Small businesses in Lebanon will benefit from a new partnership which was sealed in Beirut last Monday between Crédit Libanais, the country’s ninth-largest bank, and the European Bank for Reconstruction and Development (EBRD).
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 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.