Societe Generale de Banque au Liban (SGBL) signed a financing agreement with the European Investment Bank (EIB) in the framework of a program dedicated to support small and medium-sized enterprises in Lebanon.
The signing of the agreement took place on Wednesday 28 June 2017 at SGBL’s headquarters, in the presence of EIB’s Vice-President Dario Scannapieco, SGBL’s Executive management and representatives of the two banks.
On this occasion, Antoun Shenaoui, Chairman and CEO of SGBL, affirmed: “Through this agreement we provide our SME clients with credit lines at competitive rates compared to the market, thus confirming our willingness to accompany entrepreneurs in Lebanon and to support them in their expansion projects.”
For his part, Dario Scannapieco said: “This new transaction will enable small and medium enterprises to scale up operations quickly, thus also contributing to the creation of more jobs by supporting the company’s expansion plan. The cooperation between the EIB and Societe Generale de Banque au Liban will guarantee attractive financial resources for Lebanese small and medium companies. The new credit-line comes under the EIB Private Sector Support Facility which seeks to increase the economic resilience of the Lebanese economy.”
The 60 million euros credit line granted by the EIB to SGBL will be on-lent to eligible SMEs eligible for financing capex and working capital, enabling the final beneficiaries to take advantage of the low cost of EIB funding.
About EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The European Investment Bank (EIB) is one of the leading development finance players in the Mediterranean region. The Bank’s goal is to support economic and social development by improving people’s living conditions. The EIB aims to establish a tangible presence in the EU neighbourhood countries, focusing on the economic and social priorities of the beneficiary countries to which it not only contributes its financing capacity but also adds value in project implementation and modernisation of public policies through its technical and financial expertise and advisory services.
Economic Resilience Initiative: http://www.eib.org/about/global-cooperation/resilience-initiative.htm
For more information
Anne-Cécile Auguin, [email protected], +352 621 36 19 48, Khaled Elnimr, [email protected], +352 4379 70482, Press Office: [email protected], +352 4379 21000, www.eib.org
About SGBL
SGBL group relies on the international network of Societe Generale which operates in 66 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 4 core business lines:
- Retail Banking
- Corporate Banking
- Private Banking
- Investment Banking