Partnership Agreement between SGBL and IFC
Societe Generale de Banque au Liban signed a partnership agreement with the International Finance Corporation (IFC), a member of the World Bank Group, whereby IFC will provide the bank with $100 million facilities to boost access to finance for small and medium enterprises (SMEs) and help develop climate finance, a press release said.
IFC’s financing includes a loan of $57.16 million for IFC’s own account and $42.84 million mobilized through IFC’s Managed Co-Lending Portfolio Program (MCPP). IFC’s advisory team will also work with SGBL to help enhance its capacity to finance climate change projects and help mitigate climate change.
Antoun Sehnaoui, SGBL’s Chairman stated: "By having access to IFC’s long-term financing facility, SGBL will be able to support its growth strategy and to better serve its clients’ needs by extending the maturities of our products offering. This in turn will help strengthen our country’s economy”.
From his end, Mouayed Makhlouf, IFC’s Regional Director for the Middle East and North Africa, said: “Our work in Lebanon focuses on strengthening the financial sector by expanding access to finance for smaller businesses and helping to support knowledge exchange and innovation. SGBL is a long-term IFC partner and we hope we will be able to jointly help bridge the widening SME and climate finance gaps.”
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