Under the auspices and the attendance of HE the Governor of the Central Bank of Lebanon, Mr. Riad Salameh, the Ministry of Agriculture represented by HE Minister of Agriculture Dr. Hussein Hajj Hassan and Fransabank Group headed by its Chief Executive Officer Mr. Adel Kassar held a joint press conference to sign a protocol of cooperation between the Ministry and Fransabank to launch a first-of-its kind initiative for the funding of agricultural projects. The first outcome of this memorandum of understanding was the new “Agriculture Loan”.
In his speech, HE Governor Riad Salameh expressed his appreciation for this new initiative, highlighting the importance of supporting small and medium-sized enterprises to build an efficient economy and maintain a sustained growth, while stressing on the importance of balanced development in all regions.
In his turn, the Minister of Agriculture Dr. Hussein Hajj Hassan confirmed that this cooperation falls under the Ministry's solid belief in transforming the agricultural sector, including related agro-industries and businesses, from a traditional sector having low economic efficiency, to an increasing driven market economy and competent entrepreneurs sector. The Minister also hoped that this initiative will contribute to improving the living standards of the low-income social classes operating in this field.
Mr. Adel Kassar on the other hand, stated in his speech that “Fransabank is setting high hopes on this cooperation and initiative to achieve the set objectives of the Ministry of Agriculture in ameliorating the economic and social status of the agro-business in Lebanon.”
Kassar added: "Through this initiative that is directed specifically to this vital, promising and rewarding sector at the national and social levels, we hope to be perceived as the role model to all other institutions that can cater for the better performance of this sector." He continues: “This cooperation between Fransabank and the Ministry of Agriculture is a continuation of Fransabank’s well-rooted commitment and thrive to the support of small and medium sized businesses in general and micro-agricultural sectors in particular.”
It is worth mentioning that the "Agriculture Loan" aims at helping farmers and business owners in all agriculture related businesses including crops, beekeeping, fisheries livestock and others, to help them develop their business and increase their productivity. The loan amount ranges between LBP 3 million and 25 million, with a very flexible repayment period that can go up to 48 months.
The press conference was equally attended by Dr. Joseph Tarabay President of Association of Banks in Lebanon, Dr. Francois Bassil former President of the Association of Banks in Lebanon, Secretary-General Mr. Makram Sader, Mr. Khater Abi Habib General Manager of “Kafalat”, high-level officials from the banking sector and a crowd from the media representatives.