In December 2017, OeEB together with Dutch development bank FMO and the OPEC Fund for International Development (OFID) signed a long-term credit line to the Lebanon and Gulf Bank. The funds are dedicated to financing Lebanese small and medium-sized enterprises (SME).
|Project name||Lebanon and Gulf Bank|
|Region||MENA (Middle East and Northern Africa)|
|Sector||Financial sector / Microfinance / SME|
|OeEB project volume||USD 15 million|
|Projekt partner(s)||Lebanon and Gulf Bank S.a.I., FMO, OFID|
SME represent more than 90% of formal enterprises in Lebanon and provide around 50% of all jobs. They therefore play a crucial role in the country’s economic development but are often faced with limited access to finance which hampers their ability to invest and grow.
The Lebanon and Gulf Bank is one of the country’s leading banks and specializes in providing funding for SME clients. The credit line co-financed by OeEB, totalling to USD 67.5 million, helps the bank expand its SME business. By improving access to financing for local businesses an important contribution is made to strengthening the country’s private sector and stability as well as to securing and creating jobs.