The operation comes under the EIB’s Economic Resilience Initiative (ERI), aimed to mobilize finance in support of sustainable economic growth and social cohesion, and promoting private sector development in the region
Image: EIB and Creditbank join forces to support SMEs with EUR 50m credit line. Photo: courtesy of European Investment Bank.
The European Investment Bank (EIB) and Creditbank s.a.l yesterday signed a EUR 50 million credit line agreement in order to support investments of small- and medium-sized enterprises (SMEs) in Lebanon. The operation comes under the EIB’s Economic Resilience Initiative (ERI), aimed to mobilize finance in support of sustainable economic growth and social cohesion, and promoting private sector development in the region.
SMEs constitute the backbone of the Lebanese economy and representing over 90% of the private sector and are one of the strongest drivers of economic development, innovation and employment. The operation is expected to sustain around 5,000 jobs in the country and provide access to finance to a large number of SMEs across various sectors and regions in order to boost their performance as well as help foster innovation and competitiveness.
Creditbank is a dynamic commercial bank providing a comprehensive range of financial services to individuals and private sector companies with an increasing focus on SMEs. Creditbank operates through a network of 26 branches strategically spread across the country.
“We are pleased to establish a partnership with Creditbank in order to provide support to the Lebanese private sector under EIB’s Economic Resilience Initiative. This operation will contribute to the economic growth of the Lebanese economy, by supporting the development of more entrepreneurial projects and creating new job opportunities and enhancing financial inclusion”, said Flavia Palanza, Director of EU Neighbouring Countries on the occasion of the signature.
“Because we believe that Economic Resilience is at the heart of every political and sociopolitical stability, we subscribe to a philosophy that considers private sector commercial lending of national importance and interest. At Creditbank, we define our mission as enabling people by enabling economic endeavors. We consider this venture with EIB as an integral part of a continuing and lasting policy to improve and bolster small and medium enterprises”, said Mr. Tarek Khalifé, Chairman and General Manager of Creditbank.
Source: Company Press Release