Lebanon: SANAD Fund Makes First Investment For Small Enterprises in Lebanon

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Jan 2012
Frankfurt am Main & Beirut, Germany & Lebanon, January, 03 2012 - The SANAD Fund for MSME has signed a senior loan facility of US dollar 5 million with BLC Bank S.A.L., finalizing SANAD’s first investment in Lebanon. The loan will enable BLC to further expand its small and medium enterprise (SME) loan program and to address the need of small enterprises in Lebanon to gain better access to long-term credit. Small enterprises constitute an important backbone of the country’s economy and will contribute – throughout all sectors – to employment creation, especially among youth.

The SANAD Fund for MSME, initiated by KfW Entwicklungsbank (The German Development Bank) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union, is committed to providing financial institutions such as its new partner BLC Bank with instruments and products adapted to their specific needs. Using its wide network of over 35 branches BLC is providing a diverse range of products to small enterprises. Through the newly established partnership, SANAD and BLC intend to build on the bank’s network and reputation and support the growth of this important business segment.

“SANAD is pleased to commence a long-term partnership with BLC Bank and to collaborate with such a dedicated SME Bank in expanding lending to small enterprises,” said Wolfgang Reuss, Chairman of the Board of Directors of the SANAD. “By serving the financing needs of small enterprises, SANAD targets an underserved market that will stimulate growth and generate employment as well as support the private sector. We expect this investment to have a demonstration effect, encouraging other lenders in Lebanon to expand their activities in the small enterprise sectors.”

“It is our belief that Commercial Banking is at the heart of the Lebanese business model, BLC Bank has therefore committed itself to develop comprehensive business relationships with small and medium size businesses” says Mrs. Tania Moussallem – Assistant General Manager and Head of Business Development Group. “In this context, we have signed the mutual agreement with SANAD in order to provide facilities financing the needs of all sectors of the economy for private micro, small and medium enterprises and entrepreneurs. Our focus is to continuously offer clients, new business solutions that meet their varying needs.”

Source : SANAD
 

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