MEMORANDUM OF UNDERSTANDING BETWEEN «KHALIFA BIN ZAYED AL NAHYAN FOUNDATION» IN UAE AND «BANKMED»
On June 26, 2014, Khalifa Bin Zayed Al Nahyan Foundation represented by the United Arab Emirates Embassy in Lebanon and «BankMed» signed a memorandum of understanding regarding the initiative to support micro and small scale enterprises in Lebanon.
The signing ceremony was attended by MP Jean Oghassabian, representing PM Fouad Seniora; Mr. Hamad Mohammed Al-Junaibi, UAE embassy Representative in Lebanon; Mr. Mohammed Ali Beyhum, Executive General Manager of BankMed, Chairman and General manager of Emkan Finance; and Dr. Mayada Baydas, Executive General Manager of Emkan Finance. Moreover, members from the board of Directors of BankMed and Emkan Finance and other members from the financial, economic and banking sectors also attended the ceremony.
Dr. Mayada Baydas expressed her great appreciation on behalf of Emkan Finance for the Khalifa Bin Zayed Al-Nahyan Foundation for their effective work in support of micro and small scale enterprises, the development of the financial market, especially the microfinance sector, praising the continuous UAE help for Lebanon in more than one area.
Dr. Baydas also highlighted that the services offered by Emkan Finance since 2009 under the initiative of Prime Minister Saad al-Hariri, have disbursed over 50 thousand loans valued at more than US$ 100 million, adding that the objective of the loans according to the memorandum of understanding is to support and sustain enterprise development as well as living and housing conditions for the low income.
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