BEIRUT: The European Investment Bank and Fransabank have signed a $24 million financing agreement to support the construction of a Greenfield glass container manufacturing plant in Lebanon, a statement from the bank said. The EIB financing comes in the context of the banks Economic Resilience Initiative. The project will create 620 jobs in a rural area of Lebanon and will support diversification of the regions economy toward manufacturing.
The project will restore the former glass container production industry, a key part of the Lebanese agro-industry value chain. It will reduce reliance on imports and strengthen local production. The EIB is pleased to support this landmark project, together with Fransabank s.a.l., its local banking partner EIB Vice President Dario Scannapieco said.
The EU lender has been stepping up its support to the Lebanese private sector by investing in infrastructure projects and improving companies access to finance.
This project will complement the EIBs pledge of 800 millions euros (over $874 million) made during the CEDRE conference in Paris to boost the Lebanese economy.
Fransabank has been pursuing during the last decade a development strategy aiming to boost the private sectors investments, the statement said. The bank is supporting rural and socio-economic development, focusing on job creation, youth, education for all, financial inclusion, sustainable finance and women empowerment. It is also heavily encouraging the local industry to reduce imports and enhance Lebanese exports.
Fransabank is Lebanons fifth-largest bank in terms of deposits and assets.
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