WCS Bank Beirut (IFC-41344)

Countries
  • Lebanon
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 25, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
BANK OF BEIRUT SAL
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 17, 2018

Disclosed by Bank Aug 16, 2018


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Project Description

The proposed Project consists of senior loan under IFC’s Working Capital Solutions product (WCS) to Bank of Beirut S.A.L., an existing IFC client. The project will provide funding to the Bank to support its trade finance business and working capital needs of the Bank’s clients.

Investment Description
  • International Finance Corporation (IFC)

The project entails a senior loan of up to US$100 million for 2 years renewable at IFC’s option. The purpose of the loan is to support the Bank’s short-term trade and working capital business and meet client needs.

Private Actors

Originally established in 1963 and renamed in 1973, Bank of Beirut is the sixth largest bank in Lebanon with an asset size of US$18.4 million corresponding to a market share of close to 7 percent in the banking sector as of December 31, 2017. In terms of trade finance activity, the Bank is the leading bank commanding a market share of 21.5 percent among commercial banks as of December 31, 2017.  In addition to its strong presence in Lebanon, the Bank is present in 9 different countries through subsidiaries (Bank of Sydney, Bank of Beirut UK), foreign branches (Oman, Cyprus, Germany), and representative offices (UAE, Nigeria, Ghana, Qatar).

Contact Information

Bank of Beirut SAL 
Moussa Abdallah 
Head of FI & Correspondent Banking 
+961960540 
moussaabdallah@bankofbeirut.com 
Bank of Beirut HO – Riad El Solh Street – Beirut Central District 
Websitewww.bankofbeirut.com 

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/