In line with the close working relationship between Fransabank and the American University of Beirut (AUB), Fransabank Group CEO Mr. Adel Kassar and AUB President Peter Dorman signed on January 14th, 2011, a cooperation agreement worth US$ 28.5 million during a reception held at Fransabank Group head office in the presence of representatives from both institutions.
The agreement provides AUB with an 11-year line of credit in Lebanese Pounds at very competitive interest rates, subject to the terms of the BDL circular 185, which encourages the provision of funds to a large number of crucial sectors in Lebanon, including education and health.
Kassar praised AUB and the AUB Medical Center for the major role that they play in Lebanon under the leadership of President Dorman. He acknowledged President Dorman’s efforts in taking the University to new heights and placing Beirut at the cutting edge of educational and health practices in the Middle East. He also stressed the importance of supporting the education and health sectors in Lebanon as important contributors to the country’s overall advancement and the development of its national economy.
President Dorman thanked the teams of both institutions for their hard work in preparing this agreement. He applauded Fransabank Group’s support for the educational and other vital sectors in Lebanon. He also praised their high quality banking services that benefit both the national economy and the society at large.
He added: “Our joint cooperation is not the first of its kind. It is one of a series of long lasting working relationships that started decades ago between our both institutions.”