- EBRD extends trade finance limit to BLOM BANK
- US$ 75 million under the Trade Facilitation Programme
- Financing to support import and export activities and intra-regional trade
The EBRD is fostering international trade in Lebanon by providing a US$ 75 million trade finance line to BLOM BANK SAL, one of the largest banks in Lebanon and a leading regional bank.
Under this facility, which is part of the EBRD’s Trade Facilitation Programme (TFP), the EBRD’s guarantees and funding will complement BLOM BANK’s capacity to offer trade financing to both its importing and exporting clients in emerging markets, by providing risk mitigation for trade transactions.
Launched in 1999, the EBRD’s TFP aims to promote foreign trade to, from and among the EBRD regions. Through the Programme, the EBRD has financed more than 22,500 foreign trade transactions for a total of more than €16.5 billion. Currently over 100 issuing banks in 26 countries participate in the Programme, together with over 800 confirming banks and their subsidiaries around the world.
In September 2017, Lebanon joined the EBRD’s southern and eastern Mediterranean (SEMED) region, which is currently the fastest-growing region of EBRD operations. The region includes Egypt, Jordan, Morocco and Tunisia, where the EBRD has been investing and has engaged in policy reforms since 2012, as well as the West Bank and Gaza since May 2017. In only six years, the EBRD has invested over €8.2 billion in 196 projects across the SEMED region, including seven projects in Lebanon.
About BLOM BANK
Founded in 1951, BLOM BANK is one of the oldest and largest banks in Lebanon. It adopts a universal banking model, where, together with its affiliated banks and subsidiaries, BLOM BANK provides a wide range of retail, commercial, investment and private banking services covering 12 countries across Europe and the MENA region. It also provides insurance and brokerage services through its headquarters in Beirut and its international network.