BBAC Endorses Economic Activity in Aley District

BBAC was one of the main sponsors of Aley Development Forum, which aim was to discuss and analyze the economic, social and developmental challenges in the district of Aley. 

Mr. Ghassan Assaf, Chairman and General Manager of BBAC, applauded the efforts made for the improvement of Aley, stating: “This conference is a good precedent of the work required in order to attract investors to Aley and open the door for economic and investment opportunities.” He pointed out that Aley, through its institutions and establishments, could potentially become “an important hub for Arab markets.”

Mr. Raja Makarem, Head of Project Finance and SME Division at BBAC, also spoke at the forum, during the section regarding the role of SMEs and the challenges that face them. In his speech, he said, "BBAC pays particular attention to supporting small and medium-sized enterprises, providing them with a number of different kinds of subsidized loans. These include ‘Kafalat’ loan guarantees and subsidized loans from the Central Bank of Lebanon, which are characterized by competitive interest rates and concessional terms." Mr. Makarem then went through the advantages of these loans and explained their mechanisms and conditions.

Mr. Assaf, for his part, also went on to say that, “Aley is suitable for small and medium enterprises,” and that “the development and endorsement of these institutions is a critical step in fostering economic, social, and human resources in developing countries as well as Lebanon.”

He emphasized the role of BBAC’s long history of supporting economic activity in Aley, and reiterated that the banking sector will also have an important role in economic development for it is in its best interests to secure steady financial growth throughout the region.

Mr. Assaf then went on to thank all the attendees for making this forum a success and expressed his hopes that Aley would play a major role in the renewed development of the country’s future.

Participating in the forum were current and former ministers, MPs and director-generals of specialized ministries, as well as municipality and municipality union mayors, business owners, traders, investors, and heads of associations, clubs, and civil, youth and student councils.

BBAC Launches a 14 Year-Old Ballet Star to the World

It had always been Reine’s dream to become a world-class ballerina, and the documentary “Ballerina Reine: Dancing Beyond Beirut” at the American University of Beirut (AUB) revealed how Nawaya Network, in partnership with BBAC, gave Reine the opportunity to share with the world her lifetime journey that took her to New York to realize her dancing ambition.

Coming from an underprivileged background in Lebanon, fourteen-year-old Reine had a distinguished talent and passion for ballet and her instructors immediately took notice. They reached out to Nawaya Network, which partnered with BBAC on this project, and took Reine and her mother to the United States where she was able to work with world-class dance instructors and dance with other aspiring ballerinas, honing and developing her technique and ability.

BBAC Chairman and General Manager, Sheikh Ghassan Assaf, gave an impassioned speech at the event, in which he expressed his pride in BBAC for its commitment to the project, and his pleasure at seeing Reine’s development during her time in the US. "BBAC’s motto has always been 'Our Caring Bank', and we take this motto seriously, striving to have a positive impact wherever we can. In the story of Reine we found a girl who had immense talent, but who had not been able to realize her full potential. We hope that our partnership with the Nawaya Network, will have given courage not only to Reine, but to talented young stars just like her across Lebanon".

Zeina Saab, the executive director of the Nawya Network stated that: “What Reine’s story tells us is that there are so many youth around us with great potential, so if we just provide them with the resources they need to thrive, we’ll not only be impacting their lives, but we’ll also be making a difference throughout our community and country”.

The documentary film was extremely well received by all attendants, and the atmosphere in the room following the screening was one of hope and optimism. Reine’s leap for the stars has proved to be one towards a brighter future.

BBAC and Live Lebanon Light Up Southern Lebanon

BBAC and Live Lebanon, with the support of Live Lebanon's goodwill ambassador Fadi Salameh, and in co-operation with the Municipality of Marwaheen, launched a new development project, which provided a new generator to the village of Marwaheen in southern Lebanon.

In a celebration held in the municipality town hall for the occasion, the Head of Marwaheen Municipality, Mr. Mohammad Obeid, thanked all those who participated in completing the project. He also praised the efforts of the Live Lebanon initiative, in its work to implement balanced development in all areas of Lebanon. He stressed the importance of this project in ensuring the flow of electricity for the residents of the municipality, which has improved their living standards and has reduced their expenses as well as the pollution caused by private generators.

The Head of BBAC branch in Tyre, Mr. Hani Bazoun, also gave a speech, in which he praised the commitment of the bank, with the support of the local community, and without discrimination or prejudice, on all levels. The UNDP representative, Mr. Raghid Assi, in his speech, emphasized the commitment of Live Lebanon in giving support to other similar development projects, covering the whole of Lebanon equally, with the aim of improving living standards. As for Mr. Salameh, he expressed his happiness over the completion of the project, and stressed his continued support for the Live Lebanon initiative in implementing sustainable development and improving the lives of Lebanon’s deprived communities.

The importance of this project lies in the reduction of rationing hours and the safeguarding of the flow of electricity to the residents of the area, which will improve their standard of living.