Even though Lebanon was not hit hard by the global financial crisis, the country’s overall GDP growth slowed in 2009. Sectors such as construction and services are increasing immensely, but unfortunately these booming sectors tend to absorb most resources creating a situation where the land prices go up while other sectors like agriculture, trade and industry suffer[1]. Diversification of the economy is crucial for the future of the country.
The 2009 remittances to Lebanon reached $ 7 billion and contributed to about 22% of the country’s GDP[2]. Lebanon is one of the top receivers in the world when it comes to remittances sent from the Lebanese living abroad. Considering the country’s size, population and economy, these are huge amounts.
Nonetheless, large sums of these remittances are lost to highly expensive money transfer companies which charges between 5 – 25 % of the total amount[3]. These fees especially affect the most vulnerable populations. By reducing these fees Lebanon would receive a significantly higher amount of remittances, which could contribute to developing underprivileged areas and help people in need.
Remittances are of great support to the country’s economy and are one of the most important sources of development funding. If this money is allocated transparently, we can create more efficient ways of reducing poverty. LIVE LEBANON is a simple, efficient and transparent way to allocate remittances directly to the people who need it most.
LIVE LEBANON is a UNDP initiative that aims at linking Lebanese expatriates to local development projects in Lebanon through the www.livelebanon.org website. This site is a transparent tool which gives everyone the chance to choose the exact project in a specific campaign, area or village and follow up on its implementation through articles, pictures, videos. A single donation can make a big difference!