IFC, a member of the World Bank Group, and Banque Libano-Française (BLF) today launched a sustainable energy finance initiative aimed at developing financial products to help Lebanese companies use resources more efficiently, enhance the competitiveness of their products and services, improve profitability, and help protect the environment.
High energy costs and unsustainable practices are, according to IFC's research, estimated to cost Lebanese businesses more than $400 million annually in lost profits and have a negative impact on the local environment. To address these challenges, IFC is partnering with BLF in the first sustainable energy finance project with a bank in the MENA region, aimed at expanding access to finance for projects that will save - or promote the efficient use of - energy and other resources.
Luke Haggarty, Head of IFC Advisory Services in the Middle East and North Africa, said, "Promoting resource efficiency is a key part of IFC's strategy in Lebanon, and this new sustainable energy financing project between BLF and IFC will help save businesses money while promoting environmental sustainability."
Walid Raphaël, General Manager of BLF, added, "In addition to initiating this partnership with IFC, BLF is at the forefront of sustainable and renewable energy projects in Lebanon. It has already launched a number of green products and awareness programs."
Over the coming year, the project will support strategic product development and provide sustainable energy finance training and tools, allowing BLF to offer clients energy and resource efficiency opportunities. This will enable BLF to rapidly scale up sustainability-related lending to meet the energy needs of the Lebanese market, particularly small and medium businesses looking to increase their resource efficiency.
This sustainable energy financing project is being launched at the same time by the Lebanon Green Building Council, with IFC's support, is unveiling its new ARZ Green Building Rating System, a tool to encourage commercial building owners in the country to renovations that will save money and greenhouse gas emissions.
Banque Libano-Francaise is a long-term partner of IFC, was the first bank in the region to join IFC's Global Trade Finance Program, and is consistently one of the most active users of the facility.
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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 developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010.
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About Banque Libano-Française (BLF)
Banque Libano-Française is a leading universal bank in Lebanon with USD 752 million in consolidated shareholders' equity and more than USD 8.7 billion in total assets as at December 2010.
During the past years, Banque Libano-Française has diversified its activities and currently provides services in five core areas: commercial, retail, investment, private and correspondent banking.
Banque Libano-Française's growing international network includes subsidiaries in France and Cyprus (Banque SBA), Switzerland (LF Finance Suisse), and Syria (Bank Al-Sharq), in addition to a Representative Office in the United Arab Emirates.
Domestically, Banque Libano-Française has gradually been increasing its branch network, with this now standing at 44 branches across Lebanon.
Stay Connected with BLF
www.facebook.com/pages/Banque-Libano-Fran%C3%A7aise/116753708346385
Contact :
Tania Rizk
Banque Libano-Française
Communications Director
tania.rizk@eblf.com
Tel. : +961 (1) 791 332 (ext. 1457)
Fax : +961 (1) 791 332 (ext. 1443)
For more info, visit BLF's website: www.eblf.com
Riham Mustafa
IFC contact
Communications Coordinator
rmustafa@ifc.org
Tel: + (202) 555 2121
For more info, visit IFC's website: www.ifc.org
© Press Release 2011
