A panel discussion moderated by Khalil Dinguizli (left), Head of EBRD Operations in Lebanon on June 5, 2024. (Credit: EBRD)
BEIRUT — The European Bank for Reconstruction and Development (EBRD), a financial institution partly funded by the European Union (EU), launched a new €12.5 million (around $ 13.5 million) program on Wednesday to support Lebanon’s private sector. The aid is intended to help small and medium-sized enterprises (SMEs) adopt resource-efficient practices. It also aims to promote circular economy mechanisms, focusing on sustainable production and reducing resource consumption and waste.
In a press release issued following the announcement, the EBRD stated that the funds will be disbursed to industrial SMEs, especially in the agri-food sector, over nine years to help them enhance sustainable operations and decrease carbon emissions. The funds will be used to “build capacity,” provide “tailored advice” and offer “grants for [adopting specific] technologies and solutions.”
“These actions should give the selected companies a concrete advantage, strengthening their competitiveness and enabling them to gain market share,” the EBRD stated. It added, “This in turn should help them grow and create additional jobs while contributing to a more sustainable socio-economic development of the country.”
This follows the EBRD’s previous small business advisory program in Lebanon launched in 2018 and the Innovation Program launched in 2023. To date, the EBRD has helped nearly 280 SMEs in tackling market challenges and boosting productivity and sales. In 2023 alone, the small business advisory program supported more than 85 SMEs,” says the institution.
Since beginning operations in Lebanon, the EBRD reported investing over €880 million (around $957 million), with the objectives of strengthening the competitiveness of the private sector, promoting sustainable energy and improving the quality and efficiency of public services.
This article originally appeared in French in L'Orinet-Le Jour.