SGBL to offer $19 million in loans to SMEs

Bank signs deal with EIB to finance small to medium projects across sectors

Societe Generale de Banque au Liban (SGBL) and the European Investment Bank (EIB) signed an agreement to open a €15 million ($19 million) credit line to finance projects by small and medium size enterprises.

The partnership will allow SMEs in the country who have less than 500 employees, to finance new projects or expand existing ones.

SGBL will offer SMEs loans for a minimum of five years and a maximum of ten years with EIB preferential conditions.

The deal is part of a plan launched by EIB last October to finance private investments. The plan targets local SMEs in industry, tourism, healthcare, education, and technology, with $70 million worth of financing.

The EIB’s support to local SMEs, started in 2002, in all amounts to $560 million.