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CHAMPION OF THE DAY
Increase in ceiling for
industry subsidized loans
Interest rate set at 4.8 percent
The Central Bank (BDL) has increased the ceiling of its operational capital loans from $3 to $5 million in order to facilitate lending to the industrial sector.
“Industrialists were suffering from the shortage in liquidity due to the economic situation, and this was prohibiting them from purchasing raw materials,” said Fady Gemayel, Chairman of the Association of Lebanese Industrialists.
According to the amended circular, the interest rate on industrial operational loans has become 11.5 percent. The Central Bank will bear 6.66 percent and the borrower 4.84 percent.
Industrialists can borrow up to 80 percent of the value of their exports over one year.
New industrialists can take a loan that represents 60 percent of their exports in one year.
The Central Bank will also provide industrial investment loans at an intertest rate of 10.5 percent. Borrowers will bear 6.84 percent and the Central Bank 3.66 percent.
The Central Bank will increase the loan’s ceiling to $25 million at a later stage. This decision can be made to preserve the factory’s sustainability.
Reported by Rania Ghanem
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Sep 23, 2019
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