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SANAD makes first SME investment.

Summary: SANAD Fund signed Tuesday a senior loan facility totaling $5 million with BLC Bank S.A.L., finalizing SANAD's first investment in Lebanon...

BEIRUT/FRAKFURT: SANAD Fund signed Tuesday a senior loan facility totaling $5 million with BLC Bank S.A.L., finalizing SANAD's first investment in Lebanon.

The loan will enable BLC Bank to further expand its small and medium enterprise loan program, all small enterprises in Lebanon to gain better access to long-term credit.

"It is important to note that small enterprises constitute an important backbone of the country's economy and will contribute -- throughout all sectors -- to employment creation, especially among youth," a statement by the two sides said.

It added that SANAD Fund, initiated by KfW Entwicklungsbank (The German Development Bank) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union, is committed to providing financial institutions such as its new partner BLC Bank with instruments and products adapted to their specific needs.

Using its nationwide network of 35 branches and its specialized small and medium size business teams, BLC Bank is providing a diverse range of products to small enterprises.

Through the newly established partnership, SANAD and BLC Bank intend to build on the bank's expertise, reputation and network to ensure the continued support and growth of this important business segment.

Copyright 2012, The Daily Star. All rights reserved.

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Publication:The Daily Star (Beirut, Lebanon)
Geographic Code:7LEBA
Date:Jan 4, 2012
Words:241
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