Press Release

OPEC Fund supports private bank in Syria

84/2005 August 10, 2005, Vienna, Austria
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The OPEC Fund for International Development today signed an agreement with Byblos Bank SAL for a US$3 million equity stake in the recently established Byblos Bank Syria (BBS). The purpose of the investment is to help meet the needs of Syria’s private enterprise sector.

BBS is the sixth private bank to set up operations in Syria following legislation to reform and modernize the banking sector. The establishment of new private banks is seen as a vital step in creating a strong environment for domestic economic growth.

BBS will provide a range of banking services, including assistance to small and medium sized enterprises which constitute an important part of economic activity in the country.

The Fund’s investment, which will be drawn from its Private Sector Facility, will make it the second-largest shareholder in BBS after Byblos Bank SAL, the Lebanon-based parent company. It is the Fund’s third private sector operation in Syria.

Fund support to Syria’s public sector includes co-financing for projects in the agriculture, energy, health, national development banks, and water supply and sanitation sectors. In March, 2001, an agreement for the encouragement and protection of investment was signed between the Fund and the government of Syria.

Today’s agreement was signed on behalf of Byblos Bank SAL by Mr. Semaan Bassil, Vice Chairman, and by HE Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund.