The European Investment Bank (EIB) and Saradar Bank signed an agreement for a 30 million Euros line of credit to support investments of Lebanese small and medium enterprises in Lebanon. This operation is part of the Economic Resilience Initiative (ERI) which aims to mobilize funding for SMEs and promote private sector development in the region.
SMEs represent 90% of the private sector in Lebanon and are the main driving vector of economic development, innovation and employment. This operation aims to improve access to bank financing for these SMEs and to support employment, most notably by contributing to the financial inclusion of people with restricted access to bank financing such as the youth, women and residents of remote parts of Lebanon.
Saradar Bank, which is part of the Lebanese Alpha Banks, is an innovative force in the regional digital banking landscape. The Bank’s activity is built around three key pillars: retail banking, commercial banking, and private and investment banking. Saradar Bank is innovation driven, with a unique digital platform and a network of 17 branches that enable it to offer high quality banking products and services to its clients, tailored to their needs. Saradar Bank has continuously supported Lebanese enterprises and has recently strengthened its support to SMEs.
“Signing with the EIB marks the beginning of a strategic partnership that will have a concrete, positive impact on the development of SMEs in Lebanon,” declared Mr. Mario Saradar, Chairman-CEO of Saradar Bank.
“We are very happy to participate in the development of the private sector in Lebanon through the signature of this first line of credit with Saradar Bank. This new operation within the framework of the Economic Resilience Initiative illustrates the commitment of the EIB to SMEs, supporting employment in this difficult period,” said Mrs. Flavia Palanza, EIB Director for Eastern and Southern EU Neighborhood countries, on the occasion of this signature.