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Joint collaboration to support SMEs in Lebanon
17-8-2017
In a statement issued yesterday, Byblos Bank announced its signing of a loan agreement with SANAD Fund for MSME by which up to USD 20 million are channeled to support the financing needs of small and medium enterprises (SMEs), contribute to creation of additional jobs, reduce poverty and stimulate growth and development. To note, SANAD Fund aims to finance micro, small and medium enterprises as well as low-income households in the Middle East and North Africa through qualified local lenders. The statement pointed out that the loan is the first of its kind with Byblos Bank in support of local SMEs operating in any of the economic sectors, including commerce, industry, professional services and services in general, crafts or any marginalized small industries or trades. The loan, the statement went on to say, can be also used to provide short or long term funding at competitive interest rates to cover permanent working capital of SMEs. On the occasion, Byblos Bank chair and general manager, Semaan Bassil, stressed confidence in bolstering relations with SANAD in the coming years. The objective is to promote the growth of SMEs given their significant contribution to national development and generation of jobs, he stated. For her part, SANAD board chair, Daniela Beckman, said “this loan is only a first step with our new partner, Byblos Bank.” (Al Mustaqbal, Al Diyar, August 17, 2017)
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