This project provides financing to Fransabank through the bank's Green Bond Program, which will be used to finance energy efficiency, renewable energy, and green infrastructure projects in Lebanon.
The Project involves supporting the Bank through the purchase of up to US$ 75 million in multiple issuances out of its GBP over a 2-year period. Bond proceeds will be used to finance long-term green projects in Lebanon.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
Fransabank SAL is a private bank established in 1921, with the majority shareholding (80%) being held by the Kassar Family. The German Investment and Development Corporation (DEG) is the second largest shareholder with 5% and the other shareholders of the Bank hold less than 3% each.
Mr. Georges Andraos
Head of International Banking Division
+961 1 3740180
Fransabank Center Hamra Street P.O. Box 11 0393 Beirut, Lebanon
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/