Investing in Employment in the Middle East and North Africa Region

Press Releases

Luxembourg and Beirut, 2017-08-17

SANAD USD 20 mln Loan to Byblos Bank Forges Partnership to Promote SMEs in Lebanon

The SANAD Fund for MSME (SANAD) has provided Byblos Bank a loan facility of USD 20 million, to be on-lent to small and medium enterprises (SMEs) in Lebanon, in a bid to support their financing needs and ultimately contribute to job creation, poverty reduction, and overall economic growth and development.
 
This loan, the first such facility provided by SANAD to Byblos Bank, will be made available to SMEs in almost all parts of the country thanks to the Bank’s wide network. Companies operating in any of the economic sectors including trade, industry, service, crafts or any of the small and underserved professions, will have access to short- or medium-term financing to cover their needs, whether investment or working capital, at attractive interest rates.
 
SANAD Board Chairperson Dr. Daniela Beckmann said: “We welcome the opportunity to support Byblos Bank’s strategy to grow its SME lending operations. This loan is only a first step with our new partner, Byblos Bank, and we expect great developments in the future.”
 
Byblos Bank Chairman-General Manager Mr. Semaan Bassil said: “Byblos Bank is pleased with receiving this first loan, and is confident its relationship with SANAD will prosper in the coming years. SME lending has always been an important business line to Byblos Bank, given the significant contribution of SMEs to job creation, growth and development. Our strong corporate culture, sound lending practices, and large network across the country are all geared to promote the development of SMEs in Lebanon”.
 
About SANAD 
Established in 2011, the SANAD Fund for MSME finances micro, small and medium enterprises and low-income households in the Middle East and North Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building at partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D. SANAD’s investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland’s State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany’s GLS Bank; and the Dutch development bank FMO. A public-private partnership, the fund is advised by Finance in Motion GmbH, Frankfurt am Main, Germany. For more information, please visit: www.sanad.lu.
 
About Byblos Bank
Founded in 1963, Byblos Bank is one of Lebanon’s top three banks. The Bank provides extensive consumer banking, commercial banking, capital markets, and correspondent banking services to an ever-growing clientele, both locally and internationally. Byblos Bank maintains a substantial presence in Lebanon through one of the countries largest and most evenly spread branch networks. The Bank also actively operates in 11 countries in the Middle East, Europe, and Africa, where it remains committed to adhering to international standards of corporate governance, customer satisfaction, and quality service, and to driving business growth while supporting social and economic development. Listed on both the Beirut Stock Exchange and the London Stock Exchange, Byblos Bank boasts of notable shareholders, including the International Finance Corporation (IFC), the private sector arm of the World Bank Group, the Agence Française de Développement (AFD), the French government’s development agency, and its subsidiary, the Société de Promotion et Participation pour la Coopération Economique (PROPARCO). 
 
For more information, please visit: www.byblosbank.com.lb 
 
Media contact – SANAD
Merle Römer
Phone: +49 (0) 69 271 035-171
E-mail: press@sanad.lu
 
Media contact – Byblos Bank
Rudy Sassine
Press Senior Officer
Phone: 01-335200 (Ext.: 0314)
E-mail: rsassine@byblosbank.com.lb
 

 
Initiated by
 
http://www.kfw-entwicklungsbank.de/
 
 
Funded by
 
  • http://www.bmz.de/
  • http://ec.europa.eu/
  • http://www.kfw-entwicklungsbank.de/
 
 
Advised by
 
  • http://www.finance-in-motion.de/