Trade activities of Lebanese businesses will receive a boost from a trade finance limit of up to US$ 75 million to the country’s third-largest lender, Byblos Bank, by the European Bank for Reconstruction and Development (EBRD). The facility will help Byblos diversify its trade finance business, increase available limits and offer longer-term maturities to its customers.
By joining the EBRD Trade Facilitation Programme (TFP), Byblos Bank will gain access to a community of over 100 issuing and 800 confirming banks worldwide, expanding its corresponding banking network and international business opportunities.
The EBRD TFP began in 1999, with the aim of promoting international trade between the economies where it invests, through the form of guarantees and short-term loans to selected participating banks and factoring companies.
The facility extended to Byblos Bank will be the EBRD’s fifth in Lebanon since the start of operations there in 2017. To date, the Bank has invested almost €500 million in the country with a focus on supporting private sector competitiveness, promoting a sustainable energy supply and enhancing the quality and efficiency of public service delivery.