Central Bank to Offer Interest-Free Loans for Blast Victims
The Central Bank issued on August 6, 2020 a new intermediate circular requesting Lebanese commercial banks to offer subsidized loans in US dollars to individuals, SMEs and corporations affected by the blast of August 4, to cover the fees and expenses of repairing their houses, businesses and shops. Real estate developers are not qualified for these loans.
According to the circular, beneficiaries must submit official invoices that shall be verified by banks prior to accordance of the interest-free loans, demonstrating the cost of damages incurred.
These loans will be accorded with a 0% interest rate, for a period of five years and with disregard to the beneficiary’s eligible limit and can be settled in Lebanese pounds at the official exchange rate set by the Central Bank. This facility will be made available by commercial banks through credit lines provided by the Central Bank at zero percent interest for five years.
Source: Central Bank of Lebanon
