Banque Audi SAL --Credit Line for Housing

completed

Summary Of Project Information (SPI)Project NameLebanon-Lebanon Housing Credit Lines Project     RegionMiddle East and North AfricaSectorProject No007284Projected Board DateMay 25, 1996Company NameBanque Audi SAL, Banque Libano-Francaise SAL, Fransabank SAL, Byblos Bank SAL, Societe Generale Libano-Europeenne de Banque SAL, Bank of Beirut and the Arab Countries SALTechnical Partner and/or Major Shareholders N/AProject Cost Including proposed IFC investment The project consists of long-term syndicated credit lines aggregating about US$112 million, (inclusive of US$50 million for IFC’s account and Risk Management Facilities (RMF) of up to US$12 million), to six leading Lebanese private sector commercial banks, for onlending to middle income families to finance the purchase of their first residence or the expansion of their existing one.     Location of project and Description of site LebanonDescription of Company and Purpose of Project The proposed housing credit lines would address one of Lebanon’s most pressing social problems. As a result of the civil war, middle income families experienced an erosion of their real incomes and witnessed a slow down in new supply of housing. By extending much-needed long-term resources earmarked for housing finance, the credit lines would enable middle-income families to afford the purchase of their first home. In addition, this project will also stimulate the primary construction sector as well as other downstream sectors of the economy, and pave the way for the introduction of a secondary mortgage market.Environmental Category and Issues This is a Category C project according to IFC''s environmental classification. No further environmental review is therefore required.    Date SPI sent to PIC April 25, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365