IFC funds EIP $60 million for SMEs. To invest in 18 industrial, agriculture and trade sector companies

The EIP Levant Fund, which was established and is managed by Emerging Investment Partners (EIP), a Beirut-based private equity fund management company, has received commitments to become shareholders in its capital from the International Finance Corporation (IFC), and Dutch Good Growth Fund (DGGF).

The value of the fund is between $50 and $60 million. The first phase of subscriptions will be closed in the first quarter of this year.

The fund will employ its capital in the coming ...

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Banks required to submit strategic plans. To be submitted regularly to Banking Control Commission

The Central Bank's Banking Control Commission (BCCL) has asked all banks to prepare strategic plans and related action plans, according to BCCL's circular no 292.

The banks must update these plans at least once a year and when needed. They should submit them annually to the BCCL before the end of January.

The action plans are used to execute the bank's general strategy.

The strategic and action plans must cover a period of at least three years. They should also encompas...

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Banks barred from insurance. Brokers are likely to benefit most

The Central Bank (BDL) has instructed banks and financial institutions not to engage in insurance or reinsurance activities or market and advertise insurance contracts.

Insurance companies owned by banks can continue their business operations as usual but they cannot market their deals through the banks.

BDL said that the banks and financial institutions are also prohibited from allowing representatives of insurance companies to have a work space on their premises.

A numb...

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Central Bank assets rise 16 percent. Loans to financial sector double to $12.7 billion

The total assets of the Central Bank (BDL) grew to $118.3 billion at the end of 2017, rising by $15.9 billion or 16 percent compared with a year earlier, according to BDL's data.

Deposits by the financial sector surged over the same period by $13.3 billion, or 16 percent, to $97.5 billion. The banks' deposits at BDL include a variety of items such as lira and dollar deposits, reserve requirements, and certificates of deposit (CDs).

The Central Bank's loans to the financial sec...

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