Arab Trade Finance Program extends $27 million credit facility to Lebanese banks

Published January 29th, 2004 - 03:00 GMT

The Arab Trade Finance Program (ATFP) has extended credit lines worth $12 million and $15 million to two Lebanese Banks, reported Blominvest.

Lebanon’s Fransabank was awarded the $15 million facility and Banque Libano-Francaise (BLF) the $12 million facility. The credit will be used by the banks to refinance trade transactions between Lebanon and other Arab states.

ATFP was set up in 1989 by the Arab Monetary Fund (AMF) and has since extended $525 million to Lebanese banks and institutions. The program’s capital is contributed by 44 shareholders including Arab financial organizations, regional monetary funds, central banks as well as public and private banking institutions. — (menareport.com)