$22 million financing
from EBRD to Spinneys

Package includes concessional loan and co-investment

The European Bank for Reconstruction and Development (EBRD) is providing a $22 million financing package for Spinneys Levant Limited, operating through its subsidiary Gray Mackenzie Retail Lebanon (GMRL).

The package comprises a $20.5 million senior loan from the EBRD and a $1.5 million co-investment grant to support Spinneys Levant’s capital expenditure program in Lebanon, and finance energy efficiency investments that would otherwise not be commercially viable.

The investment benefits from blended concessional finance (first loss guarantee mechanism provided by the European Union under the European Fund for Sustainable Development Plus (EFSD+) ‘Municipal, Infrastructure and Industrial Resilience (MIIR) Guarantee Program’.

The project reflects the EBRD and the EU’s continued commitment to supporting leading private-sector clients in Lebanon, including amid heightened economic uncertainty and a highly volatile regional environment. Funds will be allocated to expand store networks and increase production capacity, including the establishment of a fresh snack production line.

The financing will also enable the company to implement energy efficiency measures across its retail network in new and existing outlets, leading to reduced energy consumption and lower emissions. It will contribute to a 25 per cent reduction in plastic bag use and the introduction of fully recyclable bags, thereby increasing the circularity of plastic packaging in the retail sector.

The financing will be complemented by a comprehensive technical cooperation (TC) package provided by the EBRD, supporting the introduction of new training program to strengthen market-relevant retail and digital skills, enhance employability, and build staff resilience amid Lebanon’s challenging socio-economic conditions.

Through EBRD TC support, Spinneys will design and roll out training program on priority skills and competencies, including Retail Space Management, Brand Management, Digital Marketing and Automation of Retail Processes, with a strong focus on digital and AI-enabled operations. The training will also cover environmental sustainability, with emphasis on reduction of single-use plastic use and waste.

Broadgate Advisers (Rami Jisr, Managing Partner) acted as exclusive financial adviser to Spinneys Levant Limited in connection with this transaction.

Since the start of its operations in Lebanon, the EBRD has invested more than €864 million, focusing on enhancing private-sector competitiveness, promoting trade finance, sustainable energy and improving the quality and efficiency of public-services.