BBAC Funds and Launches Solar-Powered Groundwater Extraction Project

BBAC inaugurated a groundwater extraction project using solar power in Maknah village, Bekaa. The ceremony took place under the patronage of the Ministries of Industry and Agriculture in the municipality premises in the presence of political, social and economic personalities and dignitaries of the region.

The project is a step in the right direction to overcome the many environmental and economic challenges Lebanon currently faces. Thanks to BBAC’s Kafalat loan, Mr. Fadi Al-Mokdad, the Head of the Municipality of Maknah implemented smart and advanced solutions for the installation of solar-powered groundwater pumping system for fields’ irrigation, so as to develop his business through sustainable environmental solutions that ensure energy saving and environmental protection.

Mr. Nadim Hamadeh, Assistant General Manager for Banking at BBAC gave a speech during the ceremony and commented: "The best way to cope with all the difficulties in Lebanon is through alternative and smart solutions for economic and environmental issues that can lead to economic growth and progress, while protecting the environment. We at BBAC strive to build a modern economy based on innovation and technological progress. We also aim to create new jobs to build a successful future for Lebanon.”

He added: "Today we are launching a project that was highly supported by our bank, and was made possible through the Kafalat loan. This loan is an example of the importance of cooperation between private companies, banks, and the Central Bank of Lebanon, under the sound supervision and management of Kafalat Company."

BBAC always seeks to help small and medium-sized enterprises and aspiring entrepreneurs grow by supporting them through financial services and development initiatives provided by the bank, based on BBAC’s mission to be "Your Caring Bank."

BBAC Organizes the “Economic Development of Chouf” Forum

BBAC organized an economic forum entitled "The Role of Bank of Beirut and the Arab Countries in the Development of Economic Sectors in the Chouf Area", under the patronage of Mr. Taymour Walid Jumblat and in cooperation with the Coordinating Body of Economic Sectors in Chouf. The forum was launched at a ceremony held at Mir Amin Palace Hotel in Beiteddine in the presence of BBAC’s Chairman and General Manager Sheikh Ghassan Assaf, Mr. Taymour Jumblat’s representative Mr. Radwan Nasr and many economic and financial experts as well as managers and officials from BBAC.

BBAC’s Chairman and General Manager Sheikh Ghassan Assaf gave a speech in which he referred to the importance of this meeting in light of the difficult social and economic conditions Lebanon is facing, as a ray of hope for the Chouf’s economic growth, which has always been sought after by the inhabitants of Chouf area.

Sheikh Assaf said: "It is BBAC’s duty to come up with initiatives that build a vision to push economic progress forward and uplift the area, by facilitating the funding of enterprises, enabling local companies to seize opportunities, and supporting sustainable economic activity and growth in the Chouf."

He added: "Small and medium-sized enterprises are the main component of Chouf’s economy as they are the main source of youth employment. The role of the economy is to stabilize this progress through jobs and investment, and we are in BBAC always ready to support aspiring young, and help them build their projects."

Sheikh Assaf mentioned that entrepreneurs and small and medium-sized enterprises seeking funding for their projects have many options and opportunities thanks to subsidized loans from banks and financial institutions like Banque du Liban (BDL) and Kafalat. All it requires is courage and submitting projects drafts.

Finally, Sheikh Assaf emphasized the importance of BBAC’s support and investment in the Chouf, reaffirming the bank’s slogan: "Your Caring Bank."

Mr. Radwan Nasr, representing Mr. Taymour Jumblat, noted that the forum acknowledges the difficult conditions Lebanon is experiencing, particularly the economic ones: "We thank BBAC for its distinctive initiative for the region and its people. Today, we know that we can rely on the banking sector, and hope that BBAC’s initiatives become an example for all banks and funding institutions."

Dr. Khater Abi Habib, Chairman and General Manager of Kafalat, hailed BBAC’s initiative, and pointed out that the Lebanese private sector is mainly made of small and medium-sized enterprises, which are facing difficulties in obtaining banking funds. He said: "Kafalat helps small and medium-sized enterprises getting financing from banks by giving them financial guarantees for loans to finance productive projects in one of the five supported sectors: industry, agriculture, tourism, advanced technology, and crafts."

BBAC is in constant communication with its customers, whether through its national branch network comprised of 39 branches dispersed throughout various Lebanese regions, or through development initiatives carried out by the bank. BBAC will remain supportive of all initiatives that help the country’s national and regional economic growth, proving once again that BBAC is "Your Caring Bank."

BBAC Rewards “Diamond” Cardholders with Diamonds and Jewelry

BBAC held its annual celebration for its Diamond Card, which is designed exclusively for women and offered to them free of charge for life with a chance to win valuable prizes of jewelry and diamonds. Two lucky cardholders won a precious diamond each in the draw, and valuable pieces of jewelry were distributed to the ladies who successfully collected the required number of points by using their card on purchases

BBAC’S AGM for Banking, Mr. Nadim Hamadeh, commented: "At BBAC, women are given exceptional care and attention, and we are keen to express that through our multiple initiatives and activities like the “Mother Account” and lately the “Women’s Month.” He added: “We are constantly working to improve our customers’ banking experience through our prizes and awards offerings. The new cards loyalty program will soon be launched, along with a range of benefits. We also continue to invest heavily in the development of our products and services, reaffirming our promise as “Your Caring Bank.”

The Diamond Card offers its holders the opportunity to participate in a draw to win two precious diamonds whenever they spend $500 using the card. Moreover, a point will be added for each $100 spent on the card. Cardholders who collect more than 100 points in one year will automatically win a piece of jewelry, of which the value is determined according to the number of points collected.