Signature of an Agreement between SGBL and ERBD

Societe Generale de Banque au Liban (SGBL) signed with the European Bank for Reconstruction and Development (EBRD) a US$ 100 million finance package for the purpose of on lending to small and medium enterprises (SMEs) and to boost cross-border trade helping local businesses access international markets, a press release said on Friday.

The agreement consists of a US$ 50 million credit line which will help provide medium-term funding for SMEs and a US$ 50 million trade facility which will support Lebanese exporters and importers under EBRD’s Trade Facilitation Program (TFP).

EBRD TFP promotes trade via the issuance of guarantees in favor of international commercial banks covering political and commercial payment risk of transactions undertaken by SGBL as well as providing short-term loans for on-lending to local exporters, importers and distributors.

“In light of the challenging domestic and regional situation which constrains investment, consumption and trade, this facility from EBRD will support our growth strategy and help us provide a diversified range of banking services to our SMEs and trading clients. This in turn will help boost regional trade and strengthen the economy” said Georges Saghbini, Deputy General Manager at SGBL.