Beirut – The minister of Displaced, Mr. Akram Shehayeb, signed with the Chairman General Manager of BBAC (Bank of Beirut and the Arab Countries), Sheikh Ghassan Assaf the “Loan of the Displaced” protocol, in the presence of the Ministry’s General Manager Eng. Ahmad Mahmoud, Advisors Dr. Rabih Mounzir and Mr. Fadi Abi Alam, BBAC’s Head of Credit Department, Mr. Nadim Hemadeh, Head of Consumer Loan Unit, Mrs. Micheline Dib, Head of Marketing Department, Mr. Tarek Bilal, and representatives from the media at the Ministry’s premises.

Minister Shehayeb pointed out during the ceremony to the proactive response of the Lebanese banks; highlighting BBAC’s eagerness to adopt such an initiative. He stated: “This agreement is the third to be signed with the third banking institution dealing positively with the “Loan of the Displaced”. We hope that we will succeed in ensuring and reinforcing the return of the displaced by helping them by all means necessary to establish themselves permanently and productively in their hometowns. We consider this loan as a key factor in the resettlement process that would fortify the diversity on which our communities are based”.

From his end, Sheikh Assaf saluted the efforts that the ministry is deploying in cooperation with Lebanese banks in order to help bring stability to the Lebanese displaced and support for the development of the Lebanese community. He said: “Our role will not be limited to encouraging the return of the displaced but we will work hard on consolidating this come back through different tools, programs and services which would help the displaced to settle down and lead a productive life. Thus, we will be pursuing BBAC’s social corporate responsibility aiming at contributing to the sustainable economic and social development of Lebanon.”

The protocol is significant as it gives Lebanon’s displaced a loan with a financing amount that can reach up to 60% of the speculative value of the property at an exceptional interest rate of 1.62% with a repayment period reaching up to 25 years, allowing them to reconstruct, renovate, repair or improve their houses in any of the Lebanese villages that were devastated by the displacement that occurred before 1990.

With the “loan of the Displaced”, BBAC broadens its wide and diversified range of products and services through which the it seeks to provide the Lebanese society, in all its segments, with the full financial support that would help them cope with their daily life needs and allow them to have a decent productive living.