Lebanon’s Fransabank sells $60 million of series 1 green bonds

By Susanna Moon

Chicago, April 26 – Fransabank SAL said it issued $60 million of series 1 green bonds, which will be followed by more series under a $150 million global green bond program.

Fransa Invest Bank, Fransabank’s investment and private banking subsidiary, is the placement agent.

The International Finance Corp., a member of the World Bank Group, an anchor investor in Fransabank’s green bond program, invested $45 million in the first issue and has been given board approval to invest another $30 million in the program, according to a bank announcement.

The European Bank for Reconstruction and Development subscribed for $15 million and follows the $50 million trade finance line signed with Fransabank on March 15 in Beirut.

Proceeds will be used to provide financing for “a spectrum of eco-friendly projects in commercial energy efficiency, renewable energy and green buildings. It will support the transformation to a greener Lebanese economy in several sectors, including industry, manufacturing, universities and schools, among others.”

Fransabank is a bank based in Beirut, Lebanon.

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