Fransabank organizes a conference on micro finance in Beirut, Tuesday, Nov. 18, 2014. (The Daily Star/Khalil Hassan)
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Thanks to a partnership between Fransabank and Vitas Lebanon, over $20 million in microfinance loans was extended to low-income individuals underserved by traditional financial markets, executives from both institutions said at a joint news conference Tuesday.Vitas, a financial institution specialized in microfinance, secured since 2007 in partnership with Fransabank loans to more than 10,000 individuals, helping preserve more than 5,000 jobs and create 5,500 new ones, said Ziad Halabi, general manager of Vitas Lebanon.Through its partnership with three commercial banks comprising Fransabank, Credit Libanais and Jammal Trust bank, Vitas today serves more than 16,000 clients at over 60 branches.
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