LGB Bank gets $67 million funding to finance SMEs

LGB Bank said it has secured syndicated funding worth $67.5 million from three international development finance institutions (DFIs).

The funding, which has a tenor of five years, will be used to finance local small and medium enterprises (SMEs), LGB said in a statement.

The DFIs providing the funds are the Dutch Development Bank (FMO), the OPEC Fund for International Development (OFID), and the Development Bank of Austria (OeEB). FMO has contributed $32.5 million while OFID and OeEB provided $20 million and $15 million respectively.

“This is the first syndicated transaction in Lebanon and LGB Bank’s first funding received from international DFIs,” the bank said.