BBAC signed today a trade finance agreement with IFC, a member of the World Bank Group, to help Lebanon’s private sector access global import and export markets and spur trade. The event took place at Phoenicia Hotel, Beirut in the presence of IFC representatives, BBAC managers and staff members, and media representatives, who were later invited to enjoy a welcome reception in commemoration of this occasion. 

Through this agreement, BBAC and IFC will help clients access new markets and expand their existing trade channels. The initiative is part of IFC’s 5 billion USD Global Trade Finance Program, which extends and complements the capacity of banks to deliver trade financing. The program provides risk mitigation in new or challenging markets where trade lines are constrained. It also offers confirming banks partial or full guarantees covering payment risk for trade-related transactions in emerging markets.

“No doubt this agreement with IFC will reinforce confidence between our bank and foreign financial institutions, and will help us access markets that were previously beyond our reach, especially in the emerging economies where this facility is most needed,” said Mr. Ghassan Assaf, Chairman and General Manager of BBAC. He added, “The IFC facility will therefore be a catalyst in promoting business in new markets, creating new business opportunities and generating growth for the economy.”

"Trade is a key driver of global integration and domestic growth,” said Mr. James Gohary, IFC Regional Manager of Financial Markets and Private Equity Funds in the Middle East and North Africa. He added, “For a vibrant private sector, the Middle East and North Africa region needs to be connected to global markets. This agreement will help Lebanese companies enter new markets, opening opportunities for business growth and spurring job creation.”

BBAC's partnership with IFC represents a solid confirmation of the bank's intention to support the private sector in Lebanon and take an active part in contributing to the welfare and development of the Lebanese economy, thereby actualizing its slogan "Your Caring Bank".