Bank Audi gets IFC funding

Bank Audi gets IFC funding

Published: March 7, 2014

Lebanese bank receives US$150mn loan to help encourage trade between neighbouring economies.

Lebanon’s Bank Audi has received new capital to help it fund trade activity across its international network.

The bank has secured a US$150mn, 10-year loan from the IFC, the World Bank’s private-sector arm. The money comes from the IFC Capitalization Fund and will be used by Bank Audi to increase lending in Lebanon as well as neighbouring economies including Turkey and Egypt.

The bank said in a statement issued on the London Stock Exchange on Friday afternoon that this would help in “stimulating cross-border investment and trade activity across the region”.