Beirut, Lebanon, September 17, 2015
-Banque Libano-Francaise (BLF) provided $180 million in funding for green projects that are helping Lebanese companies and home owners cut costs, spur growth, and protect the environment, thanks to its partnership with IFC, a member of the World Bank Group.
IFC partnered with BLF in 2011 to help the bank increase awareness on the protection of the environment, build a knowledge base for its staff and personnel and expand its loan offerings for corporations, schools and home owners that want to invest in eco-friendly projects. BLF has now provided several loans to Lebanese businesses, totaling over $180 million. They include the Arab Printing Press, a Beirut-based printing company with 130 workers, which embarked on a milestone photovoltaic project with technical assistance from IFC and bank loans from BLF, and now produces its electricity from solar panels.
Maurice Iskandar, Head of International Division and Member of the Executive Committee at BLF, said: “As a contributor to the Lebanese economy and to the private sector, we believe we can play a major role in promoting a socially responsible green attitude by actively participating in shaping environmental policies and communicating our ‘green’ vision, in addition to developing eco-friendly products and services within a long term vision towards sustainable banking”.
BLF was the first commercial bank in MENA to participate in IFC’s sustainable energy finance program. The IFC team provided comprehensive advice including technical expertise, a detailed market assessment, tools adapted to the local context, and training to allow the bank to reach out to entrepreneurs and scale-up its sustainability-related lending.
“Promoting resource efficiency is a key part of IFC’s strategy in Lebanon and the region,” said Thomas Jacobs, IFC Principal Country Officer in Lebanon. “Our aim is to expand access to finance for projects that will save, or promote the efficient use of, energy and other resources, and help protect the environment at the same time.
BLF, a long-term partner of IFC, was the first bank in the region to join IFC’s Global Trade Finance Program, and is consistently one of the most active users of the facility.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
About BLF
Banque Libano-Française (BLF) is a leading Lebanese bank with USD 11.3 billion in total assets and USD 996 million in consolidated shareholders' equity as at December 31, 2014. BLF operates in Lebanon through a network of 54 branches in addition to 141 ATMs. The international footprint of BLF Group includes subsidiaries in France and Cyprus (Banque SBA), Switzerland (LF Finance Suisse), Syria (Bank Al-Sharq), Representative Offices in United Arab Emirates (Abu Dhabi) and Nigeria (Lagos), and a branch in Iraq (Baghdad).
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