Lebanon’s BNP appointed to find strategic partner for EDL

Published March 19th, 2001 - 02:00 GMT

The Regional Director of BNP-Paribas and the Minister of Energy and Water Mohamed Abdel-Hamid Baydoun signed a co-operative agreement aimed at assigning the bank to prepare a privatization study for the electricity sector and help Electricite du Liban find a strategic partner.  

 

Baydoun reported that the ministry will work on improving EDL’s operations and managing its resources and investments so that it can be transferred within a period of three years into a joint-stock company with its shares listed on the Beirut Stock Exchange.  

 

The agreement includes the following objectives: (1) Help the Lebanese government on specifying the legal and regulatory framework for the privatization of EDL. (2) Help EDL in preparing its directive scheme in the short and acquire 10 percent to 15 percent of the company’s capital. It is to mention that BNP-Paribas offered to complete the initial phase without imposing any financial burden on the government, while securing a percentage share from the prospective strategic partner after completion of the second phase of privatization. — ( Banque du Liban et d'Outre-Mer Sal )  

© 2001 Mena Report (www.menareport.com)

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