41060 - CL SSL MCPP

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Summary of Investment Information

Project Number

41060

Company Name

CREDIT LIBANAIS SAL

Date SPI Disclosed

Apr 19, 2018

Country

Lebanon

Region

Middle East

Projected Board Date

May 24, 2018

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 15, 2025

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Aug 28, 2018
Signed : Sep 30, 2018
Invested : Oct 22, 2018

Sector

Commercial Banking - General

Project Description

The Project (“CL SSL MCPP”) entails an IFC senior loan to Credit Libanais (the “Bank”) to support the Bank’s expansion strategy in the SME segment in Lebanon. IFC will also provide a USD interest rate swap to the Bank to hedge interest rate risk arising from this financing.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management	1.0
Guarantee
Loan	50.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to SME Borrowers
Client Risk Management	Loans to SME Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The project is expected to have significant development impact on stakeholders as it will contribute to increased access to finance to a larger number of SMEs in Lebanon, which will help cover the financing needs of the Bank's SME clients during the tough economic times. The long-term tenor provided by IFC, being longer than those available from the market, will allow the Bank to provide much needed long-term financing to its clients that will in turn enable them to implement investment projects and create new jobs.

i) Longer-term capital that is otherwise not available from the market will allow the Bank to provide long-term financial products to SMEs that are critical for economic development. ii) Diversification of funding sources: IFC's loan aims to strengthen Credit Libanais' financial sustainability by improving its maturity mismatch and providing a hedge against interest rate risk.

E&S Category Rationale / Risks and Mitigation

The project consists of a senior loan of up to USD 50 million for up to 8 years to support the Bank's lending program to SMEs in Lebanon. Most of the portfolio supported through this project is expected to include business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site specific, largely reversible, and can be readily addressed through mitigation measures. Therefore, the project has been categorized as FI-2 in accordance with IFC's Sustainability Policy. According to the nature of IFC's investment and the Client's operations, the applicable E&S requirements for this investment will be IFC Exclusion List, the national environmental and social laws and regulations. In addition, the Bank will comply with the requirements of IFC's Performance Standard 2 on Labor and Working conditions.

The key E&S risks and impacts of this project derive from the capacity of CL to identify and manage the potential environmental and social risks associated with its lending activities in the SME sector. As a part of the previous project with IFC CL has established and implemented the Environmental and Social Management System (ESMS) and assigned ESMS officer. The bank will be required to update its ESMS as per the applicable E&S requirements and continue implementing the environmental and social management system to ensure its investments in asset class are in compliance with the applicable E&S requirements, have formally assigned ESMS responsibilities and conduct staff training on the regular basis.

Contacts

For Inquiries About the Project, Contact

Credit Libanais
Anthony Jabbour
Head of Financial Institutions
+961-1-608-250
ajabbour@cl.com.lb
Credit Libanais H.Q, Main Road, Corniche El Nahr – Adlieh, Beirut – Lebanon
Websitewww.creditlibanais.com

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Telephone: 202-473-3800
Fax: 202-974-4384

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Task Title & Description	Anticipated Completion Date
Upgrade ESMS	06/14/2018
ESMS Implementation and implementation records	09/12/2018
Notify on assigned ESMS Officer	05/31/2018
Training Plan	08/13/2018
Provide information on IFC Exclusion List	05/31/2018
Provide updated PS2 information	05/31/2018

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