The loan has a term of ten years.

Adel Kassar, Fransbank’s chairman said that both institutions “plan to explore joint investment opportunities in a variety of areas in the MENA region and adopt appropriate means of funding."

Kassar and Luc Rigouzzo, CEO of Proparco said that the cooperation between both parts also aims at exploring new job opportunities in MENA region.

Proparco is a member of Agence Française de Développement (the French Association for Development or AFD Group).

It contributes to economic and social progress in more than 90 developing and emerging market countries in Africa, the Middle East, South East Asia, the Caribbean, and the French Overseas Departments and Territories.

Fransabank made a net profit of $102 million in 2009.