Beirut, Lebanon – October 2020. Insure & Match Capital (IM Capital), an investment entity created under the Middle East North Africa Investment Initiative (MENA-II), funded by the United States Agency for International Development (USAID), launched من_قلبي_دعم_لبيروت# (Heartfelt Support To Beirut), an emergency relief initiative to support Small- and Medium-sized Enterprises (SMEs), as well as families impacted by the Beirut explosion through its portfolio of companies.
Through this initiative, IM Capital will channel up to LBP 2 billion in funding through its portfolio companies across four sectors: Education, Housing, Food and Water Security, and Business Platforms. The companies will provide relief packages of their own products and services to their affected clients and beneficiaries. This initiative is part of the $1.3 billion in development assistance that the US government has contributed for the Lebanese people since 2006.
Ms. Eileen Devitt, the Mission Director of USAID/Lebanon, stressed on the importance of this initiative and its impact on affected entrepreneurs and communities. “We continue to stand with the Lebanese people through this new initiative, which aims to establish a social value chain by helping more than 8,000 impacted families, by sustaining and creating more than 200 jobs, and aiding more than 300 SMEs.”
“This initiative provides immediate relief and assistance to the entrepreneurial sector to better survive the various crises the Lebanese people are experiencing “, said Maroun Chammas, MENA II Lebanon Chief-of-Party. “This relief will have a positive impact on SMEs, their relevant stakeholders and clients.”
“This means of channeling funding will yield a tremendous ripple effect that will create and sustain jobs, needed to retain the exceptional talent in Lebanon. Such a model could also be used by other donors and aid organizations to support SMEs and help revive the Lebanese economy, said Nicolas Rouhana, IM Capital General Manager.