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In light of the growing challenges to the furtherance of Lebanon's industry and productive sectors, the Cedar Oxygen Fund continues to develop financial services and secure facilitations that benefit an increasing number of industrialists. To that end, the Fund launched industry-focused workshops across various Lebanese regions to gain a clearer perspective of the needs of local entrepreneurs. A meeting was thus hosted, bringing together over 40 industrialists from the Keserwan region, covering a spectrum of five different production sectors, namely agro-food, chemical products, industrial and electrical machinery, textiles and clothing, and paper and packaging.
The Director General of Cedar Oxygen - Beirut branch, Anthony Jabbour, indicated that the exacerbation of crises in the country has been the motive for the establishment of the Fund. "The challenges are greater than any country could bear, and the goal is to support the industrial sector and, with it, the Lebanese economy," he said, underscoring the need to push for the continuity of the production sector. Jabbour also deemed it important to allow Lebanese exporting industries to compete with international companies by developing their potential, which would contribute to creating new job opportunities for Lebanese youth.
"An amount of USD 5 million has been employed over the past two months to achieve this goal," Jabbour explained, revealing that over USD 35 million were additionally invested this year. He dwelled on the facilitations provided to industrialists by the Cedar Oxygen Fund, which finances raw materials, industrial equipment, and renewable energy.
Head of the Keserwan Industrialists' Group, Carol Milan, stressed that hope today derives from the region's spirited industrialists who insist on keeping abreast of the sector's progress and advancing Lebanese industries, despite the dreadful circumstances prevailing over the country. She noted that the Cedar Oxygen Fund focuses on this end, calling upon industrialists to seize the opportunity and benefit from the Fund assistance. Milan also pointed out that the Keserwan Industrialists' Group constitutes the link between the Fund's work team and the industrialists, and is ready to assist them in their endeavors to obtain facilitations.
Representative of the Association of Lebanese Industrialists, Talal Hijazi, indicated that the Cedar Oxygen initiative constitutes a "glimpse of hope" for industrialists amid these tough circumstances, as it contributes to overcoming obstacles and reviving the sector. He thus encouraged everyone to profit from the secured loans and make the most of the expertise the Fund's work team is keen to provide, explaining that the Industrialists' Association is willing to assist when and if necessary.
It is noteworthy that the Cedar Oxygen team had organized its first industry-themed workshop with more than 50 industrialists from Choueifat and the neighborhood, during which Jabbour gave a detailed review of the Fund's scope of work, the facilitations provided to industrialists, and the means to benefit from them, underlining the importance of a steady cooperation between Cedar Oxygen and industrialists to improve local industries and achieve successes that can only reflect positively on the Lebanese economy. Metn and the Bekaa are next on Cedar Oxygen's agenda.
© Press Release 2021
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