Zero interest loans for eco-friendly plants. Three plants to start benefiting

An agreement was signed on November 6 between the Central Bank and the Ministry of Environment (MoE) to give low-interest loans to industrialists who will apply environmentally friendly standards.

The agreement is part of the World Bank-funded Lebanon Environmental Pollution Abatement Project (LEPAP). The project, which is valued at $18 million, gives companies incentives to reduce their carbon footprint. The loans have a near zero interest rate.

The ministry has so far accepted p...

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Bank Audi plans to expand foreign footprint. Eyes UK and sub-Saharan countries

Bank Audi is planning to have its foreign entities constitute 60 percent of its consolidated activity. Around half of the bank's activity has been derived from its entities outside the local market.

Freddie Baz, Group Strategy Director and Vice Chairman, said: "Our aim is to make Audi's share in the local market between one third and 40 percent of the total group profile." The goal behind this is to expand the bank's portfolio outside and reduce the impact of the local bank's results on ...

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FATCA or GATCA which tax law to rule?. A new global tax information law is expected by 2016

The US Foreign Account Tax Compliance Act (FATCA) could be eventually expanded into a more global tax information sharing agreement between countries. This international act is called 'Global Account Tax Compliance Act' (GATCA).

FATCA aims at preventing tax abuse by US persons living abroad and requires foreign financial institutions to identify and provide information on US clients with accounts outside the US.

Local banks have not yet received any official notification about GAT...

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Lebanon’s debt oversubscribed for 2015. Showing sign of continuous confidence by investors

The Ministry of Finance (MoF) announced today that it has succeeded in covering the full debt duties in foreign currencies for 2015 and part of another debt to be settled for 2016, through a Eurobond issue valued at $1.6 billion.

"The $1.3 billion sovereign Eurobond issue aims at financing debt duties in foreign currencies for the second half of 2015. A swap for bonds maturing on 19/01/2016 has also been executed at a value of $318 million," a statement by the MoF said.

"The curr...

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Central Bank allows corporate debt restructuring. To develop financial markets and reorganize relationship between debtors and creditors

Banks and financial institutions will be allowed to restructure their loans, according to a basic circular issued by the Central Bank (BDL) this week. The circular targets loans provided mainly to companies.

"This circular is not worrying about any default crisis in the market," said Marwan Mikhael, Head of Research at Blominvest Bank. "Authorities have been working for a long time on a law similar to the concept of the US Chapter 11 law, which helps protect debtors, but due to political...

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