press releases 2009

U.S. Government Partners with Citibank to Commit $40 Million to Lebanon’s Byblos Bank

August 12, 2009

Ambassador Michele J. Sison, along with Dr. Francois Bassil, Chairman of Byblos Bank and Walter Siouffi, General Manager for Citibank in Lebanon, announced today that the U.S. Overseas Private Investment Corporation (OPIC) has signed a new $40 million, 15-year term loan facility with Byblos Bank, under a risk-sharing agreement with Citibank to support loans to small and medium-sized enterprises, individual mortgages and consumer finance programs in Lebanon. 

OPIC assists U.S. businesses with overseas investments, fosters economic development in new and emerging markets, and complements the private sector by managing risks associated with foreign direct investment.  This landmark partnership with Citibank and Byblos Bank fulfills the demand for long-term financing to support long-term investments by businesses and consumers in Lebanon.

OPIC has loaned $260 million over the past three years to the Lebanese banking sector under the Lebanon Framework Agreement with Citi.  These loans signal the U.S. Government’s strong commitment to fostering economic development in Lebanon by supporting Lebanese banks’ long-term capital needs.