You are hereHome CategoriesLebanon
Byblos Bank and European Investment Bank sign fourth Global Loan agreement
Source: Byblos Bank , Author: Posted by BI-ME staff
Posted: Mon July 3, 2017 3:24 pm

LEBANON.  Byblos Bank and the European Investment Bank (EIB) have signed their fourth Global Loan agreement, under which EUR 100 million will be on-lent to small- and medium-sized enterprises (SMEs), as well as to mid-cap companies in Lebanon, in what represents some 40% of the total amount of credit granted recently by EIB to Lebanese banks.

The agreement was signed by Semaan Bassil, Chairman and General Manager of Byblos Bank, and Dario Scannapieco, Vice-President of EIB.

This fourth Global Loan will help create jobs, grow the economy and support local firms with their financing needs. This credit line will be made available via Byblos Bank’s network to firms operating in industry, tourism, services, healthcare, energy, telecommunications, information technology, higher education, and various knowledge-based industries. It can be used to offer local companies medium- to long-term financing at competitive interest rates, allowing them to cover their capital expenditure and working capital.

“Byblos Bank and the EIB have built a healthy relationship over the years, shaped by shared visions and values, in addition to a vested interest in seeing SMEs in Lebanon grow and prosper, benefiting the economy as a whole, curtailing poverty and making jobs available for market entrants and others,” Mr. Bassil said following the signing.

“Byblos Bank is strongly positioned to support SMEs with what they need in resources, thanks in large part to its strong record of sound lending practices, a remarkable corporate culture, and the ability to build sustainable relationships with its clients”, he added.

Mr. Scannapieco reiterated the importance of supporting SMEs. “The EIB is again joining forces with Byblos Bank in an effort to provide a significant contribution to SMEs and mid-caps – the drivers of the economy,” he explained. “Our credit will contribute to increasing employment as well as economic activity. The new credit line comes under the EIB’s Private Sector Support Facility, which seeks to increase the economic resilience of the Lebanese economy.”

With the signing of its first agreement in 2005, Byblos Bank became the recipient of the first Global Loan without a state guarantee ever granted by EIB to the private sector in the Mediterranean partner countries without a state guarantee. It allowed Byblos Bank to lend USD 60 million and was followed in 2007 by a second agreement worth USD 87 million, and in 2014 by a third worth USD 52 million. Twelve years of successful cooperation between Byblos Bank and the EIB encouraged both entities to renew their collaboration, engaging in a fourth agreement this year and effectively elevating the total amount of credit granted to USD 310 million.

With strategic partners such as the EIB, Byblos Bank has built a strong reputation for market leadership, financial solidity, and confidence on a global level.

Photo Caption: Semaan Bassil, Chairman and General Manager of Byblos Bank

About Byblos Bank:
Incepted in 1963, Byblos Bank is one of Lebanon’s top three banks. The Bank provides extensive consumer banking, commercial banking, capital markets, and correspondent banking services to an ever-growing clientele, both locally and internationally. Byblos Bank maintains a substantial presence in Lebanon through one of the country’s largest and most evenly spread branch networks. The Bank also actively operates in 11 countries in the Middle East, Europe, and Africa.

In all of these countries, the Bank is committed to adhering to international standards of corporate governance, customer satisfaction, and quality service, and to driving business growth while supporting social and economic development. Byblos Bank is listed on both the Beirut Stock Exchange and the London Stock Exchange. Its shareholders include the International Finance Corporation (or IFC, the private sector arm of the World Bank Group), as well as the Agence Française de Développement (AFD), the French government’s development agency, and its subsidiary, the Société de Promotion et Participation pour la Coopération Economique (PROPARCO).

About the European Investment Bank:
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The European Investment Bank (EIB) is one of the leading development finance players in the Mediterranean region. The Bank’s goal is to support economic and social development by improving people’s living conditions.

The EIB aims to establish a tangible presence in the EU neighborhood countries, focusing on the economic and social priorities of the beneficiary countries to which it not only contributes its financing capacity but also adds value in project implementation and modernization of public policies through its technical and financial expertise and advisory services.

For more information, please visit: www.eib.org

Economic Resilience Initiative: http://www.eib.org/about/global-cooperation/resilience-initiative.htm

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: July 26, 2017
UAE. The publication explores the efforts of 64 countries to promote boardroom diversity; Reveals 15% of all board seats are filled by women globally; Representation of women on boards remains very low across the region with women holding no more than 2% of board seats in the GCC region.
date:Posted: July 26, 2017
INTERNATIONAL. If making a buck meant not caring, would you still do it? With an annual infusion of US$15 billion, the sharing economy seems to be a case in point that spreading the love literally pays off.
date:Posted: July 25, 2017
UAE. The number of active residential and commercial building projects exceeds 7,488 in June 2017, according to BNC Network.
UAE. The publication explores the efforts of 64 countries to promote boardroom diversity; Reveals 15% of all board seats are filled by women globally; Representation of women on boards remains very low across the region with women holding no more than 2% of board seats in the GCC region.
dhgate