BLOM Bank and AUB signed a multi-year cooperation agreement to provide loans for AUB students according to the new program devised by the Lebanese Central Bank. These loans are denominated in Lebanese Pounds, carry a 3% annual interest rate, and have a repayment period of 10 years, beginning one year after graduation. They are available to students of all faculties, designated as eligible based on criteria used by AUB’s Financial Aid Office, and carry a number of positive features among which is free life insurance.
After the signing, Mr. Saad Azhari, BLOM Bank’s Chairman and General Manager had the following comments: “We are proud to have been selected by AUB as one of the few financial institutions taking part in this program. AUB is a key educational institution that has shaped Lebanon’s history and educated many of our employees and their children. We continue to be impressed with the quality of employees and trainees joining us every year from AUB. This program is another expression of our commitment to the youth of Lebanon, following our introduction of BLOM Shabeb a few months ago. As a leading bank in Lebanon and the Region, we feel it is our duty to emphasize and support quality of education as a key driver of prosperity for our societies. We look forward to more cooperation with AUB in support of this noble objective.”
Dr. Peter Dorman, AUB’s President, noted: “This is an innovative program that carries major benefits for AUB and its students. It will help us in using our financial aid funds more efficiently and in maximizing the number of students that can obtain financial assistance. For the first time, it also enables students from all faculties and majors to obtain equal access to loans. This contract signing follows a long period of discussions with our partner banks to ensure that students benefit from smooth service and the best conditions available. We have been impressed with BLOM Bank’s experience in retail lending and its flexibility in working with us to design this program.