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TunisiaEIB signs €265 million facility in support of private sector development in Lebanon
The European Investment Bank (EIB) has signed the “Lebanon Private Sector Support” project, a line of credit in a combined amount of €265 million to support projects conducted by small- and medium-sized enterprises (SMEs) and mid-cap companies in Lebanon.
This facility represents one of the first operations under EIB’s “Economic Resilience Initiative (ERI), which aims to contribute to the sustainable growth of the Lebanese economy and support its resilience in the context of the refugee crisis in the wider region. ERI helps to shock-proof the region by supporting vital infrastructure and much-needed private-sector development. SMEs make up the vast majority of firms in the region and are key drivers for growth and job-creation.
The project will be implemented by four Lebanese banks, each with a dedicated loan amount: Byblos (€100 million), Fransabank (€75 million), Société Générale de Banque au Liban (€60 million) and First National Bank (€30 million).
The ERI, promoted and supported by the European Union, is part of the joint response by EU member states to the challenges posed by forced displacement and migration. It will contribute to greater economic resilience in the EU’s Southern Neighbourhood as well as the Western Balkans by boosting economic development.
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Countries covered:
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Lebanon
