Banque Libanaise pour le Commerce (BLC) will be the first bank in Lebanon to provide micro credit loans to small businesses after receiving a credit line of Ђ 4million from the Spanish International Cooperation Agency through the Spanish Official Credit Institute.
The Spanish microfinance cooperation programme, a first of its kind in the Middle East region is an innovation in the Lebanese banking sector since its importance lies in the injection of liquidity “directly into the veins of the economy,” said BLC chairman Shadi Karam.
Spain may raise the soft loan to BLC up to Ђ10 million in the future if the programme proves to be successful.
Through BLC Bank, the funds will be directly channelled into credits to the micro-entrepreneurs to finance their needs in the form of working capital, acquisition of fixed assets and upgrading of facilities for production and commercial premises.
