$20 million EBRD loans to BUTEC for smart metering. First corporate loan by European Bank

The European Bank for Reconstruction and Development (EBRD) will grant BUTEC Utility Services (BUS) a $20 million loan for the implementation for the installation of smart electricity meters.

BUS is one of three distribution service providers in charge of providing operations, maintenance, and bill collection services to public electricity subscribers. BUS handles these operations in the North.

"This is the first corporate loan granted by the EBRD in the local market," said Fadi Ab...

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UPDATE: Lebanon’s outlook downgraded by Moody's. Cites rising risks to liquidity position and financial stability

Moody's Investors Service said it has changed the outlook on the Lebanese government to negative from stable and that it affirmed the ratings at B3.

"The negative outlook reflects an increase in risks to the government's liquidity position and the country's financial stability, in large part as a consequence of domestic and geopolitical risks that have become more intractable," the credit rating agency said in a statement.

Moody's said it would change the outlook to...

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Bank Audi to provide $200M for green energy projects. Audi secures $90 million from European Bank and $10 million from TaiwanICDF

Bank Audi said it will offer $200 million in financing for green energy projects. Ventures to be funded include projects that aim to reduce greenhouse gas emissions and improve energy efficiency.

Financing will be funded by a $90 million loan obtained from the European Bank for Reconstruction and Development (EBRD) and a concessional facility worth $10 million from the International Cooperation and Development Fund (TaiwanICDF). The remaining $100 million will be financed from Bank Audi'...

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Average maturity of deposits nearly quadruples in one year. Longer tenure reduces risks of bank runs

The average maturity of deposits has increased to 5.7 months, up from just 45 days before the resignation of Prime Minister Saad Hariri in November 2017. The average maturity had been stable at around 45 days for 20 years.

"The average maturity of deposits is still rising and the fact that depositors are engaging in longer maturities is a signal of confidence. A longer maturity also enables us to face any emerging crisis," said a source at the Central Bank. More than two-thirds of total d...

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US sanctions against Iran will not affect local banks. Lenders are already in full compliance

Local banks will not be affected if SWIFT complies with U.S. sanctions against Iran, which have been put into effect.

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, provides financial messaging services, such as money transfer instructions, between banks across the world.

Makram Sader, Secretary General of the Association of Banks, said that Lebanese banks don't have any correspondent relationships with Iranian banks. Local banks stopped de facto dealings e...

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