BLC gets IFC and AFD support for SME lending

The International Finance Corp. (IFC) and the Agence Française de Développement (AFD) will jointly guarantee, through a risk-sharing facility, five million dollars’ worth of loans granted by BLC Bank to support small and medium enterprises (SMEs).

The move is likely to spur ten million dollars in lending. About 20 percent of the loans will be earmarked for women-owned SMEs.

“BLC Bank is the first bank to benefit from the MENA SME Risk Sharing Facility with special focus on serving women-owned and women-run enterprises,” said a joint statement released by the parties involved in the deal.

“AFD has been supporting SMEs in Lebanon since 2007 through lines of credit to commercial banks. That is part of a long-term push to strengthen Lebanon's private sector,” said Lionel Cafferini, AFD Country Director for Lebanon.