EBRD’s First Lebanon Deal

The European Bank for Reconstruction and Development has made a 2.51% equity investment in Lebanon’s Bank Audi, the EBRD’s first investment in Lebanon, Audi said on Thursday, Reuters reported. The EBRD, a multilateral development bank, said the investment in Lebanon’s largest bank aims to support Lebanese financial markets, influence the broader economy and strengthen the financial sector. Lebanon has one of the world’s most indebted governments measured against the size of its economy. Growth has been slowed by war in neighboring Syria and years of political inertia. “The Lebanese financial sector is the backbone of the country’s economic stability and international reputation. Supporting Bank Audi’s operations and corporate governance is crucial in maintaining its resilience in the challenging environment in the region,” EBRD President Suma Chakrabarti said in a prepared statement.  “This investment in Bank Audi helps send a positive signal on the growth potential of the local economy,” Audi Chairman and Group CEO Samir Hanna said.