Proparco is becoming a shareholder of Byblos Bank to support the Lebanese bank’s development in Sub-Saharan Africa. This support is more generally contributing to the development of banking sectors and local economic dynamism.
Byblos Bank is a universal bank set up in 1963 and is a pioneer in retail banking in Lebanon. It is Lebanon’s 3rd largest bank. It has been expanding in Arab, African and European countries for ten years. Byblos Bank has over 80 branches in Lebanon and operates in 11 countries.
Proparco’s financing will contribute to strengthening the capital of Byblos Bank and will allow the institution to pursue its strategy for international development in the Arab world, but also in Sub-Saharan Africa. The partnership with Byblos Bank will result in Proparco holding a seat on its Board of Directors.
This project builds on the relations between AFD Group and Byblos Bank since 2002. It will support the bank for its development in Sub-Saharan Africa. It will also have a catalyst effect by helping Byblos Bank raise funds from international private players. The support for a bank like Byblos will more generally contribute to the development of local banking sectors in the Mashreq region and to strengthening the economic base in the region.