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Lebanon’s Credit Libanais, EBRD partner to support SMEs

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Wednesday 18, September 2019 BY Kuda Muzoriwa

The European Bank for Reconstruction and Development (EBRD) started investing in Lebanon in 2017 and today the bank has committed around EUR 500 million in the country.

Credit Libanais and EBRD have signed agreements for the provision of a loan of up to $50 million as well as a $50 million trade finance limit to support the growth of SMEs and intra-regional trade.

The loan will be used for on-lending to Lebanese small businesses to fund investments which will strengthen their competitiveness while the trade finance limit will support companies’ efforts to enhance their integration into international and intra-regional trade.

EBRD stated that by joining its Trade Facilitation Programme (TFP), Credit Libanais will also gain access to a community of over 100 issuing and 800 confirming banks worldwide, expanding its corresponding banking network and international business opportunities.

The lender launched TFP in 1999 to promote international trade between the economies where the bank invests through the form of guarantees and short-term loans to selected participating banks and factoring companies.

Credit Libanais has 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 lender principal activities include retail banking, corporate banking as well as trade finance, capital markets, private banking and asset management.

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