العربيةDespite all the tragedies the country has been through during its history, AEP has always stood by her borrowers, making an ardent effort to remain true to its mission. However last year was like no other; the situation was truly exceptional. The country faced a multifaceted crisis: the Thawra/revolution, the pandemic, the August 4th blast and the Oct/2019 monetary crisis significantly impacting AEP and its borrowers.
Thanks to the swift support from AEP partners; Livelihoods and Inclusive Finance Expansion Project funded by The United States Agency for International Development “LIFE-USAID” and Emmaus International movement, AEP was able to stand by its borrowers on multiple levels:
1/ Rescheduling and restructuring of active loans: 384 Micro/small entrepreneurs benefited from the ‘’Geo-expansion aid’’ project funded by USAID through the LIFE program. This initiative was the best support solution to offer for those borrowers who were struggling during this difficult time of severe economic hardship in Lebanon, and provide them hope after being desperate about how to settle their dues, keep their businesses running and generate decent income to cover their basic living expenses. Additionally, it gave them a window to reorganize themselves, their businesses and their household, set their new priorities, schedule payments differently and kick off a new chapter in life.
This project had a positive social and economic impact during these difficult times the country is passing through.
2/ Reconstruction and restoration: Emmaus International movement provided financial support to AEP’s borrowers who suffered from severe damages following the Beirut Blast and helped them rebuild their destroyed businesses and/or homes. A new fund will be kicked off in March 2021, for the same purpose thanks for the trust that the multinational funders put in AEP.
Despite the new pressing living priorities, the association remain deeply connected to its main mission that is to provide microloans to the vulnerable entrepreneurs.
