European Bank, IFC will invest $100 million. Targeting capital markets, bonds, SMEs

This year, the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) are preparing to launch investments in the financial sector.

Saad Sabra, IFC Country Head in Lebanon, Syria, and Yemen, said: "This year, we have in the pipeline local projects that will exceed $100 million with the goal to enhance the capacity of capital markets to allow more access to finance to investors."

The IFC is targeting investments in capital markets, such as...

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Alaa Al Khawaja chairs GroupMed. Mohammed Hariri is still Chairman of Bankmed

Egypt-based Jordanian businessman Alaa Al Khawaja, who last year acquired a 42.24 percent stake in GroupMed Holding, has become the group's Chairman.

Khawaja has replaced Mohammed Hariri who is still in his position as Chairman and General Manager of Bankmed which is fully owned by GroupMed. Mohamed Ali Beyhum has remained the bank's Executive General Manager.

Khawaja acquired the stake through his company OLT Holding from Ayman Rafic Hariri for around $535 million as GroupMed was...

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Circular published by BDL on new stimulus package. Interest rates slightly raised on productive sectors and some housing programs

The Central Bank (BDL) has launched a new stimulus program to subsidize housing loans and loans to the productive sectors.

BDL said in a new circular that it will subsidize up to $1 billion of loans this year. The loans denominated in lira that will be eligible for the subsidies total LL810 billion ($540 million) with the remaining $460 million consisting of loans denominated in US dollars. The dollar loans are mainly provided to the productive sectors.

The lion's share of the s...

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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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