The Chairman of the Association of Banks in Lebanon, Dr. Joseph Torbey and the Director of the Sûreté Générale, General Abbas Ibrahim, at ABL premises and in the presence of officials of the two institutions, an agreement of cooperation to guarantee housing loans to the agents of the Sûreté Générale.

In a speech on this occasion, Dr. Torbey said: "The banks’ available credits granted to the Lebanese economy in its components, institutions and individuals, aims at participating  effectively in the development of the economy and labor market and to contribute at raising the level of individuals and Lebanese families by supporting consumption and subsidy housing needs, education and health".

He stressed that "the portfolio of housing loans from banks operating in Lebanon has exceeded USD 6.6 billion and represents 14% of total credits to the private sector, and represents 54% of the personal loans portfolio and consumption".

He explained that the Agreement signed with the Sûreté Générale is "long-term up to 25 years agreement, the real interest is about 1.63% or the equivalent of the banks’ average operating cost, granted loans are in Lebanese Pounds".

He further stated that "banks are using in these loans specific amounts of obligatory reserves on deposits in Lebanese Pounds" and thanked "the Governor of the Banque du Liban, Riad Salameh for his cooperation and openness in this respect".

The Director General of the Sûreté Générale, General Abbas Ibrahim thanked "the Association of Banks in Lebanon and the Governor of the Banque du Liban for their contribution to the development of this Agreement after the issuance of the special act to this effect",  hoping  that  "any agent of the Sûreté Générale would be able to possess a home".