Byblos Bank and Agence Française de Développement (AFD) celebrated the success of their 4-year “University Loan Program” partnership in a press conference at the Bank’s headquarters in Ashrafieh. The program, a credit line of 25 million Euros granted by AFD, has allowed Byblos Bank to extend subsidized loans to over 1,500 of Lebanon’s brightest students in order to finance their studies.
Attending the conference were H.E. the Ambassador of France in Lebanon Mr. Patrice Paoli, Chairman and General Manager of Byblos Bank Dr. François S. Bassil, AFD Director in Lebanon Mr. Lionel Cafferini, and representatives from the French Embassy, universities, and the media, as well as a number of the Bank’s managers.
In his speech, Dr. François S. Bassil praised the special relationship between France and Lebanon, which is confirmed by a longstanding support to Lebanon’s territorial integrity, sovereignty, independence, and social and economic development. He then expressed special gratitude to Mr. Paoli in appreciation of his efforts to deepen those relations. He also underlined the crucial role of education on the social and economic levels, especially as a tool permitting individuals to evolve and become active citizens. He said: “In the space of only 4 years, Byblos Bank and AFD changed the lives of over 1,500 Lebanese students. This success would not have been possible without our partnership with AFD and is concrete proof of our common goals for a high-quality education and sustainable growth in Lebanon.”
For his part Mr. Patrice Paoli expressed his delight to celebrate the success of AFD’s partnership with Byblos Bank, congratulating Dr. Bassil and Byblos Bank for their work and commitment to Lebanon’s youth and education. And while stressing the role of education as a determining factor for social cohesion, inclusive growth and sustainable development, he credited Byblos Bank’s teams for hands-on approach that allowed for this success. He said: “AFD and Byblos Bank’s approach was particularly innovative 5 years ago, at a time when the supply of loans to students was almost nonexistent. Our successful results would not have been achieved without a proactive approach from Byblos Bank’s teams to promote the product to universities and students and proceed to provide it to many with no real guarantee in return.”
In turn, Mr. Elie Abou Khalil, Head of Group Retail Products Development Department at Byblos Bank, said: “Granted for a maximum period of 18 years with a financing extending to 75% of tuition fees and a grace period of 1 to 2 years, Byblos Bank’s University Loan Program has enabled qualified students from different social backgrounds to finance their studies under easy terms. Selected based on a stringent criteria including needs and accomplishments, students are now pursuing degrees in medicine and medical sciences (25%), engineering and architecture (34%), business (23%), and other specialties (18%).We believe that, upon graduation, they will be competent enough to translate their acquired knowledge and skills into concrete financial returns in the labor market.”
It is to note that Byblos Bank’s partnership with AFD is part of the Bank’s holistic program to strengthen education by extending support to academic institutions, teachers, and students alike. This initiative falls within its corporate social responsibility strategy.