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IFC and BLOM BANK Support Trade in Lebanon

11 October 2017
IFC, a member of the World Bank Group, signed today a trade financing agreement with BLOM BANK; a partnership that will further expand the access of the lender's clients to global markets, supporting cross-border trade, and boosting economic growth. 

BLOM BANK is joining IFC’s Global Trade Finance Program (GTFP), a $5 billion program offering guarantees to global and regional banks, in support of trade. Under this agreement, IFC guarantees will complement BLOM BANK’s capacity to offer trade financing to both its importing and exporting clients in the emerging markets, by providing risk mitigation for challenging trade transactions.

“This new cooperation with IFC will broaden our trade finance capabilities by offering our clients wider  access to international and emerging markets, allowing them to build long term valuable and sustainable business opportunities which ultimately spur national economic growth," said Saad Azhari, Chairman and General Manager of BLOM Bank. 

“Facilitating trade is the key to driving growth in Lebanon,” said Saad Sabra, IFC Senior Country Officer in Lebanon. “Cross-border trade not only helps create jobs and foster innovation, but also reduces prices for consumers, especially on raw materials, pharmaceuticals in addition to essential goods, like food. It is also critical in developing local industry/manufacturers by opening new untapped export markets.”

IFC has dedicated $3.4 billion to supporting cross-border trade in Lebanon, the second most of any country in the Middle East and North Africa (MENA). Since the inception of the GTFP, IFC has committed $7.9 billion to support trade financing across the MENA region. 

About BLOM BANK
BLOM is Lebanon’s second largest bank in terms of assets, customer deposits, and loans. Founded in 1951, BLOM is one of the oldest banks in the country. The Bank adopts a universal banking model, where, together with its affiliated banks and subsidiaries, it provides a wide range of retail, commercial, investment, and private banking services covering 12 countries across Europe & MENA region. It also provides insurance and brokerage services through its headquarters in Beirut and its international network. In line with the Bank’s strategy of expanding its customer base and diversifying assets and sources of revenues, BLOM BANK announced in June 2017 its full acquisition of the assets and liabilities of HSBC Bank Middle East Limited, Lebanon. The partnership with IFC is a natural extension to this acquisition as it strengthens trade networks in favor of a growing corporate client base.


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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 markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org

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Disclaimer  |  List of Banks No. 14. Copyright © 2017 BLOM BANK