JOINT PRESS RELEASE
Luxemburg & Beirut, 19 June 2012
EIB and SGBL: 15 Million Euros to Support Investment by Lebanese SMEs/SMIs
A partnership that will enable Lebanese SMEs of less than 500 employees, wishing to finance new projects or expand existing projects, to contract loans with EIB preferential conditions throughout the SGBL network.
The Societe Generale de Banque au Liban and the European Investment Bank (EIB) signed an agreement for the establishment of a credit line of EUR 15 million to partially finance investment projects of Small and Medium Enterprises (SME) and Industries (SMI) in Lebanon. This operation is part of chapter III of the plan for financing private sector investments in Lebanon, launched by the EIB in October 2011. The plan of a total value of €55 million, targets the Lebanese SMEs operating in the sectors of industry, tourism, health, education and high technology.
This partnership will enable Lebanese SMEs of less than 500 employees, wishing to finance new projects or expand existing projects, to contract loans for a minimum of five years and a maximum of ten years, with EIB preferential conditions throughout the SGBL network.
The line of credit was signed on Wednesday, June 13, 2012 between EIB and SGBL, the latter being represented by Mr. Gerard Garzuel and Mr. Georges Saghbini, respectively SGBL chief operating officer and deputy general manager.
On this occasion, Mr. Georges Saghbini said that through the signature of this protocol, SGBL reconfirms its commitment to the drivers of the Lebanese economy that are SME / SMIs. He added that support for the development of the Lebanese economy has always been at the heart of SGBL concerns and that the refinancing agreement signed with the EIB is part of this long-term process.
As the first financial investor in the Mediterranean, the EIB has placed the development of both the private sector and the SMEs at the heart of its operational priorities. More than 442 million Euros have been granted since 2002 to support and develop Lebanese SMEs, more particularly in the key sectors of tourism and industry. In the whole Mediterranean region, there are more than 2 300 SMEs that have received support from BEI since 2002, creating thus 30 000 jobs in this region.
About the EIB
The EIB, through its partnership tool with Mediterranean countries, FEMIP* concretely supports since 2002 the economic and social development with the aim of improving living conditions. A commitment that has never stopped throughout the years reaching at the end of 2011 a total investment of more than 13 billion Euros in favor of Mediterranean countries.
* The European Investment's Bank Facility for Euro-Mediterranean Investment and Partnership (FEMIP) brings together the whole range of services provided by the EIB in the Mediterranean partner countries.
SGBL group is part of the international network of Societe Generale which operates in 77 countries worldwide. It offers a complete and personalized range of banking services covering universal as well as specialized financial services catered to all client categories. The Group has 3 core business lines:
Press contacts :
EIB: Anne-Cécile Auguin, +352 43 79 83 330, firstname.lastname@example.org
SGBL : Joanna Baloglou, +961 1 499 813 – ext : 11201, email@example.com