Central Bank to subsidize financing of industrial exports. Ceiling set at $2 million

The Central Bank (BDL) has decided to cut the reserve requirements of banks that provide soft loans to manufacturing companies that export at least 50 percent of their output.

The reserve requirements will be slashed by an amount equivalent to the total value of the loan's principal, according to BDL's intermediate circular 462.

The loan must be denominated in lira and be used to finance the company's working capital. Interest rates, fees, and all other expenses related to the loa...

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No new U.S. sanctions reported on banking sector. Banking and Parliamentary delegations return reassured

A delegation of banking sector representatives who recently visited the U.S. have succeeded in convincing American officials to shield local banks from the fallout of any potential financial sanctions on Hezbollah, according to the Chairman of the Association of Banks Joseph Torbey.

The delegation has met U.S. lawmakers involved in the new draft law that is under preparation and that includes a list of sanctions targeting Hezbollah and its associates. The officials that the delegation ha...

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Solidere to delist its GDRs from London Stock Exchange. Listing costs outweigh low trading volumes

Solidere said it has asked to delist its Global Depositary Receipts (GDRs) from the London Stock Exchange (LSE) effective June 29, 2017, due to low trading volumes.

Given the GDRs limited liquidity, the costs and administrative burdens are disproportionate to the benefits that could be derived from keeping them listed, the real estate company said in a statement.

The GDRs, which represent Solidere's 'A' shares, were listed on the LSE in 1996.

The 'A' shares will remain lis...

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NDU Koura campus ready to start courses. $17 million investment to increase student capacity to 3,000

Construction work at the Barsa campus of Notre Dame University (NDU) in Koura has been finalized. It will open in fall.

Father Samir Ghossoub, Director of the NDU North campus, said: "The number of students exceeds 800, so expanding was a must in order to increase enrollment numbers."

Student capacity on campus now is 3,000.

The total built-up area of the expansion is 20,000 square meters (m2), increasing the space of the campus to 30,000 m2. In addition to the existing ...

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Riad Salameh mandate renewed unanimously. Governor of the Central Bank for the fifth time

The Council of Ministers has unanimously reappointed for the fifth time Riad Salameh as Governor of the Central Bank (BDL). Governor since 1993, he was reappointed for a six-year term in 1999, 2005, and 2011.

Before his reappointment, Salameh was the world's second longest-serving central bank governor, following Uzbekistan.

Together with Parliament speaker Nabih Berri, they form the longest serving high level officials.

Many economists, businesspeople, and politicians ...

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