SGBL obtains $100 million financing package from EBRD
Funds aim to support SMEs and foreign trade
Société Générale de Banque au Liban (SGBL) said it has signed a deal for a $100 million financing package from the European Bank for Reconstruction and Development (EBRD).
The package consists of a $50 million credit line which will allow SGBL to provide medium-term funding to small and medium-sized enterprises (SMEs). The package also includes a $50 million trade facility that SGBL will use to support the export and import activity of local businesses as part of EBRD’s Trade Facilitation Program (TFP).
Under the TFP, the EBRD will issue guarantees in favor of international commercial banks to cover the political and commercial payment risks of transactions undertaken by SGBL. The EBRD will also provide short-term loans for on-lending to local exporters, importers and distributors.
“In light of the challenging domestic and regional situation which constrains investment, consumption and trade, this facility from EBRD will support our growth strategy and help us provide a diversified range of banking services to our SMEs and trading clients,” said Georges Saghbini, Deputy General Manager at SGBL.
Reported by Shikrallah Nakhoul
Date Posted: Sep 21, 2018