Vienna, Austria, April 26, 2018. OFID (the OPEC Fund for International Development) has signed a US$20 million bilateral trade finance term loan agreement with Banque Libano-Française (BLF) in Lebanon to support international trade in the Middle Eastern country. The loan is supplied through OFID’s Private Sector and Trade Finance Operations department.
“OFID is very pleased to be working with Banque Libano-Française to promote international trade in Lebanon,” said OFID Director-General Suleiman J Al-Herbish. “This is OFID’s first transaction with the bank and illustrates our commitment to strengthening development financing through private sector funding. International trade is essential to stimulating economies and development. In 2017 alone, OFID’s trade finance window approved US$538 million for development projects and we continue to seek out and work with relevant and ambitious partners.”
International trade is vital to Lebanon, one of many countries that has been affected by conflict in the region. OFID’s financing will increase access to international trade finance loans for enterprises and local entrepreneurs in Lebanon, while also providing stable medium-term funding to BLF. Sub-loans will provide working capital to enterprises dedicated to international trade activities, helping in turn to boost employment generation and bolster the economy.
“We are proud to be working closely with OFID, and to have signed this trade finance loan,” said BLF Assistant General Manager Maurice Iskandar. “This loan reflects the strong commitment by BLF and OFID to the Lebanese economy and to the Lebanese private sector at a much needed time. In line with its traditional leadership in trade finance, BLF is looking forward to extending the benefits of this loan to its clients and to continuing to help them expand their reach and geographical footprint. We also hope to continue attracting prominent international financial institutions to Lebanon and to work with them for the benefit of our clients and of the Lebanese economy in general.”
About OFID
OFID is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to developing countries. OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services delivery and promote productivity, competitiveness and trade. OFID’s work is people-centered, focusing on projects that meet basic needs – such as food, energy, clean water and sanitation, healthcare and education. OFID aims to encourage self-reliance and inspire hope for the future. For more information, please visit www.ofid.org.