Beirut, Lebanon, May 29, 2016—IFC,
a member of the World Bank Group, today signed a trade finance agreement
with Societe Generale de Banque au Liban (SGBL), a leading bank in Lebanon,
to boost cross-border trade and help local businesses access international
markets.
Under the agreement, SGBL will join
IFC’s Global Trade Finance Program (GTFP), which supports banks as they
deliver trade finance in challenging markets. IFC guarantees will help
SGBL clients import critical commodities to the local market, including
raw materials, pharmaceuticals, fertilizers and spare parts. The GTFP offers
global and regional banks guarantees covering payment risk against letters
of credit and other trade-related transactions.
The facility from IFC will support our
growth strategy and help us provide a diversified range of banking services
to our trading clients, to help boost regional trade and strengthen the
economy,” said Georges Saghbini, Deputy General Manager at SGBL.
Commenting on the agreement, SGBL’s
Chairman and CEO Antoun Sehnaoui, stated: “We believe the IFC agreement
is a win-win on multiple levels. It supports small and medium-sized enterprises,
hence boosting the private sector and the national economy, while promoting
Lebanese entrepreneurship abroad.”
Lebanon continues to be impacted by
the events in neighboring countries, with the number of refugees it hosts
currently estimated at a million and half refugees. The challenging domestic
and regional situation constrains investment, consumption, as well as weakened
trade.
“In such challenging times, trade finance
can play a key role in facilitating cross-border trade and boosting economic
growth in Lebanon, helping small businesses grow and expand their businesses
by accessing global markets,” said Thomas Jacobs, IFC Principal Country
Officer in Lebanon. “
Since the inception of the GTFP, IFC
has committed $6.6 billion to boosting cross border trade across the Middle
East and North Africa, $2.7 billion of which was dedicated to Lebanon.
About IFC
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org
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About SGBL
A reference player
SGBL group relies on the international
network of Societe Generale which operates in 76 countries worldwide. It
offers a complete and personalized range of banking services covering universal
as well as specialized financial services catered to all client categories.
The Group has 4 core business lines:
· Retail
Banking
· Corporate
Banking
· Private
Banking
· Investment
Banking
www.sgbl.com
www.facebook.com/SocieteGeneraledeBanqueauLiban
www.twitter.com/sgbl_lebanon
www.instagram/SGBLBank
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