BEIRUT, Sept. 17 (Xinhua) -- The European Bank for Reconstruction and Development (EBRD) has signed a deal with Lebanon's Byblos Bank to provide 75 million U.S. dollars in financing support, Byblos Bank said Tuesday.
The deal, which is part of the EBRD's Trade Facilitation Program, will improve the capacity of Byblos Bank to provide trade financing products to both importing and exporting clients at competitive rates, the bank said in a statement.
"We are delighted to welcome Byblos Bank to our Trade Facilitation Program to help strengthen international and regional trade in Lebanon and further support the country's economic growth," said Mike Taylor, the EBRD director for financial institutions of the southern and eastern Mediterranean region.
Byblos Bank's Chairman and General Manager Semaan Bassil thanked EBRD for its support amid increasing economic challenges.
Bassil added that the agreement "falls within Byblos Bank's overall strategy to support growth and development in Lebanon."
