The Overseas Private Investment Corporation (Opic) and Citigroup will work to establish a loan facility to support Lebanon’s economic recovery, mobilising private capital for home reconstruction, mortgage financing and small and medium-sized enterprises (SMEs).

When finalised, the Opic-Citigroup facility is intended to mobilise private capital through Lebanese banks to finance SMEs, home repair and reconstruction, and long-term mortgages. Backed by the Opic partial guaranty, Citigroup would be able increase both the amount and tenor of the funding it can make available to Lebanon’s private sector.

“OPIC is in a unique position to assist Lebanon’s financial sector in a timely manner following the recent hostilities,” says Opic president and CEO Robert Mosbacher. “Both Opic and Citigroup recognise the urgency of the situation and the need, especially for small entrepreneurs and families, to have access to credit as soon as possible, so that Lebanon can resume its progress toward economic growth and stability.”