Cedar Oxygen has launched the second phase of its active deployment strategy, which aims to onboard an additional 55 new borrowers, totaling $100 million, before the end of the year, and they are now completing their client’s applications. Having spent its first year focused on establishing and launching its far-reaching initiative to extend credit facilities to Lebanese industrialists despite enormous economic, health and political challenges, Cedar Oxygen’s Credit Committee, composed of independent internal and external experts, has been able to address the requests of more than 80 Lebanese companies and approve 39 private Lebanese borrowers amounting to USD 59,000,000.
Cedar Oxygen’s Chairman, Alexandre Harkous, affirms that: “Despite all the challenges in Lebanon and a few attempts to destabilize the vital Cedar Oxygen initiative, we will stay the course and weather any political storm, refute any rumor campaigns and correct any erroneous information that is cast our way. We are here solely to help Lebanon and the Lebanese people, and nothing will diminish our strong will to succeed in the execution of our mission.”
Cedar Oxygen’s purpose is to ensure business efficiency, improve employability within the country and enhance the comparative advantage of Lebanese Industrialists. The group offers Lebanese industrialists credit facilities to purchase raw materials, conclude capital expenditure projects and finance renewable energy technologies.
Cedar Oxygen works in close partnership with the Association of Lebanese Industrialists and is a member of the Global Impact Investing Network (GIIN), aligning its platform with the UN Sustainable Development Goals (UNSDG).
As staunch supporters of actively promoting CSR within Lebanon, Cedar Oxygen believes that the principles of transparency and financial integrity begin at home. The group is cognizant of the need to adhere to the highest standards of disclosure and global best practices. Cedar Oxygen acts with transparency by clarifying its founding mission to promote the highest ethical standards in the management of the group and optimize the money invested by the BDL and all other currently interested investors.
Cedar Oxygen remains fully committed to adhering to its social mission, prudently administering its management fees and expenses mindful that the BDL investment will be progressively reimbursed in full, before the end of the mandate.
Looking ahead, Cedar Oxygen is engaging with their strategic partners, European and international impact funds, development finance institutions (DFIs) and private investors, including those among the Lebanese expat community with an interest to expand assistance to the productive Lebanese industrial sector.
Finally, Cedar Oxygen wishes to thank their partners and shareholders for their unwavering trust and commitment to the principled and successful initiative.