one of the largest Lebanese banks, Bank Audi, ADR launched a Micro
credit program in the area of south Lebanon in 1999. The grants received
from EC were to be disbursed throughout Tyre, Bent Jbeil, Marjayoun and
Hasbaya.
The main
objective of the program has been to improve the economic opportunities
of the low-income urban and rural population by offering reliable
financial services to those that can not access the banking system.
In 2006
the management of Bank Audi decided to apply certain dispositions of the
Lebanese Central Bank circular number 93 issued in 2004. Bank Audi will
lend ADR with a preferential interest rate from their legal reserves
helping ADR to expand its outreach and growth to become an even more
active player in the market.
Since its inception the Microcredit Program has disbursed more than 6,100 micro loans of approximate value US$ 13.1 million.
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