The Lebanese Group Bank (LGB) communicated about its policy funding toward SMEs (Small and Medium Enterprise). A $67,5 million budget was made available to fund enterprise developments.
The LGB statement announced a five years program in which the bank will fund local and Small to Medium Enterprises.
Helped by the Dutch Development Bank (FMO), the OPEC Fund for International Development (OFID), and the Development Bank of Austria (OeEB) the program aim to push for job opportunities within the selected companies.
The Dutch Development Bank has contributed $32.5 million while the OPEC Fund for International Development and the Development Bank of Austria provided $20 million and $15 million respectively.
“This is the first syndicated transaction in Lebanon and LGB Bank’s first funding received from international DFIs,” the bank said.
It is worthy to note that the OPEC is usually financing programs on sustainable environment development or initiative to fight against poverty. It is quite new for them to establish a program in Lebanon with other banks to support and accompany SMEs.
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