IFC extends loan
to Fransabank arm
To provide more environment friendly loans
International Finance Corporation, member of the World Bank, signed a $7 million loan agreement with Fransabank subsidiary, the Lebanese Leasing Company (LLC).
The loan, supported by the Canadian Government, will be used in energy efficiency and alternative energy projects.
Adel Kassar, Chairman of LLC, said: “This investment will help us increase our support to small enterprises looking to invest in clean energy.”
This is the third loan given by the IFC to Fransabank as part of its support for sustainable energy financing. The first was for $10 million, extended to Fransabank, and the second for $3 million to LLC.
Fransabank said this move will help distribute loans for leasing projects related to renewable energy and energy efficiency.
“This investment will help limit greenhouse gas emissions in Lebanon, which have risen by 27 percent since 1994,” according to a statement by Fransabank.
Reported by Yassmine Alieh
Date Posted: Feb 10, 2016