ESFD funds 220 projects

Plan facilitates job creation,
access to loans

The Economic and Social Fund for Development (ESFD) secured funding for 220 private projects in the second quarter of 2013. Investment in these projects reached $3.6 million and created around 200 new job opportunities.

The ESFD seeks to encourage social development through projects in agriculture, trade, services, and industry, distributed across all regions. Funding is provided by the European Union (EU) and supported by the State through the Council for Development and Reconstruction (CDR).

The Job Creation unit at the ESFD seeks to improve living conditions for underprivileged individuals by creating jobs. Its business advisors help Small and Medium Enterprises (SMEs) secure bank loans with the most appropriate partner bank.

Racha Chahine, Manager of the Job Creation Unit, said they aim to expand the outreach of these loans to cover more individuals and regions. “Continuous research is undertaken for the development of new products to meet market demand and fill gaps.”