GGF SUPPORTS ENERGY EFFICIENCY IN LEBANON THROUGH USD 25 MILLION LOAN TO BYBLOS BANK
• The GGF’s USD 25 million senior loan will finance investments in energy efficiency
• Energy efficiency measures financed with the GGF loan are projected to result in annual primary energy savings of approx. 52,707 MWh and CO2 emission reductions of approx. 16,914 metric tons
Luxembourg and Beirut, 18 January 2018 – The Green for Growth Fund (GGF) signed a long-term USD 25 million senior loan facility with Byblos Bank to support energy efficient investments in Lebanon. The loan will be used to finance industrial equipment upgrades, energy efficient buildings, commercial vehicle replacements, and energy service and supply companies.
As the third largest bank in the country, Byblos Bank is an ideal partner for the GGF due to its strong position in the market and keen interest in providing environmentally friendly products. The GGF credit facility will complement the bank’s current credit facilities and increase its lending portfolio. Energy savings are of particular importance to Lebanon as the country relies almost exclusively on oil imports for power production.
GGF Chairman Christopher Knowles stated: “We are very pleased to expand our operations to Lebanon with Byblos Bank as one of our first partners in the country. We are proud to support Byblos Bank’s increasing focus on energy efficiency lending and help it reach even more end-clients to foster energy consumption and emission reductions in Lebanon.”
In turn, Byblos Bank Chairman-General Manager Mr. Semaan Bassil said: “This agreement comes in line with our strategy to build and sustain partnerships with international entities, and to protect the environment with special banking products. We are confident that our relationship with the GGF will prosper in the coming years. With our strong corporate culture and sound lending practices, we look forward to using this loan to add more value to the Lebanese economy, help create job opportunities and contribute to sustainable growth and development.”
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ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions by a minimum of 20% in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.
The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB. The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, the German ethical bank GLS, and Church of Sweden. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
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ABOUT BYBLOS BANK
Established in 1963, Byblos Bank is one of Lebanon’s top three banks. It provides world-class consumer banking, commercial banking, correspondent banking, and financial markets services to an ever-growing clientele, with a presence in the Middle East, Europe and Africa.
Armed with a proven track record of supporting social and economic development, Byblos Bank’s reputations for stability and high standards of corporate governance have earned it the trust and confidence of its customers, strategic partners, and other stakeholders. Chief among these partners are the International Finance Corporation, private sector arm of the World Bank Group; the Agence Française de Développement (AFD), the French government’s overseas development agency; and the Société de Promotion et Participation pour la Coopération Economique (PROPARCO), the AFD’s investment subsidiary.
For more information see www.byblosbank.com.lb
Media contact GGF
Tel: +49 (0)69 271 035-171
Media contact Byblos Bank
Group Communication Department at Byblos Bank
Tel.: +961 1-335200 (Ext.: 0314)