- EBRD extending financial package to Credit Libanais
- US$ 50 million loan and US$ 50 million trade finance limit
- Funds to support growth of local small and medium-sized enterprises (SMEs) and intra-regional trade
Small businesses in Lebanon will benefit from a new partnership between Credit Libanais, the country’s ninth-largest bank, and the EBRD, which was sealed in Beirut today.
The banks signed agreements for the provision of a loan of up to US$ 50 million and a trade finance limit of the same amount by the EBRD to Credit Libanais. The loan will be used for on-lending to local SMEs to fund investments which will strengthen their competitiveness. The trade finance limit will support companies’ efforts to enhance their integration into international and intra-regional trade.
By joining the EBRD Trade Facilitation Programme (TFP), Credit Libanais will gain access to a community of over 100 issuing and 800 confirming banks worldwide, expanding its corresponding banking network and international business opportunities.
The EBRD TFP was launched in 1999, with the aim of promoting international trade between the economies where it invests, through the form of guarantees and short-term loans to selected participating banks and factoring companies.
Credit Libanais was established in 1961 and today has a leading position in its home market, with a network of 72 branches in Lebanon, in addition to branches in Cyprus, Bahrain and Iraq, as well as a representative office in Canada and a subsidiary bank in Senegal. The bank’s principal activities include retail banking, corporate banking, trade finance, capital markets, private banking and asset management. Currently, Credit Libanais is targeting private small businesses, the backbone of Lebanon’s economy, as a sector with promising growth potential.
The EBRD started investing in Lebanon in 2017 and today has committed almost €500 million in the country. The Bank’s focus is on supporting private-sector competitiveness, promoting a sustainable energy supply and enhancing the quality and efficiency of public service delivery.
-Ends-
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
