Lebanon’s SMEs to benefit from $20 million from German fund

Lebanon’s SMEs to benefit from $20 million from German fund
2.5 5

Published February 6th, 2013 - 09:44 GMT via SyndiGate.info

Rate Article:

 
PRINT Send Mail
comment (0)
A German fund is to help Lebanese SMEs in an effort to boost the economy
A German fund is to help Lebanese SMEs in an effort to boost the economy
Follow >
Click here to add Bank Audi as an alert
Bank Audi
,
Click here to add European Union as an alert
European Union
,
Click here to add German Development Bank as an alert
German Development Bank
,
Click here to add German government as an alert
German government
,
Click here to add Marc Audi as an alert
Marc Audi
,
Click here to add Sanad as an alert
Sanad
,
Click here to add Wolfgang Reuss as an alert
Wolfgang Reuss

 SANAD, a German fund for small and medium enterprises in the MENA region signed Tuesday a $20 million loan facility with Bank Audi aimed at expanding lending to small businesses in Lebanon.

Initiated by the German Development Bank in August 2011 and funded by the German government and the European Union, SANAD provides medium- and long-term debt guarantees to financial institutions that work with SMEs.

“Our two institutions embody a strong regional perspective, which makes a partnership between SANAD and Bank Audi a natural fit,” said Wolfgang Reuss, chairman of SANAD.

“Supporting SMEs is crucial in Lebanon, where a vibrant private sector remains critical to future economic growth and greater employment opportunities,” he added.

Marc Audi, general manager of Bank Audi, said he sees SMEs as a key area for growth both for the bank and the Lebanese economy.

“Such confidence makes us even more determined to maintain our leading role in servicing [the Lebanese economy]. This facility will help create economic opportunities for Lebanese SMEs and the Lebanese economy as a whole,” he added.

SANAD and Bank Audi will be considering expanding the partnership in other countries in the region, the statement said.

The fund targets the Middle East, operating in Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Palestine and Tunisia.

Advertisement

Copyright © 2013, The Daily Star. All rights reserved.

Add a new comment

 avatar