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Lebanon to launch Cedar Oxygen Fund to finance industrialists, importers and exporters

Jul 30

Lebanon to launch Cedar Oxygen Fund to finance industrialists, importers and exporters

BEIRUT: The Cedar Oxygen Fund, initiated and anchored by the central bank, is expected to launch in the coming days with the aim of providing short term facilities to Lebanese industrialists, importers and exporters.

The fund will be based out of Paris, France and offer credit facilities to Lebanese importers and exporters in cooperation with local Lebanese banks as well as the Association of Lebanese Industrialists and Ministry of Industry.

The Fintech platform will allocate $175 million to 'devise vital and immediate solutions that secure industrial financing for Lebanese manufacturing companies,' a statement issued by the central bank said.

'We are all unfortunately aware that access to hard currencies and international payment facilities has become very limited due to the difficulties faced by the government and the economy,' the central added.

BEIRUT: The Cedar Oxygen Fund, initiated and anchored by the central bank, is expected to launch in the coming days with the aim of providing short term facilities to Lebanese industrialists, importers and exporters.

The fund will be based out of Paris, France and offer credit facilities to Lebanese importers and exporters in cooperation with local Lebanese banks as well as the Association of Lebanese Industrialists and Ministry of Industry.

The Fintech platform will allocate $175 million to 'devise vital and immediate solutions that secure industrial financing for Lebanese manufacturing companies,' a statement issued by the central bank said.

'We are all unfortunately aware that access to hard currencies and international payment facilities has become very limited due to the difficulties faced by the government and the economy,' the central added.

annahar