BBAC and IFC Partner to Spur Economic Growth in Lebanon

BBAC signed today a trade finance agreement with IFC, a member of the World Bank Group, to help Lebanon’s private sector access global import and export markets and spur trade. The event took place at Phoenicia Hotel, Beirut in the presence of IFC representatives, BBAC managers and staff members, and media representatives, who were later invited to enjoy a welcome reception in commemoration of this occasion. 

Through this agreement, BBAC and IFC will help clients access new markets and expand their existing trade channels. The initiative is part of IFC’s 5 billion USD Global Trade Finance Program, which extends and complements the capacity of banks to deliver trade financing. The program provides risk mitigation in new or challenging markets where trade lines are constrained. It also offers confirming banks partial or full guarantees covering payment risk for trade-related transactions in emerging markets.

“No doubt this agreement with IFC will reinforce confidence between our bank and foreign financial institutions, and will help us access markets that were previously beyond our reach, especially in the emerging economies where this facility is most needed,” said Mr. Ghassan Assaf, Chairman and General Manager of BBAC. He added, “The IFC facility will therefore be a catalyst in promoting business in new markets, creating new business opportunities and generating growth for the economy.”

"Trade is a key driver of global integration and domestic growth,” said Mr. James Gohary, IFC Regional Manager of Financial Markets and Private Equity Funds in the Middle East and North Africa. He added, “For a vibrant private sector, the Middle East and North Africa region needs to be connected to global markets. This agreement will help Lebanese companies enter new markets, opening opportunities for business growth and spurring job creation.”

BBAC's partnership with IFC represents a solid confirmation of the bank's intention to support the private sector in Lebanon and take an active part in contributing to the welfare and development of the Lebanese economy, thereby actualizing its slogan "Your Caring Bank". 

BBAC Rewards its Credit Cardholders during the Holidays

As the Holiday Season draws near, BBAC has launched its 2012 Credit Card Holiday Promotion that offers its credit cardholders a unique opportunity to win a gift everyday for one whole month. All they have to do is use their BBAC credit card for all their purchases at any point of sale in Lebanon and abroad from December 1 to December 31, 2012, and their names will automatically enter in a daily draw for a chance to win a gift everyday.

The winners will enjoy a selection of valuable electronics such as tablets, smartphones, digital cameras, LED TVs, and many more, in addition to gift cards from ABC Mall. BBAC encourages all its credit cardholders to use their cards more during the campaign period in order to double their chances to win.

Through such initiatives, BBAC shares the spirit of giving with its clients and so bringing them the season’s warmth by the bank that truly cares.

Assi El Hellani Goodwill Ambassador for BBAC's and UNDP's "Live Lebanon" Initiative

Within the framework of the strategic partnership between BBAC and UNDP (United Nations Development Programme) on "Live Lebanon" initiative, a press conference was organized today at Moevenpick Hotel to announce the appointment of Lebanese famous singer Assi El Hellani as one of "Live Lebanon" initiative’s Goodwill Ambassador.

In his speech, Mr. Tarek Bilal, the head of the Marketing Department at BBAC, declared, “This event today is an example of a true partnership, in all senses of the word, between the private sector and international organizations, with the invaluable support of Assi El Hellani as our ambassador. He is a unique individual, passionate about his music and an active figure of reform in our country’s humanitarian, environmental, and national issues. Perhaps this is not surprising though, given that he is a son of Bekaa, where these noble values are deep-rooted in the environment he grew up in, and that his song, "Tell them you're Lebanese" song, has become a symbol of national pride in our Lebanese identity. Indeed, Assi El Hellani embodies the core spirit of the "Live Lebanon" initiative.” He continued, “Apart from achieving a constructive collaborative process across all of the Lebanese territories, the project has the additional benefit of reaching out to many prominent Lebanese expatriates, bringing together families from inside and outside the country to proudly support the "Live Lebanon" initiative.”

Later, Mr. Watkins, UNDP's Resident Representative,  delivered a speech in which he pointed out that Mr. El Hellani has been supporting "Live Lebanon" for the past year by participating in the initiative’s events aboard and showing keen interest in its causes. He also stressed the fact that "Live Lebanon" is about people; about Lebanese citizens and generous individuals whose love for Lebanon does not keep them indifferent from the suffering and need of the most underprivileged communities in the country. He then added that "Live Lebanon"  is about committed Lebanese individuals who feel the responsibility to help and to contribute to their homeland’s development, and there is no better example of that than Mr. El Hellani who through his music and his actions has proven his love for Lebanon.    

Mr. El Hellani’s new role will be to work as an advocate for "Live Lebanon", raising awareness of its local and global activities. The Goodwill Ambassadors establish the connection between "Live Lebanon" and individuals, private sectors, and companies that want to contribute to the initiative. The relationships that the Goodwill Ambassadors form for "Live Lebanon" make projects possible by providing essential funds for different activities to help achieve a younger, greener, healthier and more prosperous Lebanon.