São Paulo – The International Finance Corporation (IFC), a World Bank arm, has announced a USD 7 million loan to the Lebanese Leasing Company SAL (LLC) for renewable energy projects in Lebanon. The information was released by the IFC in a statement this Wednesday (10).
LLC is Lebanon’s biggest leasing company, owned by the Fransabank Group. The loan, which will be backed by the Canadian government, is intended to fund high-impact renewable energy and energy efficiency projects. The investment is expected to reduce greenhouse gas emissions in Lebanon, which have soared bu over 27% since 1994.
“The investment from IFC and Canada will help us increase our support to small businesses seeking to invest in clean energy, reaching out to more of them while mitigating climate change and supporting clean energy technologies,” said LLC chairman Adel Kassar.
According to the statement, the investment is part of IFC’s strategy of supporting efforts designed to mitigate climate change and help loan-takers reduce risks and operating costs, while becoming more resilient to the impacts of climate change.
“One of the key challenges Lebanon is facing is an energy shortage, which impacts the productivity of the country’s private sector. Supporting investments in energy efficiency and renewable energy is key to helping Lebanese businesses secure a sustainable future and reduce expensive energy costs,” said the IFC’s regional director in the Middle East and North Africa, Mouayed Makhlouf.
The initiative is part of IFC’s Sustainable Energy Finance Program, which aims to strengthen the capacity of banks and financial institutions to extend sustainable energy financing to the private sector.
To date, through the program, IFC has supported 125 financial partners through 135 sustainability and climate projects in 37 countries, providing USD 4.5 billion in financing that has helped reduce over 25 million tons of greenhouse gas emissions.
*Translated by Gabriel Pomerancblum
