The Arab Trade Financing Program (ATFP) has awarded a $40 million credit line to Lebanon’s Ministry of Finance. The loan will be used to develop Lebanon’s trade ties with the Arab World, reported Blominvest.
The line of credit was announced at the recent annual meetings of the World Bank and International Monetary Fund (IMF), held in Dubai. ATFP also announced a $15 million loan for Bank Audi and a $20 million loan for Byblos Bank.
ATFP is an Arab financial institution with a mission to contribute to the development of Arab trade and to the increase of the competitive capabilities of the Arab producers and exporters. The program was established in 1989 with a paid up capital of $500 million. Its capital was contributed by 44 shareholders including Arab financial organizations, regional monetary funds, central banks as well as public and private banking institutions. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
