Iberdrola inaugurates 496-MW Saint-Brieuc wind farm offshore France
Sep 19, 2024 16:25 CESTFransabank SAL, the fourth-largest bank in Lebanon, has issued USD 60 million (EUR 49.5m) in green bonds to finance projects in commercial energy efficiency, renewable energy and green buildings.
The International Finance Corp (IFC) said Thursday it has subscribed for USD 45 million of this first issuance by Fransabank. It also has board approval to invest a further USD 30 million in the Lebanese bank’s green bond programme, which is planned to raise USD 150 million in total.
The European Bank for Reconstruction and Development (EBRD) subscribed for USD 15 million of the green bonds as its first debt project in Lebanon.
“Our green bond issuance, the first in Lebanon and the Levant region, falls within our Green Strategy which we have been implementing for around a decade and that consists of supporting private sector investments in clean industrial energy efficiency, green buildings and renewable energy projects,” said Adnan Kassar, Fransabank Chairman. The bonds will allow the bank to finance green projects in different sectors, such as industry, manufacturing, universities and schools.
Fransa Invest Bank (FIB), the investment and private banking unit of Fransabank, was the Placement Agent in connection with the green bonds.
Lebanon’s greenhouse gas (GHG) emissions have risen by 28% since 1994, the IFC, a member of the World Bank Group, said.
The government of Lebanon earlier in April issued a call for expression of interest (EoI) for three large-scale solar projects of up to 300 MWp in total, coupled with energy storage capacity.
(USD 1 = EUR 0.83)
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