The International Finance Corporation (IFC), the investment arm of the World Bank, has made a USD 100 million equity investment in Byblos Bank, a commercial bank based in Lebanon, to provide finance for small and medium-sized enterprises (SMEs) and expand operations in the Middle East and Africa [1,2,3].IFC will also provide Byblos with guarantees for trade finance (credit used for exporting and importing) and will attempt to strengthen the bank’s corporate governance [1]. As of January 27, 2009, Byblos operates in 11 countries in Europe, the Middle East, and Africa [1]. As of December 31, 2009, Byblos has total assets worth LBP 10 trillion, the equivalent of over USD 13.6 billion [3].
By Christopher Maggio, Research Assistant
About:
International Finance Corporation (IFC)
Description:
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees as instruments of poverty alleviation. It “invests in companies and financial institutions in emerging markets” as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
MicroCapital’s Microfinance Universe profile: IFC
Bibliography:
[1] IFC press release entitled ‘IFC $100 Million Investment in Lebanon’s Byblos Bank Increases Access to Finance’: http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=F466B434D8EE4AC5852576B80054F037
[2] IFC: http://www.ifc.org/
[3] Byblos Bank: http://www.byblosbank.com/
Similar Posts:
- MICROCAPITAL BRIEF: World Bank’s IDA Lending $15m to Djibouti for Low-income Housing Finance, Policy Reform
- MICROCAPITAL BRIEF: Sanad Fund for MSME Raises $26m from ASN Bank, Calvert Impact to Boost Financial Inclusion, Resilience in MENA
- MICROCAPITAL BRIEF: Akbank Selling $300m in Bonds to DFC, AIIB, IFC – Half to Support Women-owned Businesses in Turkiye
- MICROFINANCE EVENT: Global Forum on Remittances, Investment and Development (GFRID); June 14-16, 2023; Nairobi, Kenya
- MICROCAPITAL BRIEF: AgCelerant, Bank of Africa, IFC to Support Rice Value Chains in Senegal with Access to Loans, Insurance, Tools, Inputs
