Loans guaranteed by Kafalat down by 19 percent. Agriculture sector gained the largest share

The number of loans guaranteed by Kafalat declined by a yearly 19 percent to 676 in 2015. The volume of loans reached $93 million, a decrease by more than 14 percent.

The agriculture sector registered the largest share with 47 percent of these loans. "This is due to the increasing range of Kafalat products offered to farmers to finance reforestation, trees and other projects," said Yolla Sarieddine, at Kafalat.

The industry sector came in second, with 34 percent, followed by the t...

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Islamic Bank loan for hydropower plants. Part of the Beirut Water Supply Project

The Council of Ministers approved yesterday a loan agreement with the Islamic Development Bank (IDB) to fund the remaining part of the Water Supply Augmentation Project. The funds will be used for the construction of two hydropower plants generating over 12 megawatts, a wastewater treatment plant, and a secondary water treatment plant.

The value of the loan is $128 million, according to Elie Moussalli, Project Director at the Council for Development and Reconstruction (CDR). These will b...

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Speed@BDD invests $180,000 in startups. First batch to seek more investment

Speed@BDD, a tech startup accelerator, said it has invested $180,000 in its first batch of startups and offered them a three-month acceleration program.

The investment was equally divided among the six startups with each receiving $30,000 to develop its idea. Speed@BDD also provided free hosting and various services that included mentorship and product and business development as well as accounting and legal services.

The startups pitched their businesses and showcased their produ...

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BDL assets at $91 billion up by a yearly six percent. Assets from exchange operations of financial instruments was main growth driver

The Central Bank's (BDL) assets grew by 6.1 percent to $91.4 billion at the end of 2015 compared with the end of 2014.

The growth was mainly driven by assets from exchange operations of financial instruments, which totaled $11.6 billion at the end of 2015 compared with nil a year earlier.

BDL's securities portfolio also contributed to the total asset growth as it surged 29 percent to $18.1 billion. The increase was due to purchases of Treasury bills by the Central Bank, which had ...

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Central Bank extends subsidized loan program. Beneficiaries include small businesses and home buyers

The Central Bank (BDL) has extended to the end of 2016 the 60 percent exemption of reserve requirements for certain loans denominated in lira. The exempted funds may be used by banks to extend soft loans for housing or business financing.

The loans that are subject to the extension are those that do not benefit from other interest subsidies by the State. The loans should be used to finance new projects or the expansion of existing projects in the productive sectors (as specified by BDL, ...

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