Press Release: Signature of the Project ‘Social and Economic Development Fund’, Lebanon

The Commissioner in charge of development co-operation and humanitarian aid, Poul Nielson, has signed a Financing Agreement for the amount of €25 million for the 'Social and Economic Development Fund' project in Lebanon. The purpose of the project is to reduce poverty by providing vulnerable groups in Lebanon with better access to social services, particularly in rural areas, and by generating employment and incomes through stimulating the local economy and small-scale businesses. This goal is to be achieved by creating the Fund and an autonomous institutional structure within government to manage and direct a viable social strategy at a time of economic transition and adjustment.