The Lebanese coastal city of Byblos, whose origins date back to 6000 BC, is one of the oldest continually inhabited settlements in the world. But in the cypress-filled hills east of the city's center, a thoroughly modern building is taking shape.
The three-story structure will soon be the main library at the Lebanese American University’s Byblos campus. Powered partially by solar panels and able to recycle rainwater, it will be one of most environmentally friendly buildings in the country when it opens later this year. "In the classroom, we teach about sustainability, efficiency, and the environment," says Roy Majdalani, the vice president for university services. "We should practice what we preach."
The university financed the library with a $15 million loan from Fransabank, one of the few lenders in Lebanon that finance eco-friendly construction projects. IFC’s new $45 million investment in a series of green bonds being issued by Fransabank will make it possible for more Lebanese institutions and companies to consider similar projects. Fransabank will raise money through the bonds then channel those funds to companies that want to invest in renewable energy and energy efficiency. Fransabank’s bond program—expected to total $150 million—could help finance Lebanon’s future solar arrays, wind farms, efficient buildings, and more.
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