Lebanon

Lebanon Celebrates The Year of Microcredit through the Global Micro-entrepreneurship Awards (GMA)

Beirut- The United Nations has declared 2005 the International Year of Microcredit, seeking to promote the building of more inclusive financial sectors, particularly those that serve the poor. To commemorate the year, micro-entrepreneurs throughout Lebanon will have opportunity to participate in a national business competition called the Global Micro-entrepreneurship Awards (GMA).

The Lebanon GMA program is being managed by the UNCDF, Citigroup, Sanabel (the Microfinance Network of the Arab Countries), YMCA (Young Men’s Christian Association) as well as volunteer students from different Lebanese Universities. YMCA is administrating the Award on behalf of the country team in Lebanon owing mainly to its wide reach across Lebanon, and its direct contact with micro-entrepreneurs all over the country, especially in the remote areas.

This global awards program will take place in over 30 countries around the world including Lebanon. The goal of the program is to promote Micro-enterprise and increase awareness of their financial services needs, in what is broadly known as “Microfinance”. More importantly, the aim of the program is to put the spotlight on local micro-entrepreneurs who are taking the initiative to combat unemployment and transport themselves and their families out of poverty through micro-enterprise.

In Lebanon, participating micro-entrepreneurs will present their businesses to microfinance experts, public and business leaders, as well as media personalities. The competition and judging process will continue throughout November 2005 when the winners will be announced at an awards ceremony, which was held on 12 December 2005.

30 awards winners across all economic categories who were chosen for their efforts and success in promoting microfinance projects that contribute positively to sustainable development and to a healthier Lebanese economy.