The Project entails an IFC senior loan to Société Générale de Banque au Liban to support its lending program to SMEs and climate change projects in Lebanon. At the discretion of the Bank, IFC will also provide the Bank with a USD interest rate swap for a notional amount of up to US$100 million to hedge the interest rate risk arising from this financing.
The Project consists of a 7 years senior loan of up to US$57.16 million from its own account and up to US$42.84 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program.
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.
As of year-end 2017, SGBL was the 5th largest bank in Lebanon with market shares of 9.3% by assets, 9% by deposits and 7.4% by loans. The Bank has a presence through 68 branches in Lebanon, 17 branches in Jordan and 4 in Cyprus, and offers a wide range of financial services including retail, corporate, private, investment banking as well as leasing and insurance. In 2017, the Bank established Liberty International Bank Limited in Abu Dhabi, UAE, a 100% owned subsidiary and in July 2018, the bank has completed the acquisition of Banque Richelieu France (formerly KBL Richelieu Banque Privée), Banque Richelieu Monaco (formerly KBL Monaco Private Bankers) and Richelieu Gestion (formerly KBL Richelieu Gestion).
Société Générale de Banque au Liban
Group Head of Global Transaction Banking
+961 1 483001
Sin EL Fil, Saloumeh Roundabout, SGBL Building, 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/