In Lebanon, CreditBank finances companies and SMEs – its core activity. Proparco is supporting the bank’s development in general and, in particular, the strengthening of its long-term financing activity in foreign currencies.
CreditBank was set up in 1981 and is one of the Lebanese institutions the most committed to the country’s real economy. Its core activity is corporate and SME financing (75% of its portfolio), ahead of the private customer activity. The bank has a network of 23 branches in Lebanon, a headquarters and 14 branches in Armenia via its local subsidiary Anelik Bank CJSC, and a headquarters, 3 branches and 3 agencies in Russia via its subsidiary Russia CB Anelik RU LLC.
Proparco has allocated a USD 20m credit line to the Lebanese bank CreditBank to support the growth in its portfolio and the strengthening of its long-term financing in foreign currency for companies, particularly SMEs.
This operation will support CreditBank’s growth and, through it, growth in Lebanese SMEs, which employ half of the working population. More generally, this operation will contribute to strengthening the financial sector in a fragile post-crisis country. It will also assist Credit Bank in the implementation of anti-money laundering procedures, in line with FATF recommendations.