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Lebanese lenders secure $163m loans from EIB

June 15, 2014 9:23 am

The European Investment Bank (EIB) has signed with Lebanese lenders four loan agreement worth €121m ($163.7m) aimed at supporting small and middle enterprises (SMEs), The Daily Star has reported. “For the time being, there is a need for the SMEs to be supported because there is lot of uncertainties in the market,” said EIB’s vice-president, Philippe de Fontaine Vive. Byblos Bank and Fransabank each received loans worth 45 million euros from the the EIB. The First National Bank of Lebanon will receive an equity injection of €11m from the EIB in the form of preferred shares, and the private equity fund Euromena III will receive €20m.