The International Finance Corporation has signed
an agreement to lend US$10 million to Lebanese Leasing Company (LLC), a
Beirut-based leasing company that provides much-needed term finance to
small and medium enterprises (SMEs), helping them acquire the machines
and equipment necessary for business growth.
LLC is a successful leasing company providing SMEs with a flexible alternative
to traditional bank financing. Since its inception in 1995, LLC has
provided more than $60 million of lease finance to 200 SMEs.
Sami Haddad, IFC Director for Middle East and North Africa, said that the
investment is in line with IFC’s global strategy of strengthening local
financial institutions and providing long-term financing for SMEs. He
added that facilitating access to term finance for SMEs is a major objective
of IFC’s strategy in Lebanon.
LLC is a joint venture owned by Fransabank (Lebanon), Ucabail SA (France),
DEG (German Investment and Development Company), and IFC. In 1995,
IFC participated in the initial investment that created LLC and, in 1998,
joined in the second round of funding to assist the Company’s expansion.
This latest investment, to be signed on March 23 by Sami Haddad and Adel
Kassar, chairman of LLC, will strengthen the long-term funding base of
LLC and enhance its role in financing SMEs.
The mission of IFC, part of the World Bank Group, is to promote sustainable
private sector investment in developing countries, which will reduce poverty
and improve people's lives. IFC fosters economic growth by financing
private sector investments, mobilizing capital in the international financial
markets, and providing technical assistance and advice to governments and