Lebanon’s banking news
The International Finance Corporation, the private sector arm of the World Bank, extended a
$10 million credit line to the Lebanese Leasing Company (LLC) in order to assist local small and medium-sized firms acquire machines and equipment. LLC is a joint venture owned by Fransabank SAL (45 percent); Ucabail, part of French bank Credit Agricole; and the German
Investment Development Corporation.
The five-year loan has an interest rate of 310 basis points over six-month Libor. According to the IFC, the investment falls within its strategy of strengthening local financial institutions and providing long-term financing to companies.
The Bahrain-based Islamic Banking Corporation signed an agreement with Byblos Bank SAL extending to the latter a line of credit worth $5 million to finance banking transactions. The transaction is the first of several that Byblos plans to sign with Islamic financial and banking institutions. Byblos chairman Francois Bassil said the agreement falls within the bank’s strategy to find medium and long-term sources of financing the growth of its portfolio. — ( Lebanon Invest )
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